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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。; K) A( z5 l" b/ g3 G+ \# P) s# H

* `/ g; j8 \- j% vMarket Commentary
; t6 ^2 G' x: L% VEric Bushell, Chief Investment Officer$ h1 Q/ ]# m% J: g# J$ {- \
James Dutkiewicz, Portfolio Manager, Y$ u8 C- g$ Y" S5 g/ o5 U
Signature Global Advisors
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; \8 {8 i  i- l# MBackground remarks
1 t$ C, R% r/ T- J) E; `: v; D Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are: u0 b3 a: `0 B3 A( h" h1 s
as much as 20% or even 60% of GDP.* B, }9 `9 H& A6 L5 |2 n
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal" Q$ h; l  J" }( k
adjustments.2 F' P0 k; n& ?
 This marks the beginning of what will be a turbulent social and political period, where elements of the social; ?9 |+ g% ?: s% f& f  Q$ I
safety nets in Western economies are no longer affordable and must be defunded.
! p9 b  r' X! c" g  h Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
! U& J1 J' \% u/ w; h* h& d. Blessons to be learned from the frontrunners.. v7 D6 ^) A% F3 ]7 B1 y; C
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
1 u. @/ D/ l& p9 `adjustments for governments and consumers as they deleverage.
% W3 [& d; Y( Q, D  { Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s) N: ?' _& G6 E: J5 F3 y+ k# \
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
6 Q2 t+ ^2 q7 \# o& L Developed financial markets have now priced in lower levels of economic growth.* i# x( \, Y, p% q+ C6 J4 b+ l
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
  u) }- w) |5 |# z9 l& m+ A, O1 Z5 s0 Qreduced 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 situation0 q( w: P- k- }, O
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long3 F! ?0 H) t6 j6 o9 y8 D
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
  \+ {* A3 P, l( R2 A6 Iimpose liquidation values.) w$ Z; l* u  X7 z5 q: T, T
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
; {0 ?! l4 g, O! H1 b& VAugust, we said a credit shutdown was unlikely – we continue to hold that view.
$ Q! E8 O. d4 I, i The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
( R; E2 C8 s/ _8 n5 h3 |7 Gscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
7 |4 k( `5 _8 F+ `
5 ^0 c8 E/ c+ f7 ^A look at credit markets
$ y, W" X$ \' N2 |$ M% Q! t Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
% n0 S/ q$ ~. \6 G% D* b+ PSeptember. Non-financial investment grade is the new safe haven.
( t( ~9 P- w7 S! N: K High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
3 \' g1 K% I  h5 w# u( _then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $15 W$ \2 ~# D# v# a$ i# M; }1 U
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
* o2 ]) `" O: e) Taccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
% G1 |4 `7 f" I; P9 E! CCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are- f/ k( K9 Y0 b& z7 t+ a
positive for the year-do-date, including high yield.
$ T/ X! t1 e1 h  r5 \- Y Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
2 i$ Z4 n7 Z! ~. I/ l9 a' Ufinding financing.0 F; T7 l  ^/ @+ P4 [' W9 N
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
+ q+ T" j% J- W. W: E* d4 Q3 E' p( pwere subsequently repriced and placed. In the fall, there will be more deals.
0 l* X& A  \+ k0 c1 p; `" ~# F Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and+ [8 M. v' a+ r7 d. L3 [
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were" ]+ U4 y- B7 `, d
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for# r6 N) V  }$ p
bankruptcy, they already have debt financing in place.
6 a; u4 m  k% l European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain! W! g; _. p6 a5 J( Z, x: X
today.0 x% d8 I  {" }5 ~: t7 X% f2 h
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in4 W+ w) S8 b$ v6 t+ L2 E* G
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; ]! G8 @! @: Q. a$ T0 S& q* y& }( e) n
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
1 G& y% O3 G7 x# M  o1 N2 wthe Greek default.: t" P/ n1 `7 c6 T* x
 As we see it, the following firewalls need to be put in place:" T+ I4 Z5 e- w6 L8 j) h
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default3 Z& `* L& |. J1 @  Z. ^$ w+ y/ P+ o' i
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign+ ^" l5 T3 q) A
debt stabilization, needs government approvals.
! O8 A3 I- N$ Y9 E9 O# N9 K, A7 s3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
4 W4 L  ^5 C* @% ]6 Abanks to shrink their balance sheets over three years( R: }" G/ u% @8 `
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.& C. l1 W: ]8 l3 D. [; y

; V8 H* C1 L+ I# k0 T5 I. dBeyond Greece
$ J) P7 \1 \1 [" V1 E+ j9 s The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),2 m& p; r4 F! m. x
but that was before Italy.
$ U! h$ ?* s3 J4 G( s& h1 ?: J It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.7 x6 M. W9 U* N) o5 D- a
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
# }) T$ ~$ H: K1 aItalian bond market, the EU crisis will escalate further.
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Conclusion" n# c; k8 u2 V  ]4 L& Q4 |
 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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