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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。3 b) w3 S% N- ~; m9 a

0 Z5 C8 c' b, C9 u' r' O* KMarket Commentary
7 `4 _/ j2 T. u" T  a# OEric Bushell, Chief Investment Officer
% }' q, S' g. f5 {5 k) c* c+ LJames Dutkiewicz, Portfolio Manager
9 v4 \- U4 J6 C' I1 oSignature Global Advisors
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Background remarks$ e# h. v* {& i0 L3 H
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are' k0 O7 g# f, e! t! k& W/ z: J
as much as 20% or even 60% of GDP.
8 C" T% H2 \' L: C: ~! m% Q9 B Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
- Y2 m. [' b# R- G  a/ E* radjustments.
. h9 `& P" G3 s0 | This marks the beginning of what will be a turbulent social and political period, where elements of the social/ D2 [% D  Y: ^" R# e& b% b
safety nets in Western economies are no longer affordable and must be defunded.
( L" z; @5 p8 h' l Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
" k% e9 _5 [  M2 o) ?6 H& s( d6 Clessons to be learned from the frontrunners.
9 Z( y% C! V; {, {( |1 V6 B& K2 V  f We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these& ~5 L* M, ?0 {
adjustments for governments and consumers as they deleverage.# w. I1 V; Z* p) K3 ?
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s- {  ^/ x9 F) f3 \
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
% l, f9 h( Y. y) W# ^1 F4 B Developed financial markets have now priced in lower levels of economic growth.
& f3 b5 _2 G0 B2 A6 b- J' Z- g4 h Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
9 A# e) A) R" M9 Z% ~- q) [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( u$ @5 t' L" f- S4 w; l' F
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long& n; w7 b. k2 k' ~/ n
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may0 Z8 w& w& ^! ~7 j- d- i' `
impose liquidation values.! g9 S3 R8 f6 y  ~) i' T
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
  Y0 A1 G0 m; h9 k8 L" `August, we said a credit shutdown was unlikely – we continue to hold that view.
8 B* k' ]/ E, U8 j% b0 A" @2 l* c The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension( U4 B0 K6 N. R+ _2 ^6 y3 N% F
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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A look at credit markets1 y7 f! k. |% N& G; r: A8 u( R
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
' C5 G( W8 c& o8 g$ p3 dSeptember. Non-financial investment grade is the new safe haven.% D6 l. g- L' @$ B; s, Y
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
& i: t2 E* W+ v8 R9 e4 Ithen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
# i. |; Y3 _* W4 m. ]3 ybillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have. p# @: {, L  I- b1 k; c
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
* L2 }& h0 v' m* lCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are3 B; s5 k6 k" K$ n
positive for the year-do-date, including high yield.2 p! I7 j3 b/ @" w# l
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
: r! `) Z0 y& S0 h9 b: b0 ~finding financing.
* {, k9 O, l# m) p Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
- c2 K" \3 `7 R  c7 V; uwere subsequently repriced and placed. In the fall, there will be more deals." v8 \; t( R( F( {9 m
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
  Q* P! a9 s7 e/ m9 I8 C! {8 tis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were; @4 h% _& @* g8 r
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
5 @0 {& r" `- \) `+ {bankruptcy, they already have debt financing in place.
4 f/ o6 r7 \+ G" A European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain* ~3 p7 v' b( o2 j+ @8 Q( D
today.* c% Z! j3 i/ d8 i1 ]# L/ K- E) v
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in) F, w( W5 h) O; |
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
& D) e6 f* j. g; Q, | Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
# t, ~/ @$ k* q" p$ A3 V" zthe Greek default.5 n) P$ D& b2 ?
 As we see it, the following firewalls need to be put in place:
% d" r8 b& N) L& C% L1. Making sure that banks have enough capital and deposit insurance to survive a Greek default0 q+ i8 P$ F2 t. |7 R$ y
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
7 r; u6 @6 w  _  xdebt stabilization, needs government approvals.
% `6 t2 Y+ K# ^6 O, H3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing; I5 e3 R) p( |2 i2 K& b
banks to shrink their balance sheets over three years
1 N9 s2 V& ?# Z4 N" @4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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3 \/ ^5 |% R0 u, q( _Beyond Greece8 i2 K. y  h6 i
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
2 {& {" y1 G5 o9 dbut that was before Italy.
) d  I; w  {+ E! M: w) C  z It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
8 I: D* N+ J% g0 z It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
# F3 F, W: y6 _8 Z# wItalian bond market, the EU crisis will escalate further.1 R; Z' Y: T1 x% y' Z8 C
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Conclusion
) r7 K8 \& e; X( y: O 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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