埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3210|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。5 }# P+ Q+ G& K

+ D& T( g6 u* x0 A# T( \Market Commentary( d: V. A: y6 ]$ U
Eric Bushell, Chief Investment Officer, {& a/ J$ z0 B9 S* u- J/ e# t
James Dutkiewicz, Portfolio Manager: f% S2 p" K. Q- N
Signature Global Advisors
2 P3 ]1 Z1 l% G, n8 M! C6 N* h8 z
# u! d! D6 N5 r) @8 }, p& c* s% O! c; u  H4 V. D
Background remarks: L) V8 t, D3 w; d
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
8 ^. J% N# B/ ?- Nas much as 20% or even 60% of GDP.
2 N* Y% `1 L8 |  o0 U0 w# x- W7 @; r Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
) q6 |7 [# [; U8 u: `, H7 ~; Gadjustments.5 W4 S' Q5 x6 ]5 |' W* G/ r) K
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
8 R( I, l( x3 D+ n0 c5 n" v% Csafety nets in Western economies are no longer affordable and must be defunded.
9 s- T5 z& a# |. d" S Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are. Z9 H- E/ `% ~7 x
lessons to be learned from the frontrunners.
9 L% i& N6 x# x% g7 q We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these4 g4 X8 w2 G, ^* F# c
adjustments for governments and consumers as they deleverage.3 j$ [  m/ C, `3 @
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
/ v7 u1 T) z1 ^quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.0 N: T# h& i% r& ^" o
 Developed financial markets have now priced in lower levels of economic growth.$ Y/ \9 E) ~3 X" Z7 N$ _5 t
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
& A4 B: R" r3 r' W! Y. kreduced 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
+ t. Y3 W  x) I7 ~5 H# _7 J- t The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long1 S- M; O* K, S/ C
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
! w5 W4 w8 L: m9 W: g; Yimpose liquidation values.+ s+ W8 H; m3 ]
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In. {8 t" W1 ^8 d$ _1 L. ~$ q
August, we said a credit shutdown was unlikely – we continue to hold that view.
+ l, Z5 ^$ T7 n- i9 R The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
3 x5 e8 q5 K. l% \" Q( C$ G/ K4 U' ^scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
) F: a% [6 D3 k
/ `; N* i( D  aA look at credit markets
- @; C% m: P9 z  R4 f1 v Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
9 r! z+ O+ t; v; B# N/ f  ^September. Non-financial investment grade is the new safe haven.
+ z, _5 I' K- q% f) A High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
1 g$ o( v$ j$ G' ]then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1. `' S3 I- a1 {
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
% R0 N6 v- f) p/ c" h4 h$ a7 `1 Naccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
$ _2 v% J" u* LCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
4 o8 h' e7 N. q5 tpositive for the year-do-date, including high yield.4 ]( i- V. g9 w* E' _& x
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble6 i1 b2 p, B, h
finding financing.2 q% m0 G1 m! U* A; \
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
/ @( i5 E! s# U4 }+ w. Q7 V) T0 Iwere subsequently repriced and placed. In the fall, there will be more deals.
  u7 `( E0 B; v8 ~) p. [ Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
: g3 [8 G* N, S# e$ V# y7 F5 @is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
9 [. J6 U! m6 ^: b) s  D. d  l$ bgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
6 f. u6 X8 O4 x5 u* Qbankruptcy, they already have debt financing in place.' s7 d2 ~7 `  Z0 R+ O
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
9 V2 H5 a1 r2 [( a7 m! t6 P: ftoday.) j1 S7 f; T: R" }- J( K) _
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in  g2 u) O1 \) b# z- c. 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# a, O/ i$ y$ y- j" a4 @% i& w& c- e
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
) z: n2 A2 k9 T3 B+ }the Greek default.
. ~  U& o; t8 @4 x( S9 ]( J" F As we see it, the following firewalls need to be put in place:4 f' t0 x3 h5 p! Z7 K9 Y! o" X! Q$ G0 Q
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default' {% G2 d* u: U! U7 p% F" a
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign8 K$ Z) i' Y9 R$ L  M5 t6 T& U1 l
debt stabilization, needs government approvals.+ W# T, H  D0 P5 E1 j$ ?
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing/ |  g& I" G. T/ G
banks to shrink their balance sheets over three years; N& u. U1 o  c
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.& x1 ]) ]. R' `: X

( o7 i" w  L# A3 bBeyond Greece, A9 r7 v+ b' g" H/ A
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
6 z( y2 d4 Y" d( x' o1 V: u+ X$ C2 Dbut that was before Italy., p3 ?) e. ~% U9 z( q3 o% ?
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
2 C6 \: \: c1 D1 w/ g) \ It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
0 _3 b1 }+ F! G  |. c1 SItalian bond market, the EU crisis will escalate further.
( B& H$ S3 N$ }, W5 L* _
7 N8 R3 o% {) N0 ]Conclusion, M# g% K+ D) P4 a
 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
kasnkan
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, 2026-6-5 08:52 , Processed in 0.251836 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