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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。( }; i  v5 K: v. {' @

' G9 H* d6 Z: G8 D. e9 g: fMarket Commentary
6 [$ d4 M# K( ]Eric Bushell, Chief Investment Officer
1 w# r) e/ Z, S) P5 u% V3 uJames Dutkiewicz, Portfolio Manager* y8 X( X3 e/ D8 U
Signature Global Advisors
* ~4 Y2 N+ Z; a3 J+ Y7 G7 T0 a3 n. p1 g

- I$ i( i$ B4 ?5 m4 _  A7 IBackground remarks$ z" D* v% g% Q1 c& O$ Z8 ?' N' J
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are6 B+ k# c+ ^6 n" ]5 ?
as much as 20% or even 60% of GDP.3 S- s) h- L! l3 I" l# n
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal/ t( d( h9 n* h& x" k7 k/ k; f
adjustments.6 x5 T+ |+ j4 K4 s* [
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
; A( M% r1 e0 n3 m! `; y5 m. r: _safety nets in Western economies are no longer affordable and must be defunded.
; f$ e" H$ \# K; H6 M( e: v Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
! Z! K1 S9 I8 [; u; Q! Ilessons to be learned from the frontrunners.  D# a' K  n4 O5 E( V& k9 R, n
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these- g8 w  @2 p& J# J2 u
adjustments for governments and consumers as they deleverage.
: J$ l. j; c% t# n' n Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s8 x- R( g' e% X( z3 z
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
" ?/ t) D0 ~& F9 Q7 K0 @ Developed financial markets have now priced in lower levels of economic growth.* o+ W: z0 f9 [1 F) D" \9 s
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have9 V$ o7 X; o# e7 u. d3 e
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
, Z3 U! R7 ~# Y0 z9 S& B1 _ The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
8 u4 }$ T/ P9 }, h7 M7 d8 has funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may, ]8 \  `8 {8 Q) P* [
impose liquidation values.
/ l/ U! b' L9 d6 \" F In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In3 T0 D) b9 S' D' H, W6 T
August, we said a credit shutdown was unlikely – we continue to hold that view.
/ c9 f( M& z2 c The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension8 x7 X" s0 I: f# o. G
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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A look at credit markets' \, W' I- ~3 E% a7 p0 T! `
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
5 H3 q* T' l3 U& E# `September. Non-financial investment grade is the new safe haven.
+ q/ {1 t1 Z$ o( M2 X) z! | High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
5 v: N( C8 N1 n0 W$ E0 @, \$ B9 y- Othen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1" ~% N2 `/ I1 b; q
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
1 [% L$ n3 L6 k+ U5 F* paccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade3 }3 o( o4 j* L0 O5 R( C
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
! F1 y) O0 S9 B4 D, b4 q* Ypositive for the year-do-date, including high yield.) y; n" j3 `4 m' E. J7 N# b
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
' @' X3 ?3 m+ @finding financing.
! [1 p. S  G. `6 e+ p Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they! H$ Z" e0 r8 U
were subsequently repriced and placed. In the fall, there will be more deals.- m- Y# m0 g; I, V2 t2 B& E' m; ~
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and1 x. o. o. `, G/ y, v! V' f: I  C2 G
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were- b4 M" @8 s# H* M8 F1 r. n- E: W, Q! s8 i
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
9 X) M- J& L4 `( r& }bankruptcy, they already have debt financing in place.. y1 O  O4 X0 q- A1 W
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
: E+ a; S9 @5 R  N  Z5 m2 Ftoday./ p7 t4 [( t% ?" g3 }% c
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
7 k& U2 Q4 F! ?% D3 u" |5 d1 p( nemerging 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
$ ^/ Y$ p5 X) t9 T Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
* Y4 o4 c" r" p) s  G8 o) M( fthe Greek default.
  G( x8 d( I  ] As we see it, the following firewalls need to be put in place:4 Y6 w1 ?: J8 S
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
% {0 s7 c2 _- ?: J8 p' E! W% G2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign, _- _) ~% I, f: c5 E, h! {
debt stabilization, needs government approvals." A5 X+ [$ D8 ?$ n. i1 Q
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing: X# x* |' V2 @/ B5 o+ f
banks to shrink their balance sheets over three years
3 o! N! W1 }/ Q5 ^/ |4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.9 s2 N" f, P) J" Y5 i. w7 ^0 E( p
/ l9 T0 V/ |$ V. |8 U; ]2 O
Beyond Greece: M1 O& }" \2 G
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain)," H. v% l- K/ X3 j
but that was before Italy.: L( _8 q7 k& z; `! p. e
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
/ y' j. s7 @' ?. c4 Z+ P- t6 ]7 b; I It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the, N5 E( \; ~8 J; e: M
Italian bond market, the EU crisis will escalate further.
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8 I9 Y9 _, }+ g' {- _0 S% c9 cConclusion
$ u( \- K5 y: d" j& p1 r 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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