2008的味道！美银推荐做空“欧洲私募信贷相关资产”，包括德银

华尔街见闻03-19 08:05

美银证券正向客户推介做空欧洲私募信贷敞口股票的策略，德意志银行、Partners Group等机构赫然在列，高盛此前已开始向对冲基金推销做空企业贷款的衍生品工具。华尔街两大巨头相继在私募信贷市场布局空头，令市场对这一资产类别的系统性风险担忧骤然升温。据英国《金融时报》周四报道，美银向客户发出警告，称与美国同类股票相比，欧洲私募信贷敞口股票存在30%的"下行风险"，原因是这些股票的跌幅尚不及美国...

网页链接

免责声明：本文观点仅代表作者个人观点，不构成本平台的投资建议，本平台不对文章信息准确性、完整性和及时性做出任何保证，亦不对因使用或信赖文章信息引发的任何损失承担责任。

精彩评论

我们需要你的真知灼见来填补这片空白

发表看法

{"i18n":{"language":"zh_CN"},"isChannel":false,"data":{"share":"https://www.laohu8.com/m/news/2620308299?lang=zh_CN&edition=full","thumbnail":"https://static.tigerbbs.com/f0abfa54f8ac31dc76273f34e8e849cd","is_english":false,"pubTime":"2026-03-19 08:05","share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","id":"2620308299","market":"hk","top_or_hot":-1,"title":"2008的味道！美银推荐做空“欧洲私募信贷相关资产”，包括德银","media":"华尔街见闻","content":"<div>\n<p>美银证券正向客户推介做空欧洲私募信贷敞口股票的策略，德意志银行、Partners Group等机构赫然在列，高盛此前已开始向对冲基金推销做空企业贷款的衍生品工具。华尔街两大巨头相继在私募信贷市场布局空头，令市场对这一资产类别的系统性风险担忧骤然升温。\n据英国《金融时报》周四报道，美银向客户发出警告，称与美国同类股票相比，欧洲私募信贷敞口股票存在30%的\"下行风险\"，原因是这些股票的跌幅尚不及美国...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767874\">网页链接</a>\n\n</div>\n","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>2008的味道！美银推荐做空“欧洲私募信贷相关资产”，包括德银</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n2008的味道！美银推荐做空“欧洲私募信贷相关资产”，包括德银\n</h2>\n\n<h4 class=\"meta\">\n\n\n2026-03-19 08:05 北京时间&nbsp;&nbsp;&nbsp;<a href=https://wallstreetcn.com/articles/3767874><strong>华尔街见闻</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>美银证券正向客户推介做空欧洲私募信贷敞口股票的策略，德意志银行、Partners Group等机构赫然在列，高盛此前已开始向对冲基金推销做空企业贷款的衍生品工具。华尔街两大巨头相继在私募信贷市场布局空头，令市场对这一资产类别的系统性风险担忧骤然升温。\n据英国《金融时报》周四报道，美银向客户发出警告，称与美国同类股票相比，欧洲私募信贷敞口股票存在30%的\"下行风险\"，原因是这些股票的跌幅尚不及美国...</p>\n\n<a href=\"https://wallstreetcn.com/articles/3767874\">网页链接</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"IE0002270589.USD","symbol_name":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","start_time":0,"source_url":"https://wallstreetcn.com/articles/3767874","article_id":"2620308299","we_media_id":"1084101182","thumbnails":["https://static.tigerbbs.com/f0abfa54f8ac31dc76273f34e8e849cd"],"rights":{"source":null,"url":"https://wallstreetcn.com/articles/3767874","rn_cache_url":null,"directOrigin":true},"url":"https://stock-news.laohu8.com/highlight/detail?id=2620308299","pubTimestamp":1773878743,"columns":[],"sourceInfo":null,"weMediaInfo":{"media_name":"华尔街见闻","introduction":"追踪全球财经热点，精选影响您财富的资讯，投资理财必备神器！","home_visible":1,"id":"1084101182","head_image":"https://static.tigerbbs.com/66809d1f5c2e43e2bdf15820c6d6897e"},"summary":"美银向客户推介做空17只欧洲金融股篮子，锁定德意志银行、Partners Group等私募信贷敞口标的，警告存在30%下行风险；高盛此前已为对冲基金搭建做空企业贷款的衍生品通道。两大华尔街巨头相继布局空头，叠加Blue Owl封闭赎回、黑石遭创纪录赎回潮等压力信号密集爆发，市场对私募信贷系统性风险的警惕情绪骤然升温，2008年危机前夕的历史幽灵隐约浮现。","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"zh","relate_stocks":{"IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","GSX":"Tradr 2X Long GS Daily ETF","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","LU2237438978.USD":"Amundi Funds US Pioneer A2 (C) USD","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","LU1894683264.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) ACC","LU1791807156.HKD":"BGF WORLD FINANCIALS \"A2\" (HKDHDG) ACC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU2237443382.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA USD","LU0251142724.SGD":"Fidelity America A-SGD","LU0251131958.USD":"FIDELITY AMERICA \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","LU0345770308.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) ACC","BK4127":"投资银行业与经纪业","LU0345770993.USD":"NINETY ONE GSF GLOBAL STRATEGIC EQUITY \"A\" (USD) INC","LU2237443549.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A MIncA SGD-H","BK4533":"AQR资本管理(全球第二大对冲基金)","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","LU1894683348.USD":"AMUNDI FUNDS US EQUITY RESEARCH VALUE \"A2\" (USD) INC","LU2237443895.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) ACC","BK4118":"综合性资本市场","LU2237443465.HKD":"abrdn SICAV I -  GLOBAL DYNAMIC DIVIDEND \"A\" (HKD) INC","BK4566":"资本集团","LU2237443622.USD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc USD","BK4516":"特朗普概念","IE0004086264.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"A\" (USD) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","IE00BFXG1179.USD":"BNY MELLON U.S. EQUITY INCOME \"B\" (USD) INC","LU2237443978.SGD":"Aberdeen Standard SICAV I - Global Dynamic Dividend A Acc SGD-H","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","IE0004091025.USD":"BNY MELLON GLOBAL OPPORTUNITIES \"B\" (USD) ACC","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","BK4550":"红杉资本持仓","BK4588":"碎股","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU0106831901.USD":"贝莱德世界金融基金A2","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","BK4552":"Archegos爆仓风波概念","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","DB":"德意志银行"},"translate_title":"The taste of 2008! Bank of America recommends shorting \"European private credit-related assets\", including Deutsche Bank","themeId":"14b276952a6b46a2a5e9067b5afd7fce","isJumpTheme":false,"ttsUrl":"https://static.tigerbbs.com/33af4a6696a7689f0e1e9a8e9e58e6fe","symbols_score_info":{"DB":0.78,"GSX":0.6},"content_text":"美银证券正向客户推介做空欧洲私募信贷敞口股票的策略，德意志银行、Partners Group等机构赫然在列，高盛此前已开始向对冲基金推销做空企业贷款的衍生品工具。