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发表于 2011-9-17 13:14 | 显示全部楼层 |阅读模式
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 W2 g3 ~7 H3 J8 S8 ~
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Market Commentary
' J) [/ ]$ a* L7 ^, CEric Bushell, Chief Investment Officer) q, k8 Q( Z- D; J  ^. |
James Dutkiewicz, Portfolio Manager9 z: r% ~; a1 F8 L
Signature Global Advisors3 P' l8 ?5 \+ x; S5 h8 S5 G9 w
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* N8 v: O* ]/ w* t. H4 EBackground remarks
# s1 _! w7 ]1 V+ N5 S; R3 ?+ t1 h  } Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
0 A' m. S  Q1 E$ Y) ?as much as 20% or even 60% of GDP., E+ g0 I9 g7 j! @; \# f
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
! G) t7 W4 y  g7 k* Hadjustments.; J5 U! b# H- @7 x% `- o
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
+ P/ s* o% {: m3 Y# S8 q' @safety nets in Western economies are no longer affordable and must be defunded., I7 L% r) r5 j- k, |4 e% x! h
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are: y% q! ~" \" K. U7 @2 T$ v1 E' t
lessons to be learned from the frontrunners.% f9 p' m+ Q8 _7 {
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
9 j% ^2 D5 s* w; G$ Ladjustments for governments and consumers as they deleverage.7 d" c+ q2 l" `2 P- E3 N
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s- L( w: o$ _! X1 f
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.9 V; g9 o4 h+ V! `- E
 Developed financial markets have now priced in lower levels of economic growth.7 u0 I, {: Z$ L& r! `+ c
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
# S9 i  Z- e: C3 F$ j1 oreduced capacity to hold risk. Therefore, risk shedding by others is going to have a greater impact.
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 楼主| 发表于 2011-9-17 13:16 | 显示全部楼层
Current situation, e' |0 I8 c3 o
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
2 Q- K# j, z. _' sas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may9 j4 p+ A0 N: \- A. d
impose liquidation values.
& Q) u. T$ c: X: A( d+ j In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In, [0 v5 v/ \6 u; V
August, we said a credit shutdown was unlikely – we continue to hold that view.
' z5 e5 z3 O8 j* H The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
: ]$ c- A* f7 B1 d6 dscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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: e. d4 @# D2 ]' I/ j- X! Z7 w$ FA look at credit markets# o# W6 t6 U5 F
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in2 `3 j, B/ i& T/ w2 V5 L# J- e
September. Non-financial investment grade is the new safe haven.
- P/ W: N( w. m3 v$ A High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%# q" A9 t2 n9 d/ M' t
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
& |; x, K) i' F6 K  T. Fbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have3 e" T: M7 j" }8 n. f
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade( ~, L3 I0 l3 K7 C% u4 `
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are7 x# [9 p, _4 M5 j) G
positive for the year-do-date, including high yield.5 o1 t3 E. j* G/ P
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble; u; f1 _) g/ s% I  E. u
finding financing.) J. T9 B2 x1 Q7 K, N
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they5 A' O5 n2 E$ s( @8 G5 X+ g" z; v
were subsequently repriced and placed. In the fall, there will be more deals.) J) `4 u" V' `
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
* f- _6 e5 q3 R, L* fis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were, D; x$ j$ g, i1 b
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for, B! Q0 B; D" w& d: v1 i; P
bankruptcy, they already have debt financing in place.  M# o9 z  u) e( K
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain6 K4 f7 ~1 U% V# }. H8 \
today.2 a- u3 r4 l0 u
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in( E: |" r4 B6 E6 k% I7 L
emerging markets have no problem with funding.
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 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda
4 r: s9 i2 e' S  n5 V- J9 ? Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for3 U3 y* }( T- k5 z. j
the Greek default.: }1 A; _- c& V  j, \
 As we see it, the following firewalls need to be put in place:
( b; e0 D* R6 s6 w1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
  `0 F' h6 Y+ q" a: @! d2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
. \9 z  l2 I2 r- X+ H/ fdebt stabilization, needs government approvals.
& `& d1 O" k2 e# L3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
* ?* q3 F4 X) a% Cbanks to shrink their balance sheets over three years
& i' e4 `2 Y& R. [& t4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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! w2 k3 `+ d; W8 a$ d; zBeyond Greece! j# X) \( O; z* H: f9 a- s
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
1 e; G' {4 l& e( T& {- Xbut that was before Italy.8 T: t6 J3 H4 z1 a7 i
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
9 p" x) p; k, a. K" y; b It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
2 V8 g8 A# G  Z) C# x3 kItalian bond market, the EU crisis will escalate further.1 {! {- V  I1 }! ]5 Q& |6 ?) ~& V( b

0 h# ]& O5 d+ J% ]Conclusion
# e, M  Z( z; y We want to have safeguards in place and continue to be liquid, so that we can capitalize on future turbulence.
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发表于 2011-9-19 15:03 | 显示全部楼层
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