摩根大通于2026年9月9—11日在伦敦举办第十届年度欧洲杠杆融资会议，逾90家公司参会、超1000名客户出席。会议主要议题包括政府债券长期收益率上升及其对企业债的吸引与威胁、AI相关债券发行对政府债券需求的影响，以及全球信用市场中的AI资本开支融资。与会投资者总体谨慎乐观：综合收益率仍具吸引力，但担忧若央行未能控制通胀，债市或陷入失序并推高波动与利差。欧洲杠杆融资久期较短，受国债收益率上升冲击小于其他固收，且对AI等波动领域敞口较低，欧洲经济韧性亦好于预期。不过信用利差极窄、保护空间有限，投资者需更精挑细选并重视个券分化。北美方面，AI融资推动年初至今发行超3000亿美元（美国高收益债近400亿美元），算力短缺预计将持续数年，市场就AI是泡沫还是繁荣及新发折价幅度展开讨论。
J.P. Morgan hosted its 10th annual European Leveraged Finance Conference from September 9-11 in London, with more than 90 companies presenting and over 1,000 clients attending. The top themes ranged from rising long-dated government bond yields and their impact on the corporate asset class, to AI-related issuances and their effect on demand for government bonds, and AI capex funding across global credit markets. Investors were cautiously optimistic: all-in yields remain attractive, but there was concern that without central banks bringing inflation under control, bond markets could become disorderly. The short duration of European leveraged finance limits the effect of higher government bond yields, and European credit has lower exposure to volatile AI areas. Credit spreads are very tight, offering limited protection during prolonged volatility, so investors must be more selective amid rising dispersion. In North America, AI financing issuance exceeds $300 billion year-to-date, and pan