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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。
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. A4 k- x7 M+ kMarket Commentary
+ Q5 G; B% G& J: B8 w! ]7 dEric Bushell, Chief Investment Officer1 o( j4 t) c, O1 F, Q
James Dutkiewicz, Portfolio Manager# Z" Y- W4 k% e
Signature Global Advisors
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' q" `5 t& j7 R. s8 EBackground remarks) _9 I* d0 s+ Q2 h/ d5 f
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
9 f# f; z% E5 H1 r1 m( Eas much as 20% or even 60% of GDP.! q% ~& _+ x+ ]) r% }
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
  K: ^4 p0 k" |  `# Qadjustments.  ?- b; ?& E6 P. ?( L
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
' K' C4 w; j3 b8 dsafety nets in Western economies are no longer affordable and must be defunded.6 ~+ o) v# i" {% i. D* X
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are% R8 I+ _1 {. L! B8 G( D, K
lessons to be learned from the frontrunners.% I* Z0 U; P* m& C5 N- W
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these) L3 V* t) A% g. Q  l& m
adjustments for governments and consumers as they deleverage.
* P( |' B; j4 g; ]+ N. h/ h8 L Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s/ w& ^5 \/ [$ M+ N% C7 |
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.# ^6 w' G. i3 p  H. d8 ]0 {& r0 z) y
 Developed financial markets have now priced in lower levels of economic growth.1 k0 ~! c6 ]1 i% w  |+ }7 ?
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have6 A7 b- J7 ^- i! s
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
4 Y5 ]: k- g+ y6 Q. o The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
/ X/ Q( }. s8 \1 x% ^as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may& |; U/ e: ?7 X. l9 H; A9 B0 J
impose liquidation values.& _1 C) B6 s# C/ n8 F
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
  M+ K; R3 s) _- D# uAugust, we said a credit shutdown was unlikely – we continue to hold that view.+ Z- R) a- d8 `7 A9 ]
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension. L4 D/ v/ M* Q6 V4 Y
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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A look at credit markets" n6 [' W$ C! b0 d
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in  e, p. M9 Q  z6 a: V# {
September. Non-financial investment grade is the new safe haven.
& D2 ]3 A6 W' g2 `) L High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
* {: g5 R; C0 B# v0 uthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1% O3 u7 w% }8 Z. h
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
) v% o, s, ^1 Zaccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
6 i- d. N6 y/ cCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are' r- R2 [2 v  K6 V- l, r
positive for the year-do-date, including high yield.
7 M; O' _, D% |0 B; H5 o9 {, _* s+ P Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
+ C+ U6 ^3 d9 ?  kfinding financing.3 B& ?6 e" ?  ]5 i, ~- V
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
8 I' Y& k2 ~4 f- m. d  a7 b- pwere subsequently repriced and placed. In the fall, there will be more deals.
! G$ H; H* a/ v7 K Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and) }/ j7 }# s" b0 z  q6 ]
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were1 p; m- I. S$ U# @+ q
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for/ I. `0 \+ T( V
bankruptcy, they already have debt financing in place.# g- n$ x7 r$ I* e1 E
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
9 Y/ S5 M: H" V9 t1 v# X0 U$ U7 ptoday.4 B+ e6 z  S* F/ Q" P# G% T
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in) V8 q# x; S; S4 S
emerging 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 agenda
/ }) f& @! D/ d5 `0 k$ I Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for2 @- o* q3 ^8 @/ E8 A3 \% e
the Greek default.
; f0 v" O( i3 ]- z2 [" } As we see it, the following firewalls need to be put in place:
: \: g5 m1 S5 o  }7 B; \$ @1. Making sure that banks have enough capital and deposit insurance to survive a Greek default9 u' l: G$ |+ R8 F. r' N$ L% f
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
3 c0 n; n3 U4 {. i. Y. k; ?. _debt stabilization, needs government approvals.- W- u7 I. N* z0 m; c2 I( e, H& `) _; ~
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing% R2 ~/ }) q) A2 z# ]
banks to shrink their balance sheets over three years
& n+ S( j% @3 x5 k; I4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.  F7 R; ~( [2 u  x# `! u- `
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Beyond Greece' P# r3 H7 I# t/ P3 o: _2 d7 G
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),9 }) A9 q3 O7 G1 {0 c: H9 f
but that was before Italy., g: R0 L4 N: A% ~9 M$ r# h
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
7 x" j1 c1 v2 t It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
8 o/ {0 q3 [( RItalian bond market, the EU crisis will escalate further.8 B0 z! {  L1 d
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Conclusion
3 E3 n2 Q& A' x! a$ n: m) t" P 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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