智通财经APP获悉，摩根士丹利的Katy Huberty认为，私人信贷领域虽然存在显著风险，但尚不构成系统性风险，并预计这一资产类别将经历一轮违约周期，尽管整体金融稳定方面的担忧仍然有限。
这位策略师指出，私人信贷的增长，很大程度上源于“评级较低的借款人从广泛的银团贷款转向直接借贷”。
她预计违约将“集中在特定行业，软件行业首当其冲”。不过她也提到，由于该行业目前并未面临紧迫的流动性危机，且基本面保持良好，违约可能不会立刻发生。
Huberty表示，得益于诸多保护因素，“系统性风险仍在可控范围内”。这些因素包括总体杠杆率较低，以及银行风险敞口有限，约占贷款总额的3%。
她还指出，强大的结构性保护措施以及向银行贷款的替代趋势，将进一步缓冲私人信贷领域的风险蔓延。
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