汇丰控股有限公司正寻求将数据中心贷款的信用风险转移给保险公司，因为对人工智能相关融资的需求持续增长。
Holdings Plc is looking to offload credit risk on data center loans to insurers as demand for artificial intelligence-related finance continues to grow.
据知情人士透露，该行正与保险公司就一系列项目融资交易进行初步磋商，其中一些交易与人工智能基础设施相关。他们表示，此前已评估过保险公司承保专门针对数据中心的贷款组合的意愿。因事项属私密，上述人士要求不具名。
The bank is holding preliminary discussions with insurers about a series of project finance deals, some of which are tied to AI infrastructure, according to people familiar with the matter. The deliberations follow an earlier assessment of insurers’ appetite to cover a portfolio exclusively focused on data centers, they said, asking not to be identified because the matter is private.
他们补充称，磋商处于早期阶段，可能不会达成任何交易。这家总部位于伦敦的贷款机构的一位代表表示，该计划属于其正常的投资组合管理的一部分，并指出其在数据中心方面的风险敞口很小。
Talks are at an early stage and may not lead to any deals, they added. A representative for the London-based lender said the plans are part of its normal portfolio management, noting that exposure to data centers is small.
信用风险保险与重大风险转移类似，允许银行减轻损失并释放监管资本，以便用于争取更多业务。在重大风险转移中，投资者通常预先存入流动性资产，以覆盖投资组合中首损层的风险，作为回报获得票息支付。而在信用风险保险中，贷款方支付保费，以覆盖特定贷款约定比例的损失。
Credit risk insurance, like significant risk transfers, allows banks to mitigate losses and free up regulatory capital that can be used to bid for more business. In SRTs, investors typically deposit liquid assets upfront to cover the risk on the first-loss tranche of a portfolio in return for coupon payments. With CRI, lenders pay premiums to cover an agreed percentage of losses on specific loans.
未来几年，人工智能基础设施的支出可能高达数万亿美元，预计企业将越来越多地转向债务融资——从资产支持证券到私人信贷和银团贷款——因为现金流和股权融资远远不足以覆盖所需资金。
With trillions of dollars likely to be spent on AI infrastructure in the coming years, companies are expected to turn increasingly to debt financing, from asset-backed securities to private credit and syndicated loans, as cash flows and equity won’t stretch far enough.
信用市场出现早期迹象，显示其难以消化涌入的大量人工智能相关风险敞口。与人工智能建设相关的债券和贷款收益率飙升，一些保险公司表示其承保能力已接近耗尽。
There are early signs that credit markets are having difficulty digesting the flood of AI-related exposure. Yields on bonds and loans tied to the AI buildout are soaring, and some insurers have indicated their capacity is close to being exhausted.
除了接触保险公司外，汇丰还在推进一项与超过10亿美元数据中心相关贷款组合挂钩的重大风险转移。尽管该行并非此类融资的主要参与者，但正在评估对冲其风险敞口的方式。
In addition to sounding out insurers, HSBC has been working on an SRT tied to a portfolio of more than $1 billion of data center-linked loans. The lender is assessing ways to hedge its exposure even though it isn’t a major player in this type of finance.
“我们在数据中心贷款领域，无论在美国还是亚洲，都完全不是大玩家——这并非我们增长故事的重要组成部分，”首席财务官帕姆·考尔（Pam Kaur）本周在业绩电话会上表示。
“We are not a big player at all in the US in data center lending, same in Asia - this is not a significant part of our growth story,” Chief Financial Officer Pam Kaur said during an earnings call this week.
其他银行也在采取类似举措。巴克莱银行（Barclays Plc）正寻求为超过100亿美元的AI基础设施信贷购买保险，而德意志银行（Deutsche Bank AG）一直在推进一项与约20亿美元项目融资债务挂钩的重大风险转移（SRT），其中包括数据中心贷款。
Others are making similar moves. Barclays Plc is looking for insurance on more than $10 billion of AI-infrastructure credit, while Deutsche Bank AG has been working on an SRT tied to about $2 billion in project finance debt, including data center loans.