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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。
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* y4 H0 I9 T% k$ X7 Y/ [( k6 d5 pMarket Commentary
& [( ~6 t- G8 W# n6 |' {& u+ ~Eric Bushell, Chief Investment Officer& t+ A$ v. ]1 m. T& T+ q* J
James Dutkiewicz, Portfolio Manager
% H( f/ G; s6 R- _2 pSignature Global Advisors
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4 {  v* M- p5 K) ?Background remarks) O1 v( m) k: ~% Z  k2 [
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are) t* ?5 D7 |' Y% _0 n% `! A2 F
as much as 20% or even 60% of GDP.8 [; _* Z. B' j" H- X% S/ }2 M1 G, R
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
1 r8 b' y, I2 B1 u) _adjustments.9 R; n+ H5 t, Q2 _
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
2 ?( Y$ x9 l3 nsafety nets in Western economies are no longer affordable and must be defunded.
9 f# ]' `% |/ c2 z9 x/ | Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are& z, b4 ]' E  Q& Z7 n1 a* `; K
lessons to be learned from the frontrunners.7 V/ L, E2 Q, z6 B
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these' y! q, b3 Q3 O
adjustments for governments and consumers as they deleverage.
9 b, E$ {/ u, l: t% b7 H$ f* a Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s' D# h$ d) E% w& H  \
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
$ y  R$ ^* s8 u) _7 c7 V. V Developed financial markets have now priced in lower levels of economic growth./ ^+ X2 L6 p& g. N; y! m
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have' `$ Y; ^+ U* F" k3 y
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- g1 Z6 n* z3 ]; g( n+ u1 L3 }* j
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
  m. ]8 A8 t0 Q$ X* ^* a7 {as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may$ y" k2 w* h( p: B
impose liquidation values.
; ?* k: F4 Q3 A  h0 p9 \) X! x In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
# T9 B8 x0 R& M+ `, |3 H+ ZAugust, we said a credit shutdown was unlikely – we continue to hold that view.1 e2 }! ~0 C8 t. {$ V( X& }
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension( M$ Y8 R; ^' Q; k) B3 d
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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& B! K/ u# n* G' pA look at credit markets
; z% O" q3 f4 z Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in' J/ V) y8 y2 L0 ]; