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”.
蓬勃发展的私人信贷行业正催生一套充满警示意味的词汇。相当一段时间以来，市场观察人士一直把这一另类资产类别——manbetx app苹果 规模已增至约3万亿美元——称作“定时炸弹”。近期的动荡增添了更多形象生动的描绘。美国汽车零部件制造商First Brands以及汽车贷款机构Tricolor Holdings（两家公司都曾从非银行金融机构借款）在9月相继倒闭后，摩根大通(JPMorgan)首席执行官杰米•戴蒙(Jamie Dimon)警告称，“当你看到一只蟑螂时，往往意味着还会有更多的蟑螂存在。”英国央行行长安德鲁•贝利(Andrew Bailey)上月表示，这些破产案可看作是“矿井里的金丝雀”。