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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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5 O7 B2 P8 x7 K6 ^: F$ lMarket Commentary1 K) L- ^5 s2 @! I) `
Eric Bushell, Chief Investment Officer
+ V4 w5 c9 ?7 g9 F' B' U! |2 UJames Dutkiewicz, Portfolio Manager1 w' A0 t  j, J- _
Signature Global Advisors  F3 i' ^9 @) X6 s5 i1 c: p7 ?6 P
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* ^  g) B& y: o5 |Background remarks: |) Q: B# {1 K* c
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
' E; _* ^0 O' q( l4 i2 t. ras much as 20% or even 60% of GDP.
6 G. \3 y8 s6 F' o4 y, W# [ Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal" X0 s/ R$ A+ O- X
adjustments.
/ g5 j) P  N7 c5 S$ C& J7 g This marks the beginning of what will be a turbulent social and political period, where elements of the social5 C) s. {- ~' |% W$ w
safety nets in Western economies are no longer affordable and must be defunded.
9 U: ?- I. B2 G2 [& ]  k Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are* e% }. E! \1 ]8 V
lessons to be learned from the frontrunners.
3 x& f) f, e# r) p We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these. m" T6 Z; x- L/ u
adjustments for governments and consumers as they deleverage.% |' J- ]; G+ o4 L
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s: c) [3 N% a8 |( C( K
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
: {& W2 I1 l& A! `8 F8 m' k1 d Developed financial markets have now priced in lower levels of economic growth.
- ?- _( O! |) Y8 H, Y Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have9 u8 o  Q# ]  n
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# q6 }7 N3 |- y; q5 B: r/ {! w* g3 v
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
& p0 [1 T4 |0 u3 U+ V  \0 m# y* Cas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
: q7 |; ~  Z; k- eimpose liquidation values.) V2 K# T! Y2 W6 R0 `2 d
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In5 P  n; n! T; g$ L8 @" ^4 {$ `- O
August, we said a credit shutdown was unlikely – we continue to hold that view.
/ k0 B' Y; W( E/ o" G$ V; v: h# y The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
% ?1 {' q0 w# x1 cscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
- `+ C! S" x: z4 C0 \$ c. z9 l7 u" O' r( n5 k$ ]; J" c( X. G
A look at credit markets
$ B0 S8 ^0 ?; U7 p. | Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in/ {, S; _( O' t2 T. s; e# {
September. Non-financial investment grade is the new safe haven.
! o% Y% Y: M) N& Q* ?* S* f9 n High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
- @. E! P- \+ x/ L& m& V7 bthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
3 y) m' s: x! zbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
& H$ r; z' m+ F/ Jaccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
; A3 }& }" N  l# G1 l3 x' s% h: QCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are: y0 z+ z3 i( m1 x
positive for the year-do-date, including high yield.( O# C$ D* m! l
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
( f  j7 W; ?  J' t1 _+ s. lfinding financing.
) Y1 J  ~4 \7 M" F8 \ Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
: V# x- s& y+ W6 v4 |% L$ Cwere subsequently repriced and placed. In the fall, there will be more deals.2 Q4 I4 V( i$ y$ S& p9 \  \# r# K9 F; c
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
0 o" X* }" `- n+ `5 gis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
: S* `0 n+ P/ d, s) a( p0 ?! Qgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
! B9 h! ~1 P# t* ~bankruptcy, they already have debt financing in place.; B: [# _6 s2 a
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain7 S+ d% {$ p0 |$ ?/ n( B; u/ m9 f
today.& T, @4 g0 a1 L3 ^
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in, s7 D/ s+ v7 p
emerging markets have no problem with funding.
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 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda
2 }9 s6 }' j1 O9 j; L& @1 H. t Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for! l. g1 r) F$ \3 f8 G
the Greek default.5 {2 L) a0 N) F
 As we see it, the following firewalls need to be put in place:! J7 F3 s0 _( Y# |/ H* O. _# j
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default4 a9 ^! M6 m: v' S! q
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
; M/ |4 {  n8 x5 I. W) s7 _debt stabilization, needs government approvals.# o! ~% y- N' x# Z! v! H
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing7 q8 U5 U1 R$ M5 o0 k! V7 n5 a
banks to shrink their balance sheets over three years. x" D5 U* Z+ e( d
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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, p; Q; b# w) A% l! c+ x, f6 qBeyond Greece/ ~8 Y& W7 p3 t+ E$ s
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),+ ]. @. ^# a- B; i" l: e* O
but that was before Italy.
# z4 h% r) N4 Z6 y0 j! l. t It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
- b$ K5 K$ X$ V+ B% Q8 F9 H It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
: L$ g+ Z4 Q6 c6 H; ~Italian bond market, the EU crisis will escalate further.
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Conclusion3 i8 p' z! G, U
 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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