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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。
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Market Commentary
2 Z/ a3 Y2 P7 U* E* ^) EEric Bushell, Chief Investment Officer$ P, `6 p3 p4 \: b% `9 S. Z
James Dutkiewicz, Portfolio Manager% ~0 E, Y4 E* r9 s( Q+ ~
Signature Global Advisors
& e% q2 z# M; R! O4 O( q7 S2 {+ B0 a4 i4 E  ~

+ Z* k2 D9 x/ A) K$ EBackground remarks
, {7 V0 A6 u- I! [ Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
% |  O( l5 B" ?* F& O* a) Gas much as 20% or even 60% of GDP.
, A$ l# c( m7 V0 D5 I3 C Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
" V, p+ r5 f) O/ `5 {" O/ dadjustments.) X) p6 i# \# F9 E* Y1 @7 ~
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
$ o! k5 O# Y3 B8 s' Bsafety nets in Western economies are no longer affordable and must be defunded.
. ?8 y2 ?/ K! ?+ G* h Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are2 v2 C/ ~# [6 i% c" N
lessons to be learned from the frontrunners." T0 M: J7 r" a$ Z0 I" H
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these& S8 g6 T* j! r) U1 L
adjustments for governments and consumers as they deleverage.
& u8 y8 O% f% Q0 O. J/ W Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
. Z6 G& n/ J& |/ ^( e5 Hquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
- l( O" m/ R* l* p1 ?9 D Developed financial markets have now priced in lower levels of economic growth.
* G0 G' \8 `5 h4 U. Y Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
8 G! i% l; ^: U' p! F  lreduced 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
. w$ s8 N) [: F  n3 x! S9 ] The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long( u) W, G1 Z; `# ?& Z
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may# s  ~. @/ M3 W, d$ L; n
impose liquidation values.) {, @3 f3 w; I" d( J$ v1 Z2 l
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In0 C' Z; T9 V3 b7 C0 ?; k3 I
August, we said a credit shutdown was unlikely – we continue to hold that view.6 _/ X1 ?6 [4 c# H
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
' F, ]+ ]9 U, X! q' Escrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets., E, Y7 v  c9 X: q6 K

& d! @' H# M+ [A look at credit markets+ t. E0 f& `" `$ E
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
# ?1 f8 M2 ]7 @7 M" `/ M; l6 c% WSeptember. Non-financial investment grade is the new safe haven.! L4 n8 c# A& ^
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
- C3 Q* K+ I4 D2 ~  ^, o4 kthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1, |2 `1 \# l4 w4 H+ F. E
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
8 Q2 F" Z1 _$ k) O2 e& d8 maccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
  a- j. D( E- g  j/ ~+ ?5 kCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are+ N& H0 z% J. {
positive for the year-do-date, including high yield.
3 Z& [0 c  \* y2 C Mortgages – There is no funding for new construction, but existing quality properties are having no trouble* E6 o8 c- t. N6 E: N5 r6 t/ O
finding financing.- I+ l  L# m( `: P% Y1 Z
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they, n2 F6 N* i- f! ?5 E$ W% X3 O
were subsequently repriced and placed. In the fall, there will be more deals.
8 u9 L" s1 l6 D! n. V2 j0 E Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
5 |* Z' Y- m& Wis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
9 J8 I: [0 \' o6 V4 }, Z) B9 k/ Agoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for/ e- E4 H% T. s+ Y: @
bankruptcy, they already have debt financing in place.  s1 Z, a" z* W1 g# ?' A8 d: Z$ x
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
- H+ c" R( B' ^8 Btoday.
0 Q8 q5 b, C4 r- m" f' e$ n  B$ f Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
$ u# L6 N/ n4 ~$ j1 r3 P2 aemerging 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
; l8 j; w5 ^2 T" J! e' ?7 e: p3 ^ Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for% j2 \! }. Q( d. d
the Greek default.
! I. d6 m8 e8 M) k: U- {! w As we see it, the following firewalls need to be put in place:! c; V' Z! }0 [4 v- F
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
8 ]: a9 p" v. m- [/ D( Y: c& @2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
8 S: a6 Z' y) ddebt stabilization, needs government approvals.
6 ?4 g! K. D, M1 Z4 A) s/ u3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing4 L1 m4 ]; P8 [/ A& H
banks to shrink their balance sheets over three years
0 J- T+ D. d% o; H# o% X1 M6 l8 n. C4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.* C! C+ l( a9 M. g1 c# w- p

, F' ?6 I+ y: z- J# E+ g' G8 lBeyond Greece
0 J3 D9 P6 ^; m The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
5 R$ M" B6 m" C3 t! Fbut that was before Italy.
+ n# R" G$ \1 @2 E& b. V9 d. S It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.' L) L- v) u+ E/ j, g+ u+ K! E
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the/ a! n: M/ ^9 I: r
Italian bond market, the EU crisis will escalate further.
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. t: V, `) ?' p  H5 W3 u1 FConclusion
) X2 f- s6 t2 s: [2 E8 C 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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