惠誉警告：美国银行对非银机构贷款激增26% 风险敞口潜藏系统性隐患

Core Insights - The U.S. banking sector is increasing credit exposure to private credit firms, private equity firms, and hedge funds, with loans to these non-bank financial institutions growing by 26% year-on-year as of November [1] - As of November 26, U.S. banks added approximately $363 billion in loans to non-bank institutions, while other types of loans increased by $291 billion [1] - Regulatory capital requirements and strong borrower demand are the main drivers for banks to increase lending to non-bank entities, although this expansion poses potential risks to banks [1] Group 1 - The share of private credit instruments in the total loans to non-bank entities for banks with over $100 billion in assets was 25% as of the end of Q3, with mortgages and loans to private equity firms accounting for 23% [1] - The banking sector is significantly contributing to the expansion of the $1.7 trillion private credit market, raising concerns that a downturn in this market could exacerbate instability in the banking system [1] - Senator Elizabeth Warren has urged regulators to enhance scrutiny of the private credit market and suggested conducting stress tests similar to those by the Bank of England [1] Group 2 - Fitch Ratings currently does not view the risks associated with private credit as having systemic implications for banks, but acknowledges the difficulty in conducting a comprehensive assessment of financial stability risks due to the market's opacity [2] - While the direct risk exposure of large banks to non-bank institutions is considered manageable, the 20 banks most concentrated in lending to non-bank entities have limited capacity to withstand risks during downturns in the sector [2]