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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。
, O( _0 O$ [1 g, c6 O1 `
% P) u8 e* @( z4 BMarket Commentary
3 F* M# Z" a: v8 LEric Bushell, Chief Investment Officer
0 a1 c0 C' r4 QJames Dutkiewicz, Portfolio Manager  l% B% D5 S' f% _8 B
Signature Global Advisors/ `; ]" u/ V# m: e0 N
! J  K7 B2 U: L6 B- k
7 H' i5 \9 H( Z9 k
Background remarks- x/ L- U& ?9 I- w% @
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are/ \4 |9 _; T7 K4 |/ J. j- ~+ M
as much as 20% or even 60% of GDP.
% Y6 u( D4 t0 J: {4 f2 _; C6 { Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal" F4 A/ [; l$ `" X
adjustments." x9 Y  a) H) h: Z6 H+ z  C
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
: F* d: U4 ~$ L4 x$ Rsafety nets in Western economies are no longer affordable and must be defunded.3 P, {' [; r9 Z; ]4 a) _) H
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are& W: o8 s! b9 Y, ^' L: [
lessons to be learned from the frontrunners.& r; G, }+ Y+ a& W
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these6 X$ B' K* s8 L: b" x
adjustments for governments and consumers as they deleverage.
! F9 b0 q- ^$ s Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
; \$ ]  `. j9 R- q" r/ P; aquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.7 Y. M* m  U' a" W7 G. [  ~! h
 Developed financial markets have now priced in lower levels of economic growth." r8 t! H+ G3 q/ k6 E
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have8 n. I5 v, K" l2 F8 }6 h4 ~- m8 D
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  v) O2 `! Z& p  H
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
6 b+ ?* m" Q7 v1 o# c+ X7 w' cas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may$ s% D0 }3 p8 ^
impose liquidation values.# \8 b: X! v! z! J  S7 a; S+ a
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In; m5 v6 R/ D: Y- \- m
August, we said a credit shutdown was unlikely – we continue to hold that view.* b: i7 x( }( H; C5 K
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
; M8 H) r# d& ?8 Cscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
' g2 @- ?: `( g0 W: W- R7 e5 u8 Z2 u' @  D1 }
A look at credit markets
" [/ \. u1 G5 P/ N2 M Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
3 T8 \0 y/ ]6 B' cSeptember. Non-financial investment grade is the new safe haven.5 ^: h, i! h. @7 [6 D/ R
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%% n# g7 f1 u2 U+ j7 Z8 G
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1: I" A: z7 ]+ T- l; d* w
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
+ N2 H6 e' j) Z0 S1 Oaccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
7 h$ T' S% \$ t7 f" e6 TCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are: w! {+ L& y2 z# W$ b& j+ \/ x& e
positive for the year-do-date, including high yield.
! z2 H) F" y; }/ q5 Z' j" q Mortgages – There is no funding for new construction, but existing quality properties are having no trouble1 k# _! q7 J3 g  w5 H9 @
finding financing.. T. o& P6 ~) u3 H, L
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
* N& h& k* u4 u, B% Iwere subsequently repriced and placed. In the fall, there will be more deals.& H7 R: e. ~! S$ Q
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
8 `: q  S6 ]  k/ n/ ^! \* M$ K- Zis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
6 V4 h1 d  G3 A1 r* K) x1 Kgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
8 x& B1 ^# M$ @* B7 @. N- R1 {9 Tbankruptcy, they already have debt financing in place.
3 S/ f$ O. J, g# V; b( X European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain) n( N/ |# n' b3 E$ @3 m6 `
today.
' l# V% g; N. ^4 H+ y  W2 S. w1 P Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in" D! S& z" r  Z7 j1 |
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 agenda0 H, p8 A0 o  m
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
9 g8 g5 Y& E2 W8 Zthe Greek default.5 M. e; u8 D+ h( X/ i
 As we see it, the following firewalls need to be put in place:; h( E; u' U( a2 o# A
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
. K+ Q% D" I; s: G: n- E: }* [2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign" u/ @6 G: O  c: h6 E( A) i1 n: y) F4 ~  d
debt stabilization, needs government approvals.9 Y$ M! R" I, j1 N: }
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
0 `! g4 }' q( a: O* i& Cbanks to shrink their balance sheets over three years
. W, L5 g, e" P# M1 T( I2 E  [4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
5 L# z, O$ q$ j- J8 u
1 v. P( ]9 T! P* k3 k7 G0 O' xBeyond Greece% F/ @" j" t8 t! v% q* U9 z
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),6 w2 w+ ]; [* ]3 ]% ^& |( w  h
but that was before Italy.
+ k0 r1 W* H3 I( f It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.4 A. O  K! y4 L+ L
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the: F4 v( L- U- v& K" G5 s
Italian bond market, the EU crisis will escalate further.4 ]) Z" Z+ ?! R6 g
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Conclusion1 E: e7 d+ F8 t4 G
 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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