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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。& V$ k4 R0 u6 k0 Z4 r) U
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Market Commentary1 L' b! k) A3 `2 ?7 c: `- t
Eric Bushell, Chief Investment Officer) a. M, k% F0 p4 [* a' D5 V* Y" H+ h! Y
James Dutkiewicz, Portfolio Manager
1 w4 e( V2 v5 n$ u+ n& W% n8 aSignature Global Advisors2 \5 @! o9 _, r2 O( k' P

# m+ z' h2 M4 H) w) s  z# q2 z1 S- P3 N' g6 L- h- z" G
Background remarks. j$ t- P: Y/ i9 P
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
3 [* p* H' o; s: i: T$ z) Zas much as 20% or even 60% of GDP.% L5 S+ W( Q# ^& q  `! s
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
8 k7 S3 R- Q- }% c& jadjustments.
. B7 s2 `+ \2 a8 t This marks the beginning of what will be a turbulent social and political period, where elements of the social. b: x! w( Z/ r; z- n7 e( N
safety nets in Western economies are no longer affordable and must be defunded.) k1 e6 P8 m" q5 X' P
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
+ N- `/ [; ~" o7 R7 Z; h2 Alessons to be learned from the frontrunners.
3 a* s4 }' s# I" I We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
( l0 S! _$ G4 }. _adjustments for governments and consumers as they deleverage.
( K, O" b6 ?! u2 J1 |9 U& i/ t Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
+ \- ~9 Z3 Y7 x, v% e, l$ nquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.! [/ h' E+ Q3 T$ z- [1 _
 Developed financial markets have now priced in lower levels of economic growth.
+ e# G/ n( V+ D4 A. \* N8 z Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
3 c8 N" r8 I" i7 c) B" b4 _( o& c7 ~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 situation6 e% [5 ~1 t( h( U) n0 Y
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long$ }) n+ k! M2 {2 [
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may" E4 D$ `3 _1 z) l0 ?
impose liquidation values.& {+ ~; J$ |1 t$ e6 u
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In" S: X0 o) ^' \8 D7 o! r
August, we said a credit shutdown was unlikely – we continue to hold that view.
' j- U# M! P" n( O& U- K9 p+ S The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
$ o( G5 _  k- `4 f* p8 h6 Ascrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.0 d- G0 c  L0 D2 `( h9 M
& W7 @3 `9 V% y- i2 D: `
A look at credit markets
0 @1 |8 F/ W  u: n3 H( L( \ Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in  I4 |  ~6 P- i# V# {: s. j
September. Non-financial investment grade is the new safe haven.
2 u# w8 n$ J- j$ r& ?" ]6 V High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%. j" n. g$ N4 [: _1 A" i# d
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
( Z% C- E* {8 E$ k5 |- G( ]billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have2 T4 u. |) B$ `4 H1 f) Q( G  d+ H9 k7 K; T
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade7 q; R9 g; [0 O. h; t
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are- b( d6 G* \1 Q5 n$ j3 H. v
positive for the year-do-date, including high yield.0 k& a' Y9 y  B7 g  x
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
% v& ?2 S, s' Y* s* Wfinding financing.
3 R9 M7 r, a- m" C6 x' N/ g  A Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
, Y& d: ^0 n' {5 ewere subsequently repriced and placed. In the fall, there will be more deals.5 r1 T6 x* }4 ]
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
3 ^; m5 n! d/ t" h. b$ ^is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were9 |& P+ {' ]5 }
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for0 F( {) f. l5 p& t' y3 \( ]% D+ C
bankruptcy, they already have debt financing in place.
4 G$ |) L4 q$ A European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain, T. N( q0 u& \& U/ k& T
today.$ x( {/ {7 u3 d! ?( o
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
& B0 W" a) E4 C9 ^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$ v& G7 _; C( n- d4 D  T
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for" Y* I: d7 H5 S% Q3 m- I- S1 |* H. h6 j
the Greek default.2 J! Y" L$ T) B0 c% G) I% K0 I( G
 As we see it, the following firewalls need to be put in place:
) \/ V- R- s4 r1. Making sure that banks have enough capital and deposit insurance to survive a Greek default1 ^% I2 d: h3 }6 w! Q( u
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
* T4 V# B* N6 R/ ?+ u- H; o; Adebt stabilization, needs government approvals.
: |1 h+ c/ o( Q2 D0 s% N3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing( A) c; C8 s1 j9 A
banks to shrink their balance sheets over three years! m# `9 |7 S0 M# Z8 f5 }; I
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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. w/ I7 n: ~9 ^. P* i' O, QBeyond Greece
+ u8 O, N- O2 D, I" W The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
3 m, c2 b+ G8 B1 r! Tbut that was before Italy.
, }" j% V/ L$ a" P" W  A& D7 ^ It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.9 w9 v6 ^9 a! F" \* L; q1 L
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
' q* k( ]6 A: j, J0 hItalian bond market, the EU crisis will escalate further.
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Conclusion
1 B# y+ O/ D! q4 U+ V2 C3 A We want to have safeguards in place and continue to be liquid, so that we can capitalize on future turbulence.
理袁律师事务所
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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