埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3125|回复: 3

市场评论

[复制链接]
鲜花(3) 鸡蛋(0)
发表于 2011-9-17 13:14 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
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。
  ~3 C' q6 V. l# T& r$ {; Y' z
# p" \/ z9 J7 ~+ G/ u) LMarket Commentary4 n4 l0 ^) P  }# M: r
Eric Bushell, Chief Investment Officer
3 r" b$ y$ P5 R! xJames Dutkiewicz, Portfolio Manager( }; E; T5 s3 I0 C+ }: V9 j8 Z
Signature Global Advisors& @) T; B* K' D  G9 g% {8 o- e

1 l5 e& y* B9 a+ t8 Y" ]- q1 T, Z7 Z1 c" u# @5 n* e
Background remarks1 i% P* F* K/ m' x
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are2 g3 `" r6 W2 W# v+ l
as much as 20% or even 60% of GDP.
; v4 J  O1 s1 L3 A5 @ Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal$ y2 g% F: }% O
adjustments.
1 T$ H1 g$ p; U! `! H2 a7 T' d7 S This marks the beginning of what will be a turbulent social and political period, where elements of the social
' G7 n5 R* E3 ~% n% W" vsafety nets in Western economies are no longer affordable and must be defunded.
- ?" ^& f, ?5 R/ h& m% J" L. |0 G( C Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are+ k" U: y. L% |( w: l/ O
lessons to be learned from the frontrunners.; `# D7 }' [5 ^9 A; W% [) z, G
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these7 k0 l  s9 v8 g
adjustments for governments and consumers as they deleverage.
5 f' V& Z/ g1 S" H" I Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
- k* m) O+ L! R. dquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.+ Y) M1 N& B) W% @6 p' d
 Developed financial markets have now priced in lower levels of economic growth.
8 d1 g. ~% C+ p' b) V# I9 ? Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
0 r( v/ W# {- S5 ?4 x( y; Ureduced 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
7 n% D# X3 n9 ?4 B The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
% @* h. x$ E' x* `9 r: M7 h# f4 M& Aas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
1 Y; x2 n! f' |! S2 Vimpose liquidation values.9 s7 T/ J  U- s( B1 G8 n3 v
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
( ~; P8 @: }  s; E+ G9 s& G: }/ GAugust, we said a credit shutdown was unlikely – we continue to hold that view.1 w( M* ]% {; T+ W2 O' \8 w/ X" D( ~  u
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension$ m: d# D* Z. ^. Z
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.* a5 B. {* Y3 y, S7 h5 W( o$ p
4 t+ r1 V9 ?) d8 `  Q
A look at credit markets
/ R$ R& x, H2 z( l$ V' }1 z9 s- L Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
* D9 A' S- B9 J# I' ~2 N/ u2 jSeptember. Non-financial investment grade is the new safe haven.1 c6 n+ v9 i4 Z6 ]
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
" f. _0 O, O  s" S, K. ]0 Y  K. xthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
3 T. i/ b8 N- H$ P6 N1 lbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have3 S9 C% X2 U8 e1 @- ~
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
, P" d3 E* ?7 r" L4 Y- S. qCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are" e& H6 @+ P  H  k* Y
positive for the year-do-date, including high yield.2 N+ G& y& w, Y! X* N" y' O
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble. [2 a& c) @- v* Q$ n
finding financing.5 [5 R; v; \4 }/ j9 X* i
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
3 x/ z) m2 z) n0 |& t& `; [. Z5 Awere subsequently repriced and placed. In the fall, there will be more deals.- q( t" p: A) H' G# x1 N5 ]! T. ~. p& W
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and+ V5 ?; S) Y" e* x1 c
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were6 F) p, \5 G. k) Z2 Z- U
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for3 F# D+ P) V  Y, z! N5 B
bankruptcy, they already have debt financing in place.* O. T( l8 ], C) X( C
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
3 a, r4 k$ \4 wtoday.
# n0 [& D2 F: `$ [' H, q" H Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
' o! Z+ M9 a5 \: P. Yemerging 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) |8 G* d3 x+ ?5 ~
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for. [6 C( V# h( R3 j1 P0 w: l
the Greek default.! T2 z7 a$ ^$ Y% i' T7 ~
 As we see it, the following firewalls need to be put in place:
2 P  t8 N- S; d: k% z1. Making sure that banks have enough capital and deposit insurance to survive a Greek default. l( y. a) \2 f9 B) _4 r
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
$ j1 x. d. v8 o  d& m# bdebt stabilization, needs government approvals.
6 u, X8 G$ I9 l! b3 Y3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
& @, P* T3 C* T( _+ cbanks to shrink their balance sheets over three years
0 C# O- H5 ?7 ~( b0 X7 g( {4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.$ A# ], X" P! ~5 Y3 _

8 j1 i5 s, h+ }( s( Y0 H7 L- JBeyond Greece9 D  a& E0 ?4 K3 i
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),' t0 W' [7 n' [6 |3 m3 t
but that was before Italy.# r) e% F8 z/ b# J4 @  q- W
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
) m9 D+ w" F1 H/ E1 r: e It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the9 w5 f3 t5 p  n3 g& h" C
Italian bond market, the EU crisis will escalate further.7 ]' O0 J* }# X& I0 i

' c$ M, ]! ?  _0 F' Q  w( jConclusion  s) c5 g1 }+ ^; Z
 We want to have safeguards in place and continue to be liquid, so that we can capitalize on future turbulence.
大型搬家
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
kasnkan
大型搬家
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-5-11 14:12 , Processed in 0.149644 second(s), 11 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表