The primary risks are:
• Concentration risk (in HVB).
• Direct credit exposure to the underlying participated loans without an additional layer of HVB credit enhancement.
• Scaling, development, regulatory, recession, and consumer loan risks.
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主要风险是：
•集中风险（HVB）。
•对基础参与贷款的直接信贷风险敞口，无需额外的HVB信用增级。
•规模、发展、监管、衰退和消费贷款风险。
10/