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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。
6 n- N) R( D" ~! e
2 p" P0 V1 ^, YMarket Commentary" G3 Z+ M% U& j; E
Eric Bushell, Chief Investment Officer
$ U) E5 S& r# w  K6 k# ZJames Dutkiewicz, Portfolio Manager  X" c; j1 i- s: E3 F8 \/ P2 `6 R
Signature Global Advisors) h8 W7 i+ r6 a1 A! S8 d3 D
6 Y: y" K# j& v

( k0 L% ^! e+ x& ]5 iBackground remarks( k* S: N. h7 ?/ m
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are' E) V/ C' _& R5 Z0 S
as much as 20% or even 60% of GDP.: m7 L2 P5 u# ?/ c7 B
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
6 `4 W. z6 D/ ]- I2 k: h- |adjustments.
- a2 y) A! F& b$ f6 o This marks the beginning of what will be a turbulent social and political period, where elements of the social
2 U8 N% e  g, o& Msafety nets in Western economies are no longer affordable and must be defunded.# h0 O) o$ K' C/ R, A8 D. K1 ]9 f5 u
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are) ~4 }3 c% Z7 b% c
lessons to be learned from the frontrunners.  X* t4 a9 _( p$ K0 N5 I0 k0 G
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these* y# {6 l9 C' m: ^/ [$ h& K2 d
adjustments for governments and consumers as they deleverage.1 Q# ?+ H7 `4 u+ s: T
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
! g, R; D; w! [9 G* q# M3 Rquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
) l- D6 k: L/ \4 ]0 E! w Developed financial markets have now priced in lower levels of economic growth.
4 y0 C7 m. r6 n! s$ a1 q) Z2 U Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have' ]/ d+ u% i1 b
reduced capacity to hold risk. Therefore, risk shedding by others is going to have a greater impact.
理袁律师事务所
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:16 | 显示全部楼层
Current situation
/ b8 ^. R' o* A4 E The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long- Z" f% Q/ [- j2 J
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
4 X% X: T4 n% \" ]3 F, f+ R' A8 J% Z4 ~0 timpose liquidation values.
+ D( i* X: u+ A. C, }8 ~. Q9 [ In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
8 `8 @2 h6 X% E- d& p& Z4 e- _8 r0 iAugust, we said a credit shutdown was unlikely – we continue to hold that view.! Q3 h) v5 V& N0 U& Q4 Z: m! q8 V
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension) o5 a1 H! d+ T$ H7 p( x1 C# t
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.6 n, d9 [/ R) m( U5 C+ [

# w2 B) U, n" a, E9 ~: U8 X, pA look at credit markets( {, p& D; R2 N& l2 g# @
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in3 y8 A" s$ \& h. `
September. Non-financial investment grade is the new safe haven.
5 c- [* B, D  A) I/ \" c High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%: F# h7 H4 N0 b0 j* u- w0 x$ Q$ n$ [
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $16 K" B8 L  @5 G2 ]5 p5 W! e
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
9 T" u8 m$ S# _* m" K! x. @access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
( `" M: q( @0 O1 n( n: d' rCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
3 X" B- I( s( a- I1 T, E0 Z: s, ypositive for the year-do-date, including high yield.2 U5 U3 b% |8 N2 ?
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble: ?: ~+ u+ n0 C, J! Z9 _, C
finding financing.5 c! z: n% b% T1 B( F9 _9 v2 [
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
2 x. U+ ?0 J$ f5 Hwere subsequently repriced and placed. In the fall, there will be more deals.
1 I) D. x7 [4 u2 |7 E: ^ Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and0 A0 A5 ?2 z) V5 g. r+ W3 s
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
, H- q1 E% |$ s1 W' w. jgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for( _9 i4 I5 d, e; _
bankruptcy, they already have debt financing in place.
6 S/ X0 k' E: t2 c% S/ f& r* x1 m. Y" S European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain, T6 ^- O2 `( i4 C, N
today.
3 e' W8 e" L8 i0 r" K6 z Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
' a9 L& W* [% d# Y" c/ F) vemerging 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 agenda3 p' P7 e6 m3 U" W3 ]
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
, G+ m, h8 }8 r" k) H! uthe Greek default.
8 C6 [8 M" e5 v3 `( A- ?2 I* O2 R& z As we see it, the following firewalls need to be put in place:
1 M* n' h3 {9 a( n+ o: C1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
% x, z# D8 V' T9 k8 L2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign+ ^" P# r# K  `
debt stabilization, needs government approvals.# a8 j/ e' e# p8 ^4 V( U* A2 O
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing9 R, f# Q- [( @" B, z& y, i- t5 g
banks to shrink their balance sheets over three years( C6 R$ p! E5 v& A  ~4 G
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
) S: j9 x+ f& ?; ^: Y
/ z9 o" ^5 E9 Y* D. ZBeyond Greece
+ g8 j" e. d  W0 H0 h The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
1 ~6 I9 g( ?% k  \" T0 Bbut that was before Italy.
" l" p3 W2 x5 }9 c8 |/ y5 r9 K It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.) t* K5 j7 F! c: S4 \( Y
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
' b! w4 y4 d! E: v3 p4 xItalian bond market, the EU crisis will escalate further.
' \$ h2 S; |! M9 e! `! }3 F- W7 e+ f9 X- Y
Conclusion
( w' A9 a/ M) @' { 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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