来源：格隆汇APP 格隆汇11月21日｜美联储理事丽莎·库克(Lisa Cook)周四表示，多个市场资产估值相较历史基准已处于 高位，包括股市、公司债券、杠杆贷款市场及房地产市场。她认为资产价格大跌可能性已经上升，但金 融体系整体韧性较强，并未发现类似大萧条期间的脆弱性，潜在的资产价格下跌并不会对金融体系构成 风险。她还称，对冲基金持有美债比例已从2021年第一季约4.6%，升至今年第一季10.3%，高于新冠疫 情前高位的9.4%。意味着若对冲基金因市场环境变化而大幅减持国债，可能引发的清算规模将显著扩 大。她还表示，私人信贷市场复杂性增加，以及与高杠杆金融机构相互连结加深，使私人信贷意外损失 可能传染至更广泛的金融体系。目前不认为私人信贷会像2008年资产担保商业票据市场般，引发意外的 信贷紧缩。 ...

Core Viewpoint - The recent bankruptcies of "First Brand" and "Three Colors" companies in the U.S. have raised alarms about high-risk lending behaviors in the private credit market, reminiscent of the pre-2008 financial crisis [1][3]. Group 1: Company Bankruptcies - "First Brand" is an American auto parts manufacturer, while "Three Colors" is a subprime auto loan company that declared bankruptcy in September [1]. - The bankruptcies have resulted in losses for credit investors and are under scrutiny by the U.S. Department of Justice [1]. Group 2: Lending Practices - "Three Colors" bundled loans issued to borrowers with little to no credit history and sold them to investors after structuring them into different tranches, some of which received AAA ratings shortly before the company's collapse [3]. - "First Brand" utilized specialized funds to secure credit against its invoices [3]. Group 3: Market Implications - Andrew Bailey, Governor of the Bank of England, indicated that these bankruptcies might signal deeper issues within the private credit market, similar to the warning signs before the 2008 crisis [3][4]. - The International Monetary Fund (IMF) warned that European and American banks have a risk exposure of up to $4.5 trillion to private credit groups, hedge funds, and other non-bank financial institutions, which could amplify the effects of any economic downturn [3]. Group 4: Regulatory Considerations - The Bank of England is considering conducting a "system-wide exploratory scenario test" next year to assess the resilience of the private credit market in crisis situations [4].