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发表于 2011-9-17 13:16
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Current situation) u2 H! W4 B k# J6 T' l
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
9 {. p( M k8 i6 Q! M3 Vas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may9 x' c# Z$ w& W2 Z5 X. g& O2 I) P
impose liquidation values.
/ a! g/ C: Y* r- {8 p In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
1 m% Y4 _# U4 l9 CAugust, we said a credit shutdown was unlikely – we continue to hold that view.1 J. Y) U& L6 X4 L, [
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
3 Q! {: i% [- V5 @7 E. }scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets./ j& B z8 J; @; r) _
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A look at credit markets
5 T; z4 O, h( }0 E! q Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
# ]7 C! d' s4 P" I- tSeptember. Non-financial investment grade is the new safe haven.
. D: h4 \) l+ K8 B High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
0 ? ], i, p$ I; |then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $12 R4 W {- y0 H( _5 r4 ]/ @- S
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
1 Y0 j% v% K7 A2 `access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade, r1 F0 [1 R; W$ |# v! S
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
5 d/ m8 a* Y) ?2 T8 Q- C, ]positive for the year-do-date, including high yield.
2 H! u: J# X/ d" l- i3 n- H Mortgages – There is no funding for new construction, but existing quality properties are having no trouble# U7 M* S% e/ A5 }7 S9 W
finding financing.
4 s. M5 Q C6 j' R+ f; S Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they7 Y# b' Q; P- \7 v( ^1 g& k
were subsequently repriced and placed. In the fall, there will be more deals.# H: |! k/ ^. g7 G
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and9 K5 J5 k w6 ^7 v
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were" a. ~6 [6 v# h3 g. I; u
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
4 i, u0 f G4 v. A' ]$ U. ebankruptcy, they already have debt financing in place.3 s/ `# b/ L5 F2 ^; U* r; S1 K) A
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
: {! ]( U2 S w4 |today.8 p3 l6 s) n& c& p8 S% I
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in# x$ q) T) Y8 A6 r1 c" }9 {
emerging markets have no problem with funding. |
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