BUZZ-KBW表示，信贷担忧加剧导致BDC表现疲软10月20日 - ** KBW分析师保罗·约翰逊（Paul Johnson）表示，市场对信贷周期和经济前景的担忧日益加剧，正导致商业开发公司（简称BDC）板块表现疲软
** 自上月美联储加息以来，BDC的整体表现普遍逊于大盘。KBW认为，这反映出市场已将通胀、融资成本上升以及资产价值进一步下调等因素带来的更多挑战计入价格之中
** “值得注意的是，CCC级贷款的到期利差扩大至2009年以来的最高水平，这表明最弱势借款人的风险加剧，尾部风险也在上升”——约翰逊
** CCC级债券是信用评级体系中的最低等级
** 鉴于其强劲且长期稳定的业绩表现，KBW青睐Ares Capital（ARCC.O）、Sixth Street Specialty Lending（TSLX.N）、Golub Capital BDC（GBDC.O）和Hercules Capital（HTGC.N）
** BDC是投资者获取多元化私募信贷资产组合所有权的投资载体
** 作为规模最大的上市BDC，Ares Capital（ARCC.O）将于10月27日（星期二）公布第三季度财报
https://www.reuters.com/graphics/FINANCE-PRIVATECREDIT/akveljwnwpr/chart.png
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