The booming private credit sector is inspiring a rich lexicon of alarm. For some time, market watchers have described the alternative asset class — which has grown to around $3tn globally — as a “ticking time bomb.” Recent turbulence has added to the colourful language. After the collapse in September of US car-parts maker First Brands and auto-lender Tricolor Holdings, which had both taken loans from nonbank financial institutions, JPMorgan chief Jamie Dimon warned that “when you see one cockroach, there are probably more.” Andrew Bailey, governor of the Bank of England, said last month the bankruptcies could be a “canary in the coal mine”.
蓬勃發(fā)展的私人信貸行業(yè)正催生一套充滿警示意味的詞匯。相當(dāng)一段時(shí)間以來(lái)，市場(chǎng)觀察人士一直把這一另類資產(chǎn)類別——全球規(guī)模已增至約3萬(wàn)億美元——稱作“定時(shí)炸彈”。近期的動(dòng)蕩增添了更多形象生動(dòng)的描繪。美國(guó)汽車零部件制造商First Brands以及汽車貸款機(jī)構(gòu)Tricolor Holdings（兩家公司都曾從非銀行金融機(jī)構(gòu)借款）在9月相繼倒閉后，摩根大通(JPMorgan)首席執(zhí)行官杰米?戴蒙(Jamie Dimon)警告稱，“當(dāng)你看到一只蟑螂時(shí)，往往意味著還會(huì)有更多的蟑螂存在。”英國(guó)央行行長(zhǎng)安德魯?貝利(Andrew Bailey)上月表示，這些破產(chǎn)案可看作是“礦井里的金絲雀”。