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鲜花(3) 鸡蛋(0)
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。& W4 M# |9 C+ w( c# s, C5 ]

& a( F& G/ b- K0 YMarket Commentary
* a1 T5 e5 `+ KEric Bushell, Chief Investment Officer7 T' u+ J- n, z; g
James Dutkiewicz, Portfolio Manager
1 [$ V; a6 i4 ]Signature Global Advisors1 y2 R! A+ s' ]9 w$ i  x
, F* [: A% p6 r6 H) q
% a$ K8 d& f, M/ a/ |8 Y9 c  o
Background remarks' v7 O0 Y; M' G, [4 H
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are) D  h/ K1 l: `0 {! k
as much as 20% or even 60% of GDP.
' A5 R; P7 p8 ?9 ~ Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal* \1 p( h; D' s! R
adjustments.
* r: d# w) L  `& X This marks the beginning of what will be a turbulent social and political period, where elements of the social! Y" q5 t6 L& ^' ~
safety nets in Western economies are no longer affordable and must be defunded.1 R7 Y2 J, l% l# [6 y$ j
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
, ]! G2 T6 A( l9 Q( Alessons to be learned from the frontrunners.9 a! o3 I% T& o
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
9 J3 K4 d! R% J; [, q) b6 n$ Yadjustments for governments and consumers as they deleverage.0 F6 _& \2 s9 M; H) Z) N
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
4 e  r9 w" |5 F% L( gquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
8 K1 X  Q7 M0 W, O Developed financial markets have now priced in lower levels of economic growth.3 X% B' x7 Z, P3 x; M- \
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have' V9 A+ |7 e! |; l0 X$ @7 d! G. i
reduced capacity to hold risk. Therefore, risk shedding by others is going to have a greater impact.
理袁律师事务所
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:16 | 显示全部楼层
Current situation
" A7 N4 `- v5 u8 V0 I" `% a The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
& X# _- v3 K, t( _" I1 E* W# L: Vas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may( {* }+ B1 Y# u6 ?$ J
impose liquidation values.' D% t) \3 ^' R3 W" F  S& \3 {$ f
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In! U6 S( }2 D* T6 K$ q8 }3 B
August, we said a credit shutdown was unlikely – we continue to hold that view.4 C6 i; ]7 g2 g, Q6 v8 t
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
5 [7 O- s+ c" y5 a% r  v- [- `scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.9 Q. ]- R0 W- e* t2 K, E0 E$ S) c, u/ \
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A look at credit markets
( F1 W: y& C1 |% n  `1 I Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
  U* m6 N9 c: o* S3 f. ^September. Non-financial investment grade is the new safe haven.
. u4 i. m9 u# q) L$ S& S# `9 `+ P High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
0 @* b4 b. ~% |$ e( W' Cthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $19 L: a" i) ^% S/ B4 U
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
8 l" Z- Z* G& ~. e8 maccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
" r" n4 J9 u& T1 MCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
& p% R7 L: b+ r# f% tpositive for the year-do-date, including high yield.
% w- m4 p- ~* X$ [( |* m& s Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
, u- @3 a/ N% b5 h( qfinding financing.
4 X( T2 c" Z5 `5 |! |$ o( E! j Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
' C! c2 L: H+ I% Y/ k3 }6 ^% Twere subsequently repriced and placed. In the fall, there will be more deals.; Y" k  b6 U! l: u0 K
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and. N, u; K5 T0 W0 T# e
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
( ]$ x' S, W  t$ y! jgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for- M/ A$ H' ~; M
bankruptcy, they already have debt financing in place.2 |: P) S7 w" @" h; D5 Y# ]
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain  p: `# ?9 N( s# G
today.2 l9 J7 M* D& v
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in% v5 B% I+ n5 J; }
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! v* c. w4 g& J7 J) e
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for' P  x! {7 i6 ~! y9 V# j
the Greek default.
) c( A1 Y' Z/ \6 N  |# N% K, S As we see it, the following firewalls need to be put in place:9 V6 r. A7 {9 T2 o) K# {$ {! B% F: o9 }
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default. m( t$ P. \0 b% i" P, T  A
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
* e' w. P; N& k+ Fdebt stabilization, needs government approvals.6 Z$ \$ q, L1 j. n1 D% i& B" T
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
# T, v9 t1 j" f6 O+ M. z  Ibanks to shrink their balance sheets over three years1 b% k1 ^6 \" W6 B+ ?
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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Beyond Greece
/ }% r% P/ K5 j* W5 r The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
( ?4 v/ ~* @0 m: x+ l0 Ubut that was before Italy.
6 z1 E0 F1 a1 \' ?$ [1 ]/ n: X It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.3 T) i+ V- G+ M% s* U- s/ G5 h
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the) S. A" j2 ^5 ^- U$ z
Italian bond market, the EU crisis will escalate further.
: s' ]8 v/ s: i" K/ ?- q
! W4 B' Z! n* ^; T& n7 |7 JConclusion
/ Z, q8 N+ j) L& M3 d1 w 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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