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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。6 T0 J$ m* [7 V; b+ ]- V  v

. g; |* D. K) iMarket Commentary1 Z" M$ e% i  E; g
Eric Bushell, Chief Investment Officer+ k( k/ L+ V1 ~! J
James Dutkiewicz, Portfolio Manager4 O& r- j/ [, o7 T  q. q+ m6 F' _
Signature Global Advisors# a* S; V& z* J3 g  a; D; v
  Q6 o; I4 j( A; f
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Background remarks0 V! h. N8 G4 W1 |( C7 w
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are* O! W& g5 M- a' Z
as much as 20% or even 60% of GDP.; u' Q4 h+ t; b2 M' J
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal1 O5 Y" E) ]$ O# N0 Y( B& W
adjustments.
! l7 i9 g! D, e" J This marks the beginning of what will be a turbulent social and political period, where elements of the social
! e( t) e5 z. S1 ksafety nets in Western economies are no longer affordable and must be defunded.
- `+ Y2 ^* F9 m8 T- p3 b0 M5 X Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are6 X* n7 i, N1 U# R' d' H
lessons to be learned from the frontrunners.
' ^4 z- y- K* V4 ?7 f We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
$ k% q2 w/ K& [; O5 eadjustments for governments and consumers as they deleverage.
4 e1 r9 l$ c! S7 Q6 G% u Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
- g) P/ w/ ~8 m' K& J0 v7 r; Vquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.% S. w7 {; q6 F  _; P
 Developed financial markets have now priced in lower levels of economic growth.* H8 P" a: b( Z# s# y
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have) o8 x6 @, i8 F, f8 g  o8 D6 a. h) A
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
; f: R& f4 W, d8 L8 k The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
: J% O  r6 M$ {/ L6 s; ias funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
/ \+ P8 a' r; l: timpose liquidation values.
8 m% t& K2 P$ _/ k( W# f/ h6 v" |2 g In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
' H  D6 u" O3 k/ |) t4 `: A7 eAugust, we said a credit shutdown was unlikely – we continue to hold that view.$ v0 W$ [8 R1 i) p. m0 Z
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension2 \4 t$ l! `) r' i' K
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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A look at credit markets: k+ T  [4 F0 U: e) X
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in$ H6 X  q& L. }2 ~3 T# a1 q. H
September. Non-financial investment grade is the new safe haven.6 H! D  }4 Q# t2 q9 i2 G6 ]
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%6 D; A, R$ ?# f' I
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1* }3 S  M% W4 E, H& i0 I  N3 R
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
- x: h3 }2 ^, D; h+ H' @% F1 Kaccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade2 e# d7 b4 Z! y  Z8 q/ e
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are8 Y- ?% f1 U; u0 {: E  T) K
positive for the year-do-date, including high yield.# ~: {5 O7 l" I  y2 j$ G. {8 D
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
  l: T! @6 o4 D8 @& @finding financing.- g4 U, L- I. O% j+ ~' @* d
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
3 {. V, t3 v# u0 U( G* owere subsequently repriced and placed. In the fall, there will be more deals.
6 X$ a5 z6 `& ]8 m* z3 f& | Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and& b( j! d; K7 w9 f: o
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were5 K4 `0 u" n. o& J/ _! l' |: \/ ~
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for4 e- G3 P+ q. x! b$ u, G! ]
bankruptcy, they already have debt financing in place.! w( @7 N5 q! _
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
7 s1 Q- u/ P8 Y2 v( o) @today.3 j" Z( R  ]' G& l( h! ^- Z
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
. |1 L; g, B4 a  Remerging 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
4 d$ ^! H1 H4 S( ?. s, C! Y& {7 p Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
1 a! u& B+ b) }) `4 vthe Greek default.
' |+ ?: J; U% B/ s, T( y4 ?# k As we see it, the following firewalls need to be put in place:
/ @8 Y5 R  X( ], @- m) [+ D1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
( v1 I3 X8 Y! ~8 |2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
5 D. k+ C% L. |  [: h$ t" a# gdebt stabilization, needs government approvals.% v( P1 [0 q! v1 T
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing5 b4 ^* b  `# f; A6 i. r
banks to shrink their balance sheets over three years
: s; R8 S( @  Y" {: N4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.1 C9 S6 A8 {/ s2 v) E) s9 S6 U; B

! h2 j4 M; k& s  ]' e9 wBeyond Greece, s4 o" l1 F) h% v2 M4 y: v
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),& p! N8 Q7 H- s1 ^, a' b
but that was before Italy.4 P) m+ W& E1 u* j
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
# w! H5 Y8 H# H& K/ D It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the3 g, y! Z" I1 _6 c
Italian bond market, the EU crisis will escalate further.6 s" G/ Y# R! L6 a2 n
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Conclusion0 A4 t( c! a- E) ~# 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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