埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 3211|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。
' X6 F6 c6 ~5 \3 O/ A( f1 O* Z+ T
2 i& Y' _* M4 a7 Y% n# G/ H+ jMarket Commentary
2 D; M# k7 I3 s3 \3 WEric Bushell, Chief Investment Officer
2 C' \1 @# n% f3 |! ?+ GJames Dutkiewicz, Portfolio Manager. b. H* `5 X$ E0 `( n# a0 j
Signature Global Advisors
( W: ~4 n0 F1 m' O* z- c# h. H
: F7 S& ~, k- b3 j, V' W# g6 D3 e! ?8 c' ~
Background remarks
9 p0 L  u: P0 D2 B. U Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are# H6 J( h$ ~  q9 ^& ^7 i' j) c' A
as much as 20% or even 60% of GDP.0 p9 s7 B9 T! u* P: n9 i2 E
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal; x1 g' m  y4 P
adjustments.4 J/ f; {1 V9 M) t  F) g
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
. n1 @! E: Z% z" Psafety nets in Western economies are no longer affordable and must be defunded.
4 S5 Y) O. ^( \' ?- W Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
; d0 T0 G3 y/ L. ?5 l  {1 clessons to be learned from the frontrunners.- n9 v; u& @5 x" B8 W! f4 s0 {
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these" X4 `) V- o( W2 j3 q
adjustments for governments and consumers as they deleverage.3 t% t5 k1 V0 ~
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
' A2 q$ y  y8 ]; ^2 D, h+ q& ^quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.( S+ w; p/ l5 T# d! t/ B
 Developed financial markets have now priced in lower levels of economic growth.
% d* e% `0 u7 u7 X0 E/ i. K% [ Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
2 G3 B& A* g2 c% oreduced 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
: y# ]6 |# R( Y& i/ K7 ^% c' \, m) k The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
' O4 R. g/ V6 S2 I0 B1 Was funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may5 o; u6 {2 r* e2 Z& ^$ L
impose liquidation values.
& _4 A1 d! o' V# ^/ Q1 Q In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
5 k) I5 Q4 i" Q6 b5 Y1 g. R* oAugust, we said a credit shutdown was unlikely – we continue to hold that view.5 J) L2 P4 Q" `5 C5 Y# Q
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
7 q" |5 C0 P, P/ tscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
( M$ A3 G0 G( r# Y: `
) B$ d7 v  m2 KA look at credit markets4 u* m/ ^0 D6 U8 c. m' M: K9 s0 H
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in4 i1 T) l2 c2 \4 l
September. Non-financial investment grade is the new safe haven.
! U8 G7 p# m3 q7 u5 P! Z* m) y; P+ ` High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%! [3 E3 g- O. T$ Q! c8 ~
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $19 @! p1 w, y8 O  Q
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
* G7 r6 N. Y2 p5 m) h3 P8 haccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
% l, r) k! |  d% kCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
# V  D* d6 B0 F5 ^1 g$ X' [positive for the year-do-date, including high yield.3 Y$ v- X2 m7 c$ x' {7 {* v
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble- u/ X0 `4 j3 T& `4 n
finding financing.
. t  l, f' ]. A6 m, I! A2 n Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they$ @4 O( x1 r& n: t9 l$ W# }5 w
were subsequently repriced and placed. In the fall, there will be more deals.
% m* }: Y+ D1 F3 G+ }7 C. X9 H Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
! W- p1 ^& l, O+ u# L: fis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
- x6 z7 [2 H% N$ K# |; Q9 a- m0 A+ Sgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for3 h# ]6 ?$ r2 D6 C
bankruptcy, they already have debt financing in place.
5 K. G8 V( H0 o& G# R& t9 V European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
6 p9 M: p- Q7 v; A0 t% H6 \& Wtoday.# X7 T' L, I) Q8 B+ P( J
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in2 ~3 _9 R' a7 e8 J
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; I+ C$ {3 R, z; c  w% S
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
' V2 _2 \/ P4 ]& K" t, Rthe Greek default.
# ^% j& S2 I+ [2 F As we see it, the following firewalls need to be put in place:
2 L- N  D9 ~2 m' ?  K) M1. Making sure that banks have enough capital and deposit insurance to survive a Greek default( N1 |: C8 g% E; ?! H& b7 R0 \, b
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign1 I& J( z' j& _# ^& Q, `, I2 p
debt stabilization, needs government approvals.
" ~. g' _8 [1 Q3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing# J0 S, F$ x5 y# Q! j
banks to shrink their balance sheets over three years
- y; I" L7 I3 w" g% ^4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
9 f) l5 l" g# N6 U$ g7 l( D; P+ ?, Z5 s7 F' e
Beyond Greece8 ?( k% D7 }1 t% z) d1 J
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),% u! {, |3 O$ ?: n: s
but that was before Italy.
* d" T6 I0 b* h# ?& G( ?% C It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.! h- T/ i: F4 O, \# W2 V3 K4 c
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
# Y6 \0 q7 p7 \# d7 m0 x* B% B* fItalian bond market, the EU crisis will escalate further.  Q5 K; c9 m; v
2 b5 V% j( s% }% T) q
Conclusion3 s, [8 V9 W. ?# i
 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, 2026-6-5 19:22 , Processed in 0.287491 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