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发表于 2011-9-17 13:16
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Current situation/ f: W) B0 z! w! Q* f7 o
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
1 J5 x/ O+ S* k Tas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
: {3 _, ]8 C6 o% I; Qimpose liquidation values.) ]8 p( ?" m) Z1 r
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In$ H5 L8 @2 N2 i
August, we said a credit shutdown was unlikely – we continue to hold that view.7 {6 P* G8 J# N6 Q( N7 z- y2 \
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension6 F1 l( D* G9 m/ ~0 C5 L
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.& B9 K8 O2 V( t; b
4 ~/ b( m% |! G) E7 SA look at credit markets
* X- b8 V3 K7 H( n+ j Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
& D; f" b; }6 h4 ?, l I' rSeptember. Non-financial investment grade is the new safe haven.
" D2 j/ Z% J. Y: S, C: C High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%6 O/ n3 i* u* r! f6 A' ?
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $19 {+ X) H5 K+ t# l
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
% T$ F. A( j4 o, ^9 z2 Baccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
" n: y! Q; P5 C0 K) ?' ACCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
) I8 d: m+ j r0 n N3 Ypositive for the year-do-date, including high yield. Y- O) N: S! D9 |: K8 g
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble' F- \% E O# h j1 G) q
finding financing.
* x% @# \3 d6 k# M6 A Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
! k" n7 `& t+ d3 N4 M+ `2 Hwere subsequently repriced and placed. In the fall, there will be more deals.
) ?. {& E* e' t. c1 Z$ F Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and# _( d2 J7 U& ^5 d2 [ Y) _
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were0 m7 Q$ T* w" \, F; ^ O: {4 |
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
- R; K# ?0 T6 [& i' I: Kbankruptcy, they already have debt financing in place.: K4 S9 ?) V: f7 Z: @
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain) m" c9 |+ X) R& V C
today.; H& U1 [4 X5 G
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in% h" P0 W' U; @; X* Q3 V# q
emerging markets have no problem with funding. |
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