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鲜花(3) 鸡蛋(0)
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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# j8 F. E. F% h- ~# S! oMarket Commentary
9 d5 _) _+ k* O5 p8 Q. ?- k& TEric Bushell, Chief Investment Officer
0 Y* F* B3 B$ h" |% c* X) NJames Dutkiewicz, Portfolio Manager$ N* \6 t; M7 m
Signature Global Advisors. U: D- g6 c* s3 g
# @; k0 g6 V1 r! U7 ?* W/ r7 P+ s

- j, F4 i+ D  c1 g* Q+ `Background remarks
7 x0 j/ y/ C( B# b Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
* y, C: {0 }' W  _/ f5 Xas much as 20% or even 60% of GDP.. Q/ c; K+ @/ f6 d7 ^
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal2 v9 Z6 {% s8 T
adjustments.
2 n9 ^, g4 r" W0 P8 j This marks the beginning of what will be a turbulent social and political period, where elements of the social
8 Y1 y- \# o& _- Psafety nets in Western economies are no longer affordable and must be defunded.
- L3 W1 z, l, K/ B& u) Z Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are$ D4 ~' X+ h6 X: u
lessons to be learned from the frontrunners.
5 Q5 D0 W* B- T# ?2 k9 l, [  M We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these. R3 ~2 _1 P: v0 Q
adjustments for governments and consumers as they deleverage.  y6 O; `6 ?; g) d1 K% h# z
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s- p' t: R0 \5 l# f) |5 ?( [
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
1 d; ~; h/ H8 g. U( c4 r" N6 H Developed financial markets have now priced in lower levels of economic growth.7 Z/ U3 |$ V# A( \
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
% O( D: q* @# |1 vreduced 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, j) _3 F8 O6 m* p' r7 L! H
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long" Z8 n, h0 v  @, \) n
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may; `0 Q; c; \$ F: x& X' ~
impose liquidation values.1 h7 P: W5 d# R! E- D9 w
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
" {/ D' @0 `' bAugust, we said a credit shutdown was unlikely – we continue to hold that view.
5 M9 w! C2 A0 Q# q! g The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
, g* [5 y' t# P( @( Yscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
4 n- Q2 R; ]9 h1 L* l0 _: L. y1 V' r5 p0 A0 e
A look at credit markets7 Z- `: \) H2 B0 s- D, ~& x- ^
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in* h9 M- @7 A: Q; ]
September. Non-financial investment grade is the new safe haven.
: g% [8 m0 d7 t# l/ @" D0 Y% d High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
) o3 I) ]: ?( p( d1 k# Kthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $10 F1 D3 b+ A# x6 x- }2 H# T
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have2 {' x9 X; C. v! B) B" K6 A5 q
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
4 V- Y; y! I! q. k; F8 ZCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
- l. @4 o3 [& Tpositive for the year-do-date, including high yield.% D- X. o6 I) `& R
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble9 W9 t6 f# `1 n
finding financing.
; X5 w8 R9 _% h8 ^# e! h Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
# G6 b& @4 U5 T1 q8 n4 j- Fwere subsequently repriced and placed. In the fall, there will be more deals.4 h) _( ]( e5 ^5 P. _
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and# e' [+ A' O2 K3 q$ P; h6 E
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
, a9 r3 E4 S- F0 g- N  Q% Ugoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for0 j$ ^& t' y, t0 H4 L8 E
bankruptcy, they already have debt financing in place.+ C1 X" ^5 c+ @% A
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain  l( K! |+ ]1 u" J7 L/ ~! e0 L
today.
$ ?1 C0 o+ H0 y  A( L Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
; t" i# d  H# lemerging markets have no problem with funding.
理袁律师事务所
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda5 j; e) c" O! a7 l* p
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
$ V+ \3 y- v9 f, nthe Greek default.
$ K* s* j0 A- T9 Z7 X As we see it, the following firewalls need to be put in place:! U  v+ P/ I+ N9 S# m; ^. H0 @! o5 Y
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default  P$ M  \! C0 i' B
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
1 ]+ D5 O6 \2 Ldebt stabilization, needs government approvals.7 b% j2 w. `- o( o, S; ~; G
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
; n/ E* R! B; G& M! u) T: _banks to shrink their balance sheets over three years
/ A; w5 P( ^, g# r# P$ ?4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
8 D# k4 z' c3 A9 S8 T1 y, f2 g. \& b# u" P( H# V7 u+ F9 g
Beyond Greece
9 O$ d! ~* q, {' u, b/ | The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
* b" T4 u4 d" ~5 L- {* ]but that was before Italy.
5 T" W" y" D4 G$ |. n; p" N It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
0 D4 d6 r+ `( h4 k; K$ y It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the. |$ q. Y2 X  z( f
Italian bond market, the EU crisis will escalate further.+ M) R5 c' p  ^4 G" O+ K
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Conclusion
8 C& d' R8 V/ B2 C* j 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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