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发表于 2011-9-17 13:16
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Current situation0 C) r+ v' I$ g$ Z. a# p
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
$ y H. }+ z) z! B# G5 Eas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
( c' {3 g% j Y# Cimpose liquidation values.
# {8 Z- z, r& ] In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In9 r6 X2 }, B9 G
August, we said a credit shutdown was unlikely – we continue to hold that view.+ R3 L; m1 O) ^
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
; o2 A7 g% ] P' `/ p u! zscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.1 l$ G, e. ^8 ~/ Z) U
$ l/ m5 D3 |7 e& S( o8 Q
A look at credit markets d/ ]) Y. f; N. E E
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in- _) @1 V5 H. y1 \( q J
September. Non-financial investment grade is the new safe haven.
4 \( h2 G" |+ K* e7 q: K High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
# V) [- E. b- Dthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
4 z2 X/ b( p) k' hbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
: T$ t/ K4 `: s* t0 ?" p: G( x8 iaccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
8 f4 c" c. Q! s# l6 L9 ICCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are, c# H4 W/ Y9 B7 v7 ]
positive for the year-do-date, including high yield.
2 P$ i ~) E2 {/ P5 T4 r6 z Mortgages – There is no funding for new construction, but existing quality properties are having no trouble( Q6 j9 ^3 q$ r2 |# P& n
finding financing.- n! S4 E2 s; B" i" C8 l$ F1 l
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they/ ?+ A8 A6 J5 _) T
were subsequently repriced and placed. In the fall, there will be more deals.
% w& f8 G" }# R2 T; o Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and* n0 N, x' L6 j2 B7 @. M$ h" D
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
! Q: e3 ]: Q5 G* H/ `# s9 E. Agoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
7 |* I1 |8 _, E* ?7 [bankruptcy, they already have debt financing in place.6 m% U& Q9 g: x1 E# W
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain9 e T8 Q) D. D
today.' R! Q% G$ L4 k0 Y% U6 S
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
( R$ V/ Q9 A- M' gemerging markets have no problem with funding. |
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