埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3328|回复: 3

市场评论

[复制链接]
鲜花(3) 鸡蛋(0)
发表于 2011-9-17 13:14 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
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。
# G6 i  f1 S3 ~! {% |& S9 D' \, x/ G
Market Commentary2 i0 v5 @9 ^4 T& N' h! g% B/ A" J
Eric Bushell, Chief Investment Officer
3 P: H3 j1 D$ k8 j# oJames Dutkiewicz, Portfolio Manager
+ v8 T& d" z0 P+ nSignature Global Advisors
) B# E, A1 H  J5 j4 g  S& g* u4 i
+ O% T5 R/ i- B( E; ^" b
. a- n* G. k4 `' {4 uBackground remarks( ~3 J$ K$ R4 W  I, F) ]2 _) T/ O+ b
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are& i0 }8 |" V. Z2 h0 f9 ^( v
as much as 20% or even 60% of GDP.
1 W* K  Y' Q7 w- g# V8 s! C! E Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal- `# l9 F9 q& o+ t8 V( {/ F! Y
adjustments.
: @; g3 s( i5 x/ X6 {( |! f This marks the beginning of what will be a turbulent social and political period, where elements of the social& v' v2 ~% M: j4 `3 P
safety nets in Western economies are no longer affordable and must be defunded.; K9 y/ q4 A) L0 t5 b  k
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are. P" m$ E2 y) K3 z1 u! g; ~1 m
lessons to be learned from the frontrunners.% U) j6 m4 m: d: J; v/ n5 Z
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
* P* s0 m; ?- jadjustments for governments and consumers as they deleverage.) T0 {$ E2 I# e) [; v$ I8 ]
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s" f9 J5 h+ _8 e: [  w
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.6 G/ h9 T1 L* o5 c, X
 Developed financial markets have now priced in lower levels of economic growth.4 Z! G2 A+ C+ n, }+ T/ ]" _) r
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
, {8 U6 U( _+ M/ _, s( i/ B. ]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
5 R$ z% ^7 o  i( a The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long% `. e5 U5 Y) l6 {4 X+ R9 i
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may! ^) a7 a5 |9 Z4 W- P; v$ r+ c
impose liquidation values.
7 O( y* M) W/ G/ |) l In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
+ o) `8 m6 M* H- h% p( ~. J8 Y: mAugust, we said a credit shutdown was unlikely – we continue to hold that view.
( n6 w9 t# v& |& N4 P: R The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
' K8 W3 H5 e4 cscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
& q, m2 Y; W( V. N. Z3 i" L* n* w/ i, o' v9 o3 b2 ~" i5 J( o
A look at credit markets
+ x( [: h. z6 R0 _( c9 [) Q Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
( a. `* _! X8 y# O- zSeptember. Non-financial investment grade is the new safe haven.) D1 R) h4 {& @5 n4 U. p& y
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
5 G' K+ m' q" v7 }" }* ^7 N. s; ^then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1; E, I9 w3 L  G. D' L4 E8 O3 i5 X
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
4 T1 c; k3 G7 R( i4 _! `: G/ @access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
  J+ V0 G1 N" X$ d3 c# JCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
# W4 m0 P: t: R2 \2 b# ^- ~positive for the year-do-date, including high yield.% M- f- W2 @2 G) T; o8 _
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble/ `5 [& V  \$ D5 \
finding financing.
% s- F. K4 A; D' n' ?* R: o- | Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they2 b0 w+ }# m% o6 _
were subsequently repriced and placed. In the fall, there will be more deals.
7 _- |" x( ^$ x- B8 P4 ? Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and, y# `% O1 A2 r" K8 E9 Q
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were, |* m* ?; r4 v/ U
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
3 z: c; R3 q  H! x5 Bbankruptcy, they already have debt financing in place., h- a& n) J: O. K* m9 o5 ]  {8 e
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain- a3 ^; p6 z  ]! A( V+ r
today.
% q, Y- l+ [, g7 J; ? Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in$ `, {2 h; r& v& C- u6 S' _2 x
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 agenda3 {& R( K* C& U' l
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
% q+ f/ U! i! f1 cthe Greek default.
, T4 T8 U. `* n# k+ e& H3 U. s As we see it, the following firewalls need to be put in place:0 f/ H0 U- _6 {
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
" c+ t: ^2 {  h+ b1 o% l8 q2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign2 Y/ g0 n& G4 I0 x
debt stabilization, needs government approvals.) N" Z: `3 {# [9 m& f% F4 Y
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
+ c3 {# L' j5 M# Fbanks to shrink their balance sheets over three years; `5 t7 m7 b! h. e2 Y" p
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
3 M% ?& B9 [9 V9 Q. g, B$ Z3 Y0 }6 q
0 c; w5 \; Q% H- D; kBeyond Greece
5 [0 x2 Q1 s/ ]1 j The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),$ s  t+ L' {, m9 @$ Q7 D8 f) S
but that was before Italy., s: @9 ?, o* L" M) i8 ~
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.6 g% ]* d  r0 c
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
8 L" H7 C! O9 B6 q2 s& yItalian bond market, the EU crisis will escalate further.( a$ M5 x# m( s8 `" I0 Q% }' c

- n, w! [0 [0 J" f% LConclusion- x7 ~$ n# W  m4 t
 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
kasnkan
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-6-23 20:22 , Processed in 0.211700 second(s), 11 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表