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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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Market Commentary
) o7 |$ A. Q# b( N$ H  g) H: e0 yEric Bushell, Chief Investment Officer
. f' {. o2 X6 Y) K- d" L7 t/ L. E; _: @James Dutkiewicz, Portfolio Manager9 s. s3 |4 [! I( Z+ H& T$ R+ k3 P) c
Signature Global Advisors
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) m" V8 E6 t3 P4 W7 k5 qBackground remarks' }6 n+ z+ g3 W# s; ]
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
# V7 \2 }; E7 oas much as 20% or even 60% of GDP.( `8 v0 F# h: k% d$ t
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal. X1 e8 ~* K: ]( p% ^7 F0 ]3 R
adjustments.
" y5 h- z# ~. K+ x- V( y5 d This marks the beginning of what will be a turbulent social and political period, where elements of the social) `8 a- a( }% @0 n
safety nets in Western economies are no longer affordable and must be defunded.
7 x$ x' y/ ?7 B5 T9 j( n( j; N Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are- Z5 E! ]3 A7 K( d4 g+ P
lessons to be learned from the frontrunners.# A+ n' x( D9 [/ V9 E; a3 E- o1 T
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
& z: \$ G6 O: L8 H" U$ wadjustments for governments and consumers as they deleverage.
; p, G1 {2 w2 F* W8 M# d) Q Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s$ o/ I* }) A4 J3 T
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.5 V6 _: ^- {' G( U$ h. m
 Developed financial markets have now priced in lower levels of economic growth.
. s. I) i; \- x) z Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
/ g; X! \9 c8 L9 d- c, O1 I# W2 Treduced 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 situation6 r7 N' a9 C3 q
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
: ~4 O8 @! A  K! b2 Bas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
/ z" y1 A6 C$ d' a+ d2 K' Cimpose liquidation values., X3 z, J: e: _4 ~, Y
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
! B& D( c% Q6 B$ L5 oAugust, we said a credit shutdown was unlikely – we continue to hold that view.
$ ~$ `5 `7 C, s/ w The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
5 n+ ]' g, ^) N$ E6 M5 G  m4 a/ Wscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.6 P3 [! Y' o) i5 w
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A look at credit markets- L$ u, g! O2 k& e  N
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in$ W* z" A# S( D, a; P, x( a
September. Non-financial investment grade is the new safe haven.
5 ^* [/ c8 j7 Z( e% K0 e High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
7 ^* |6 j- S. H2 a1 T  f2 M1 fthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1; B+ s/ V, B" D) i1 _
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have/ b! s( b  a  X1 V8 q; e/ J
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade/ u2 l! x- m& m" |, l( C- g2 l
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
" H; x. e& ^6 a1 x9 O# w: dpositive for the year-do-date, including high yield.( S6 k/ `$ h2 E
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble4 s. g& _; I: T, K5 w# w7 X" n! Y
finding financing.1 S1 {& x- Q& V  p( e: I
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they3 t$ X, B( \7 t; ~+ l
were subsequently repriced and placed. In the fall, there will be more deals.! H6 D) X" V& e- E
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
/ Y4 W/ J  T$ `) c& ^! K: ris now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
# D( ^( y4 x& G, {) g0 Tgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
: b9 C2 j6 t0 r- @/ T' _bankruptcy, they already have debt financing in place.
( f. I; d  c, V( Z& g' n European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
2 }8 x, I3 [% P: r9 V* {7 o7 utoday.2 u0 q$ I2 h7 F) E# F4 s7 g" a
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in! E) X9 N6 g$ y) s) V
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+ `1 \- m4 A5 \. F, `! A) q3 c/ u2 A1 i
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
! p' C( F; i0 r# H8 O# ~% dthe Greek default.
" B9 u( q: u& [. R7 X As we see it, the following firewalls need to be put in place:9 _3 D( }9 M- l* c/ j) ^4 Z
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
/ X0 d8 b( }' _, N4 Z1 L& N& L2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign# D' H" \; G& U6 d0 j
debt stabilization, needs government approvals.
( G: ^3 I& i) X- A5 W$ e4 H* z3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
+ e4 u/ c) E, v/ i* Z7 ]/ D6 t& qbanks to shrink their balance sheets over three years, W  [! z, A5 j- q, p4 T" q
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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/ U% P; @+ \5 l5 y; h, YBeyond Greece
( N0 j% t9 e6 x( L5 T The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),5 i3 ]9 H: X% g7 l
but that was before Italy.
& J7 C# P% r) ~9 ~% h" f0 U5 d It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
% Q2 q3 d- ]# \% ` It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the% K$ p7 z* X" s! f: t+ b: N  n* U' ^
Italian bond market, the EU crisis will escalate further.
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: G2 b8 l+ C7 u2 K, GConclusion
0 O& |0 G. Y- {! a, A* [+ T 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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