埃德蒙顿华人社区-Edmonton China

 找回密码
 注册
查看: 2972|回复: 3

市场评论

[复制链接]
鲜花(3) 鸡蛋(0)
发表于 2011-9-17 13:14 | 显示全部楼层 |阅读模式
老杨团队,追求完美;客户至上,服务到位!
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。/ i' c0 Q0 B* h# @3 W# L* n
6 q7 c% F& `* f0 L3 V
Market Commentary/ d. t  z* L% P) U. w$ Z# V# n3 n/ z: D8 U
Eric Bushell, Chief Investment Officer! Z7 f" x  w$ ]6 u* a& e* [+ |. z
James Dutkiewicz, Portfolio Manager
8 q2 P, g+ c" p7 ]$ [) @Signature Global Advisors
8 x& W3 u. Q; L+ g  u; W+ x4 x) I3 P
; k% I6 `1 y3 _5 j' l0 L
: \" g( v9 x$ a, vBackground remarks- C% A4 @% j- `3 Z5 {/ n- c
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are, J$ H" W6 A$ z& P% @! M
as much as 20% or even 60% of GDP.
# e0 H: i) A8 Y! H5 Y! Y Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal5 W$ ], t# v; E6 o7 v. d
adjustments.
' D6 G6 A7 v- }& o This marks the beginning of what will be a turbulent social and political period, where elements of the social  ]: u+ v- p/ q
safety nets in Western economies are no longer affordable and must be defunded." P' J( W6 k+ [
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are9 J$ ^( ]. P% l" N. X5 O* m
lessons to be learned from the frontrunners.
, T' P7 a1 B6 p! T! v( M6 t We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these1 R, n) T  F, s& [
adjustments for governments and consumers as they deleverage.
8 e" @/ r+ M+ `3 J& | Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
6 Q$ D& d( r6 s0 }) W% oquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.: H8 Y. y  v3 U8 ^5 I9 \, C
 Developed financial markets have now priced in lower levels of economic growth.
5 U4 T+ a6 t# m4 D5 t0 {1 L& i. t) ^ Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
0 Z% Y3 m, |1 X# B3 d7 Ereduced 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
  x9 X6 v. B2 N' [" H7 ?* T& G The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
% p& c9 z, s: q* X& c2 T; Jas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
' Q' W# r0 g' M, C# Aimpose liquidation values.
+ a6 D2 O! ^$ O- }& S3 a& J- B% ?5 A In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
! `, o; W) V1 e( U$ F% IAugust, we said a credit shutdown was unlikely – we continue to hold that view.
' n7 U* M$ G6 {$ p8 Z* t The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
- f' S7 L0 v4 B  `0 \scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
8 B( X, B4 w' J5 N
5 y* H0 D- |: wA look at credit markets
+ X. t$ X1 L+ c# F, i, L$ b, V. t9 \ Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
& X1 }+ T* e; y# ]September. Non-financial investment grade is the new safe haven.
2 K7 f7 w" c* y/ o9 \; b High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%  {7 F, M8 u  |8 ^! [6 e$ [7 {
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1+ F3 t* p- P6 _1 O1 z" n0 p5 r3 h. e
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
+ [* b, ~8 j! Z0 Waccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade9 J# ^3 X% H/ C7 T: m+ E6 }
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
9 d+ M3 F3 U% F' J- h. Rpositive for the year-do-date, including high yield.: J& ?! A; q$ _
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble; q; \/ R) ?3 l( B+ n9 H% P* R
finding financing.
  H6 a; C# ]( b3 x% r* V Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
5 @. ]4 |* ]' k1 w7 H# v: rwere subsequently repriced and placed. In the fall, there will be more deals.# C0 l+ M' S. U
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and' s* Q: L2 @1 J5 `9 U% x% ~& w
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
  i. ~2 t; `5 ~2 U8 t/ |2 bgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for1 D( e) D0 ~" l# n7 Y2 f: D6 E
bankruptcy, they already have debt financing in place.( x7 t% @% |1 S% P+ X, a
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain; h) T" j) ?( ~0 e% {' G$ \# A
today.
8 y! Y; a! c# v! T% r Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
  Q+ g9 [8 _# q, bemerging 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 agenda9 f  P' ?5 A! ^4 O
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for5 u, m; J; `, ?) j6 h% c9 F
the Greek default.. c& ~4 x0 Z1 T! C6 z( G: a- q
 As we see it, the following firewalls need to be put in place:3 W8 R# ~) ?' S+ M* N( c! V6 L/ T) c
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
; T& A' D. m3 l* q# P2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
) u8 J& l* M, m/ H" u6 S% u- ?3 cdebt stabilization, needs government approvals./ S' m/ E' K8 F# W1 o6 n
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing7 N- U# u+ ?) g9 G/ G% J
banks to shrink their balance sheets over three years
5 g2 m5 X) j+ D. j4 a4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.8 ?8 A+ W- W2 q* O: {/ k
- z( A0 y& x, V5 M5 r  J' G
Beyond Greece' W& r2 z& i9 }; j9 Q# C# Z
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),# v) Z( Z; }- k& I' M1 `
but that was before Italy.
3 @, @3 a9 a. D, g+ B  }4 H! t! B It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
/ `5 ~$ `7 E6 k6 m4 C" a It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
! b; N1 N) Q2 `# G8 ~Italian bond market, the EU crisis will escalate further.
7 I6 S& J  ]5 Q& E+ C
# ^9 E  W' @+ N  cConclusion
" q; L6 X4 A0 |$ K! ~/ v 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
kasnkan
您需要登录后才可以回帖 登录 | 注册

本版积分规则

联系我们|小黑屋|手机版|Archiver|埃德蒙顿中文网

GMT-7, 2026-4-21 23:40 , Processed in 0.099544 second(s), 11 queries , Gzip On, APC On.

Powered by Discuz! X3.4

Copyright © 2001-2021, Tencent Cloud.

快速回复 返回顶部 返回列表