华尔街两大巨头相继在私募信贷市场布局空头，令市场对这一资产类别的系统性风险担忧骤然升温。\n据英国《金融时报》周四报道，美银向客户发出警告，称与美国同类股票相比，欧洲私募信贷敞口股票存在30%的\"下行风险\"，原因是这些股票的跌幅尚不及美国同行。美银为此专门构建了一个由17只欧洲金融股组成的做空篮子，除德意志银行和Partners Group外，还涵盖保险商安盛（Axa）、Legal and General、Aviva以及养老金集团Aegon。\n这一动向发生在私募信贷市场压力持续累积之际。Blue Owl宣布永久封闭旗下一只基金的赎回通道后，该板块遭遇大规模抛售——Blue Owl年初至今市值已蒸发约40%，黑石跌幅亦达27%。华尔街在风险积聚时充当做空工具提供者的角色，令部分市场观察人士联想到2008年金融危机前夕的情形。\n美银构建17股做空篮子，锁定欧洲敞口\n美银的这份做空推介，核心逻辑在于欧洲私募信贷相关股票的估值调整尚未到位。该行认为，相较于美国同类资产已经历的大幅回调，欧洲股票的跌幅明显滞后，由此形成约30%的潜在下行空间。\n美银为客户量身打造的做空篮子共涵盖17只欧洲金融股，涉及银行、保险及资产管理等多个子行业。德意志银行和Partners Group被列为\"对私募信贷冲击最为敞口\"的代表性标的，保险商安盛、Legal and General、Aviva以及养老金集团Aegon同样入选。\n值得注意的是，美银自身并未回避私募信贷市场。就在上个月，该行宣布将向私募信贷贷款领域投入250亿美元，彼时市场对信贷质量和流动性的担忧已开始升温。\n与此同时，美银研究部门内部分析师周三发表观点称，媒体对私募信贷的关注\"仍然过度\"，并聚焦于\"低价值数据点\"，认为这正是推动此轮抛售的原因，并将其定性为\"火线抄底机会\"。美银内部在私募信贷问题上的分歧，折射出市场对这一资产类别判断的高度分化。\n高盛此前已入场，总收益互换成做空工具\n美银的动作并非孤例。据华尔街见闻此前文章，高盛已率先向对冲基金客户推介做空企业贷款的交易策略，核心工具是一种名为\"总收益互换\"（total return swap）的衍生品，允许投资者在贷款价格下跌时获利。\n据知情人士透露，高盛近期收到多家客户的相关询价，并已主动联系有意做空科技公司贷款的对冲基金，但目前尚未完成任何实际交易。对冲基金寻求做空的核心逻辑，在于私募信贷与软件行业的双重风险敞口——Blue Owl因向软件行业大量放贷而处于此次风波的核心，AI技术进步引发的对软件公司生存前景的担忧，直接触发了该基金的赎回封闭。\n两家华尔街顶级机构相继为客户搭建做空通道，表明机构投资者对私募信贷资产的风险对冲需求正在快速上升，市场正在寻找更多结构化工具来表达这一判断。\n市场压力信号密集，欧洲银行高管力图安抚\n私募信贷市场的压力信号已接连亮起。除Blue Owl封闭赎回外，据此前报道，黑石私募信贷基金遭遇创纪录的7.9%赎回申请，贝莱德宣布限制旗下260亿美元企业贷款基金的赎回，PIMCO则警告直接贷款行业将迎来\"全面违约周期\"。\n面对外界质疑，欧洲银行高管本周集体发声，试图稳定市场预期。德意志银行首席执行官Christian Sewing周二表示，该行在逾十年的私募信贷业务中未曾损失\"一分钱\"，并在上周披露260亿欧元私募信贷敞口后强调：\"我认为这对我们而言并不构成特别风险。\"他同时表示，德银是该业务领域\"非常稳健的承销商\"。\nPartners Group董事长Steffen Meister上周则向《金融时报》坦承，未来数年私募信贷违约率可能翻倍，但同时强调，对于采用严格\"私募股权式\"承销标准的机构而言，仍有望实现强劲的信贷回报。\n2008年的镜像？华尔街再度扮演双面角色\n当前局面令部分市场观察人士感到似曾相识。2008年金融危机前夕，德意志银行交易员Greg Lippmann的团队向市场推销了高达350亿美元的信用违约互换（CDS），协助客户做空次级抵押贷款，最终在危机中为德银赚取了丰厚收益。华尔街在风险积聚时充当做空工具提供者的角色，如今似乎正在企业贷款市场重演。\n这一类比并非没有争议。当前私募信贷市场的规模、结构与2008年次贷市场存在本质差异，欧洲银行高管也在强调其投资组合的稳健性。然而，高盛与美银相继入场、为客户构建做空工具这一事实本身，已足以令投资者重新审视私募信贷资产的风险定价——尤其是在欧洲市场，相关股票的估值调整或许才刚刚开始。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"-1","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1,"need_auth":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":1,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":false,"tenantId":"TBCN","deviceId":"web-server-community-laohu8-v3","version":"4.36.2","shortVersion":"4.36.2","platform":"web","vendor":"web","appName":"laohu8","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2620308299","isCrawlerRequest":true}