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鲜花(3) 鸡蛋(0)
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。, n' X, p* j9 Q6 r+ Q
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Market Commentary
1 X) l" b- L+ z' `/ E, nEric Bushell, Chief Investment Officer
, r5 d3 Z; S% C  z8 m0 _# wJames Dutkiewicz, Portfolio Manager
: l$ ]- e6 j4 _% T  USignature Global Advisors8 h8 {8 i2 l, r3 M7 P- c" F3 N

: {3 |9 a! N: }' s
& F" N* y! w' [+ ]9 m/ MBackground remarks0 d6 {2 g9 F* ^+ }! f1 \. e
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are& e6 Y0 r: f/ R- ?
as much as 20% or even 60% of GDP.' d4 _- N9 [( B& |( g( y3 L4 A) l8 T
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
4 s& [' i- w: H* ?1 L$ Vadjustments.) t( B! Q9 K, s  V& \" p. D; P
 This marks the beginning of what will be a turbulent social and political period, where elements of the social* @, _7 H) b9 a% E9 C& v
safety nets in Western economies are no longer affordable and must be defunded.( Q2 X" O( W3 Y* h$ K. c" A
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
; K9 j/ ?1 T% `; A* c: N7 P$ {lessons to be learned from the frontrunners.
7 a4 r& I- s7 `( S9 D5 d3 Z2 J We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
1 b: |  v" D2 w7 B9 cadjustments for governments and consumers as they deleverage.
! R. d0 |* Z9 U2 D& q2 y Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s. F- ~+ P' L, l3 s7 e: q
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
/ N9 `* v; L8 X% t/ _ Developed financial markets have now priced in lower levels of economic growth.7 C4 r" D6 g# q$ L: Q' e- o
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have1 K& ~. r% W, K& d/ G
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
5 o# P3 b; Q! k; f The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
- `! v2 v0 i( h6 jas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may7 ?, }6 p4 B- n, c, q
impose liquidation values.+ p) `9 [) k5 l" [3 U8 c
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In4 `4 j* n+ e/ D4 o' _! |% V9 S
August, we said a credit shutdown was unlikely – we continue to hold that view.: P) d0 e. {  G& P
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
& b0 w% d& X; P/ t8 qscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.) Z/ a7 R% E& W& S/ N+ d! |* o
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A look at credit markets
% e, a3 {% z. B) V; O Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
- a8 [# T/ R. @7 w3 ~) {1 [September. Non-financial investment grade is the new safe haven.6 Z/ b3 L4 L; ?% e* l
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%1 m9 u  t- ]( G
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1& }4 N) P& l; O: ]2 Y
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have3 }0 e8 v# q1 S# m; \. Z
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade/ Z+ Y$ z3 w6 `, f0 A# X
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are# G. U- g$ Q: w2 m7 s( ]
positive for the year-do-date, including high yield.( N- D7 }8 A+ w2 B$ }% Q% u( [% {3 \
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
! S! J' S( R: w! e: ofinding financing.
, o( N; C( u$ I4 t Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
, C% f# Q( h. M3 hwere subsequently repriced and placed. In the fall, there will be more deals.3 B4 v9 I5 b) S5 }3 d& P% A
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and; I& g: i+ E4 ^9 ?( }$ J
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were7 e: l" D+ l7 g6 C  p) A  {9 y8 d! k$ U
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
7 _, ^6 d0 F- p2 ?2 Kbankruptcy, they already have debt financing in place.$ Z0 V7 u2 ]" L: q3 q" h1 B  S, I
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain+ z; C& J$ ~& Y3 }
today.
$ o6 V7 e6 R  r# f9 ?3 A" x0 ~! L Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in7 {8 D, a0 p1 h7 b+ a3 K. c
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
# o! ~6 g, O5 _: Y Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
, Q0 o; `6 {' V( vthe Greek default.
" R2 W; [+ n0 x6 |  w2 ]" a3 \ As we see it, the following firewalls need to be put in place:2 G' M; C0 n3 v# F# _
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default2 I, C8 n$ h2 _- l+ Z0 E
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
  @  L6 E, V6 @; U: kdebt stabilization, needs government approvals.
3 o1 _( F- \2 Y1 l3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
: u: G: \: g" \banks to shrink their balance sheets over three years
5 o: ~5 D* I& s2 Z; x5 F6 D4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.3 G0 P" I' _+ T9 Z* T
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Beyond Greece
8 N% [5 z1 L& `' e2 K. D The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),7 p- b& a2 O0 `, a
but that was before Italy.% G8 c& b" r0 C+ S+ M' l" E5 V
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.2 }7 ~* Q7 X5 g  y5 w5 _( W
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the$ Y2 D) Z4 H6 F( D: W' M
Italian bond market, the EU crisis will escalate further.' V5 T2 k2 ]4 T7 l- Q

2 E6 V* U$ a: T8 `) Y+ U4 bConclusion
/ I9 s# L4 v1 F& q4 K5 B) a, `/ T( x 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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