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发表于 2011-9-17 13:16
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Current situation6 u! P! X. r0 w, y1 L
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long1 H) \" J- m5 P+ L6 H
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
& [) U4 R3 y) a( a# V: `impose liquidation values.
]2 @# W" p3 o1 F- r- Z% i In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
# b# S% J. I3 k$ M Q, ?" HAugust, we said a credit shutdown was unlikely – we continue to hold that view.; o' t2 q# a; N# g0 J7 b! @
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension0 p0 C) o6 ]+ ?/ T% J& q9 P
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.7 z( | a4 O2 N4 V! \
k! r% d" R; r, OA look at credit markets/ H9 W0 T5 [' a2 V
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in( d8 y3 x# r0 v' Q5 X$ l
September. Non-financial investment grade is the new safe haven.6 n8 E9 U: X" k0 _5 ~- } X
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
5 y& f" A8 ?& S/ O& {then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $17 W# l# b+ t9 q! x5 ^" }& w
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have8 j& {/ F# ]8 I# T4 e
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
: @4 U& S& z3 RCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
% W# J! D; s: b, _. Tpositive for the year-do-date, including high yield.
3 e2 C7 G/ u6 X! G5 H5 g Mortgages – There is no funding for new construction, but existing quality properties are having no trouble7 F ?5 x) ~; s8 B6 t
finding financing.5 Q2 X3 \" f" z
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they3 [2 K" k5 P1 h1 `$ @* K
were subsequently repriced and placed. In the fall, there will be more deals.
9 X4 T7 |5 t6 z6 d, x# m, }' l Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
. G: \0 K. N) r( V2 ais now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
& D1 y+ `' b3 t0 m& Ygoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for& u l% T" g5 L. n1 l
bankruptcy, they already have debt financing in place.
( S# i* h/ ?& J7 R( y8 K* M European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain' n; R+ w2 r, s0 _1 s* U" P- h
today.
" ^9 Y6 Q% B8 p I Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
* K e) i t( r8 A+ Femerging markets have no problem with funding. |
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