高盛:利率上升将率先冲击浮动利率借款人,杠杆融资信用改善或趋停

智通财经
Sep 23
【高盛:利率上升将率先冲击浮动利率借款人,杠杆融资信用改善或趋停】高盛表示,全球债券收益率上升及近期央行加息正给杠杆融资市场的浮动利率借款人带来更直接的压力,因为其融资成本会随基准利率迅速上升,而固定利率借款人主要在旧债到期再融资时才面临成本上升。该行预计,过去几个季度杠杆借款人信用指标的改善可能就此停滞,其中软件行业到期贷款再融资,以及房地产、汽车和家装等依赖融资驱动消费的领域压力更为明显。不过,高盛认为,在经济增长仍稳健、加息幅度相对可控的情况下,这些压力市场仍然可以消化,影响更可能集中在对利率敏感度较高的借款人和行业,而非引发广泛信用恶化。更高的基准利率也可能提升投资者对浮动利率信贷的需求,包括私人信贷直接贷款和银团贷款,但高盛认为这仍需要宏观环境及相对估值配合。

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