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发表于 2011-9-17 13:16
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Current situation
( u8 G, F. p9 M. v& m The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long T" r( h$ t& u" w# \$ X
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may$ t# J1 I4 r& q" ?/ Q9 G0 P
impose liquidation values.' Q7 _* k3 X N/ Y ^3 H7 v4 q
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
& t2 I: ~& S2 _, C6 E8 V8 y; \August, we said a credit shutdown was unlikely – we continue to hold that view.
7 [# O" z s# b, E; u The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension9 {! V; y+ U4 `
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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Y4 J' m/ E9 N! S4 QA look at credit markets
6 ?' b E0 z4 i Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in/ b4 U+ N; `8 G2 j, }1 ]4 e
September. Non-financial investment grade is the new safe haven.0 M0 E3 D6 O# z$ k5 S/ |: I1 T
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
& T: [7 m3 B% Q% H2 dthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1( I5 \2 ~* H9 \+ n
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
) S! a8 M; s, M1 D c7 X* faccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
9 N/ a7 u) b. `: w2 j, G' KCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
" i$ O( |( `, [9 @% Rpositive for the year-do-date, including high yield.
) O% K Q X" ?& ] Mortgages – There is no funding for new construction, but existing quality properties are having no trouble" I# W) e* f( Q! B+ \" B# Z1 B
finding financing.
5 R k6 O. ]+ ?* G3 l) T( S Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
8 a( m# n, n V+ m9 @8 \, iwere subsequently repriced and placed. In the fall, there will be more deals.
0 t* o) ~% ~' z+ |; w3 f! F0 U C Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and/ M% R! f6 c. q& V' ~( K4 V
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were9 b9 }; Q8 q$ B* g2 _/ |8 Z5 \
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
: O" H7 a* S3 x) u; sbankruptcy, they already have debt financing in place.
4 ^9 z( x9 }! }- k European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
z/ [. _: d% Y$ E' ]( wtoday.
5 b2 o5 G# ^& ^5 [ Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
, m7 h( A6 X) A+ c* l9 {8 Z# ]emerging markets have no problem with funding. |
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