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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。+ C8 m) f# m! O: T" b6 v

1 C' ?; b+ f( LMarket Commentary
3 {8 F3 ~. T5 L* L' |! ^4 Y% k0 JEric Bushell, Chief Investment Officer: C4 G- _- l. u
James Dutkiewicz, Portfolio Manager3 G* P3 x" Q& ]' U1 V
Signature Global Advisors/ D5 C8 \; l: X( W. o
  F$ }' z+ b/ Z

* r2 m; i7 E, |) |8 q- G% xBackground remarks
- V6 z" e9 b, l, l Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are5 n9 x! U9 p% G; z: X. O) j
as much as 20% or even 60% of GDP.
/ F& }& M" I8 v3 I6 O! L. g3 I Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
+ }# C' m6 \# {# J; u1 B  t2 y' cadjustments.5 `, d# L+ w4 k$ {2 F9 W; s9 P
 This marks the beginning of what will be a turbulent social and political period, where elements of the social: [* o) a" C, B, L/ N% C
safety nets in Western economies are no longer affordable and must be defunded.
8 K+ Y' s7 J: m& |" c& R4 Y3 c Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
2 H" t% U; G6 t& T6 p; L6 ~lessons to be learned from the frontrunners.) Z! q7 R3 R( {% x# u
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
' m1 |5 \0 l% }' [9 k& }6 Gadjustments for governments and consumers as they deleverage.
9 s* Q# Z9 ^3 H Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s9 h9 e; E$ A- R1 B& D
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.# Y9 b/ b  s2 z. U! }
 Developed financial markets have now priced in lower levels of economic growth.
5 F- L) Q& O/ g- R" f Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have1 |( Y" A3 L! d' u% S0 g+ R  u
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
. |$ X* D5 P4 d% S& N8 S2 n The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
( E9 i1 O7 x& U% H. z0 }as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may+ w+ L, M$ v/ A7 n: q6 r9 p1 \
impose liquidation values.
4 f& v! k( ]$ N8 Y" ^5 h; G In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In+ c8 }  b1 V9 u, @/ S0 l
August, we said a credit shutdown was unlikely – we continue to hold that view.9 t% N& @% ?4 z, e) p; N
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension) K# }/ j$ c+ k: z' q6 n3 W: x
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
# W; s% T+ s; b8 W4 d" T3 P/ `
8 h) w: T% ~4 w# RA look at credit markets
6 O7 ]& E# G/ F/ g, n8 U9 z Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
9 N' J$ b' G, ]/ q$ E6 ZSeptember. Non-financial investment grade is the new safe haven.+ }5 x, ?- m% F; T
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
8 a; i* e  m: p- I5 U2 q) D# Tthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1( K2 R, L# t4 O; c+ `! Q0 D
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
% H  B+ _& T% F3 }7 q3 L7 uaccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
# }* U7 Z* H1 T2 F; j# r! ACCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
# W( H" v2 s# u+ D  Q$ ]' b/ opositive for the year-do-date, including high yield.
& R: R% l- A& x3 v, n! x) u3 f7 K Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
4 v3 t8 d! P% G7 ]) U2 v- nfinding financing.
- l; j$ J. w# h3 _, Q# r$ z, M3 r Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they0 D3 n/ r4 ~; |  b# c
were subsequently repriced and placed. In the fall, there will be more deals.
0 N9 Z8 h* z1 f- m Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
. A( Q/ y5 Q$ W3 e& J; {is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were; N/ V' e% s, e
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for% o( p* u1 Q5 {
bankruptcy, they already have debt financing in place.
' G7 Z! d8 Q5 E6 s- H! s, m European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
: f9 K9 ~9 @& C! m% [" A1 s, Itoday.
' ^, W5 q; R6 X! o, z/ y9 v, b7 Q Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in. z) W% h# H5 f
emerging markets have no problem with funding.
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda2 x# b2 H8 y$ j0 r, u
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for1 |! V* w0 o& G$ _
the Greek default.
1 p6 z0 }3 k- b0 P. G; v As we see it, the following firewalls need to be put in place:& e9 [' b0 Q/ Z- `+ l/ K0 |
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default# w/ J6 W/ H/ G2 e+ l" m. O& M
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
) g: q- z. r* V6 xdebt stabilization, needs government approvals., |5 z5 f; g: M* U1 @' p! j! P
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing8 C- n8 A! ^# N# M: d- l
banks to shrink their balance sheets over three years
+ r$ `" L( s7 \2 Z- Y8 f% M4 ?4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
2 m( F1 e: C/ S$ R& L* k$ A, t
: \* }0 S+ [) d% q% t  A6 c: Q- XBeyond Greece
; y; u8 o+ B% J+ l2 [9 ` The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
1 \- Z! c/ ^! U  K( u" Lbut that was before Italy.
7 s1 P. U3 T9 { It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
8 }+ q$ s. R2 m! c, Y% k) { It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
- c4 Q& W4 X4 R7 q, ^Italian bond market, the EU crisis will escalate further.
& |# o0 t6 l/ s) C$ a0 Y( s) k" @
/ \  N$ r' q2 FConclusion
/ b, Z% I' j' Z! I/ f. J 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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