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发表于 2011-9-17 13:14 | 显示全部楼层 |阅读模式
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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。" b. p( l6 z( b# U7 K4 _

5 L3 O) v0 w# |' o. m( j; a+ |4 XMarket Commentary( Z, ?) }# ]+ E* f7 L$ z
Eric Bushell, Chief Investment Officer$ o. a+ F: W; z
James Dutkiewicz, Portfolio Manager- }5 k, x! t# h* @6 {$ [( g0 c6 R' H
Signature Global Advisors( A. `6 X. N9 \% V, B

' O2 h2 u) ]( ^
# @: W1 W0 e( m) \/ u4 OBackground remarks- [& J- P3 x7 v3 y8 U  G
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
/ T2 X/ f1 E) M% qas much as 20% or even 60% of GDP.0 T$ v% F  `2 F
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
7 Q# I* }7 \9 {; V0 X% L6 C  hadjustments.
9 e4 O1 b- Q9 a" d6 P; Z This marks the beginning of what will be a turbulent social and political period, where elements of the social
' L2 E6 t) n  v1 @safety nets in Western economies are no longer affordable and must be defunded.* R+ z5 B! b) n" y( U6 `: S
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are" @6 t& d2 q/ I! h' ^1 _# Z/ L
lessons to be learned from the frontrunners.
1 |% G4 \3 n0 h; ?8 |0 i We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these& Q0 {  D9 c9 W5 `# u
adjustments for governments and consumers as they deleverage.; S, f" N2 b7 l- T7 p+ b
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s) F: q6 L( ]3 c+ G4 v+ M) `5 X
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.7 U* h& O' u! R2 }! \6 }, T
 Developed financial markets have now priced in lower levels of economic growth.
! A/ o* m7 l6 H4 V2 [7 n Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
( n- l( k, s( lreduced 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
" W, F$ n2 O7 @) h! F The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
: q/ r; ?. @& W1 I* D0 E+ e2 zas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may& N" d1 Y- \) a$ S# q9 H
impose liquidation values.
9 ]' Q' W1 x/ x8 W0 @9 Y In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In6 {" W( e: X/ K" Y/ z) m  {' Q& u: h
August, we said a credit shutdown was unlikely – we continue to hold that view.2 [2 |# ^  ^0 e( t; @) Y
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension3 y; Z5 h; I' X5 x) U
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
$ t6 U5 z* p, V1 x; h, c& n/ M" a( Z3 p9 _, g: O  `7 ~; s2 p0 q' `
A look at credit markets
4 V0 W8 L8 `, ` Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in* F2 ~- R, J9 M9 i8 X4 V- X) X# m
September. Non-financial investment grade is the new safe haven.
2 G8 a5 x, q# f High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%% F7 r3 P/ t) p9 S/ W; K7 r: P
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $15 \0 ]9 h# O/ O& G. y& B
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have' W, G% b& V5 i& o* Z" p
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade7 }. L$ l$ I# K: T
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
4 `( A8 ?+ I, U4 i" epositive for the year-do-date, including high yield.  C9 ^1 x3 h2 k0 b' b# \9 t' T
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble. Z4 o+ _2 ]$ Y1 Q6 _8 I4 g9 C6 P
finding financing.
+ ~2 y& ?8 w! ? Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they0 z2 ^8 f8 r$ o! j6 V" k
were subsequently repriced and placed. In the fall, there will be more deals.
7 _. b. |; O" V9 K( @4 s4 \ Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and1 J$ _; ]' j, w. B
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were+ X9 t4 L3 g2 O. [
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for* h1 A5 {6 r$ b3 R
bankruptcy, they already have debt financing in place.& h  w7 i4 ~; n" z) v1 o
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
: ^1 [+ G5 I( {2 [, [1 j3 U' i1 Gtoday./ i) x+ l) j( m# d5 f( w$ b
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in( S3 z( C8 |- B
emerging markets have no problem with funding.
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 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda0 l/ S9 L1 p8 @, z" R
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
/ ~- d2 A' q* {' I$ M" S' M! Athe Greek default.5 @! h2 J; o& c( j- {
 As we see it, the following firewalls need to be put in place:  Q* w# v1 ]. c  @
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
. n2 [, {8 E& {4 ?* \2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
  P" j, h1 d$ qdebt stabilization, needs government approvals.
6 d" a/ U& k2 h+ _1 J3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
3 q" L  k7 J, Q- u; a+ Sbanks to shrink their balance sheets over three years4 z9 \' m4 r  F" X5 J9 W3 q0 B6 Q) L
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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Beyond Greece" q* v) b+ D) Q2 b1 ^9 k$ u# B0 H
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),+ N( i" a( @: p& y& ]1 j5 b% w
but that was before Italy.
' G( t4 |# C) Y8 h! W# x1 `5 p It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
: h/ U- {, i& C, v4 V% W It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
8 v! ~3 f5 Z. A$ t- FItalian bond market, the EU crisis will escalate further.
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Conclusion* S/ n% U( V9 L  @
 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
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