埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3375|回复: 3

市场评论

[复制链接]
鲜花(3) 鸡蛋(0)
发表于 2011-9-17 13:14 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
下面是九月八号Conference call 对市场评论的总结,贴出来,希望对大家有帮助。/ p" J6 C6 H  k: A8 w( N& k

4 k! J9 V1 P6 R5 S7 \! g( F$ j" jMarket Commentary
  E& {: I/ e4 q1 V* x5 i' N1 y9 ^Eric Bushell, Chief Investment Officer0 n% c8 s+ L# S
James Dutkiewicz, Portfolio Manager/ Z" K4 p8 b9 i$ @5 Q; H
Signature Global Advisors- n9 l/ ?' h7 v; |- o

; E; _5 A' H2 o' N/ G3 |
" E* E) u) C, J* N& H/ n. @Background remarks
- X# u: f: H$ J Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are5 Q' e* K- s1 |) E& Y! P8 U; D
as much as 20% or even 60% of GDP.
( e$ T! X6 w8 W/ e Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal6 o  [$ g( `" ?; R# Y4 h, b) `' H
adjustments.
4 L! g* j# u. W This marks the beginning of what will be a turbulent social and political period, where elements of the social1 {& i6 V3 ~: g" K2 I1 R9 |; p
safety nets in Western economies are no longer affordable and must be defunded.0 y* j5 c  j5 B+ p
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
2 x; `( l- D  i0 [% v: ]lessons to be learned from the frontrunners.
0 m' l) B" Y  h6 z& n  u# | We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
( T5 d3 d1 r) o& dadjustments for governments and consumers as they deleverage.
: T6 w, n+ ]- `0 U7 t7 }& m% T Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
) e+ o- A( W% [7 s* g( B; {quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.3 G0 m$ H' r( H. }! {! k
 Developed financial markets have now priced in lower levels of economic growth.
3 c4 I1 k" C, R9 G/ r+ x Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have9 s, `8 e5 j5 x2 r! F
reduced capacity to hold risk. Therefore, risk shedding by others is going to have a greater impact.
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:16 | 显示全部楼层
Current situation" R2 s- R) M5 Y/ S9 g
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
( B7 a7 o; N# ]2 e: Z3 Qas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may, h; _7 g/ K! _  M. C
impose liquidation values.
# Y& E$ A" N3 m' Q In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In* i/ p8 j  J2 G0 _. E
August, we said a credit shutdown was unlikely – we continue to hold that view.
9 ]8 ?6 C, \9 D' i! T3 r: d: N The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
' U( |  ?, B+ P/ S2 `6 Zscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
4 q- Q6 ^# X7 e" G8 f, o
; p0 A9 _  l1 M, aA look at credit markets
8 z+ j+ E" z: L: |/ u Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
# X; x& I  y+ J1 u* ?7 NSeptember. Non-financial investment grade is the new safe haven.
& }0 T+ @( Y6 R, { High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
+ |# P: W1 e( [* `2 ythen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
4 _3 y# q, G3 K7 c; k3 @billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have! |! w( M# E+ Y; h- N; o
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
0 Z" T' u$ J  z7 }: yCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
* D1 Q- p2 o  m* z6 Z8 p2 ipositive for the year-do-date, including high yield./ I, N  b% c) w6 @2 R% X
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
6 T) n7 y0 v" [/ D0 ^) l/ Sfinding financing.
% Z& Z, [  G+ D' X. N- B& u" s+ V. E Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they. b% d; L5 V( e. N: f/ }' P" t
were subsequently repriced and placed. In the fall, there will be more deals.5 A: a, s9 Y6 k# L
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and' G6 e3 j3 v3 @( I
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
% Z; |; p' L7 T. \going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for: q: \& z1 C7 F, l! h
bankruptcy, they already have debt financing in place.: Y- ^6 `1 v. @" H: F+ o- S
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
% @$ m& j0 I, M" ?# \today.
+ c9 T8 T3 }0 b: }- x Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
9 m1 q( R$ ^) h3 j2 Q) kemerging markets have no problem with funding.
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda0 S; \/ r* w1 \% ~
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
3 H4 X2 h0 j+ k, X3 a" vthe Greek default.2 I; M5 m/ O7 v, p: U/ w, ^
 As we see it, the following firewalls need to be put in place:7 S- b. c5 _: c0 R7 p0 L
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
, b9 `8 k. l/ \0 y* O4 E! g" H! l2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign; K& }6 Z  f; y  f. p  S) {
debt stabilization, needs government approvals." V6 l4 \8 ]$ q
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing9 j+ \; y" j7 h  j9 E7 V
banks to shrink their balance sheets over three years
( L! |4 B7 K  T) s& A4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.9 B( A5 V! O& x3 ~+ b

/ ?+ V2 ~/ y( S* U/ q+ r3 b; XBeyond Greece
! J- Z; w4 {# Q5 A3 T# I The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
( ], n* J+ ]+ B$ Q% g6 c& \/ bbut that was before Italy.& J8 L# @$ `3 a( R3 Q4 p, K$ _
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
7 M) _- F+ t5 S; K  M, P& M It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
* v! x/ T3 F: I4 [% E" eItalian bond market, the EU crisis will escalate further.
  ^9 O- n- E3 Y$ Z2 m' G2 k5 t. A# x+ n, {- {# E0 `
Conclusion' w; c$ N% k0 I; X8 |+ O4 N! \* {
 We want to have safeguards in place and continue to be liquid, so that we can capitalize on future turbulence.
鲜花(7) 鸡蛋(0)
发表于 2011-9-19 15:03 | 显示全部楼层
老杨团队 追求完美
kasnkan
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-6-30 17:05 , Processed in 0.274114 second(s), 12 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表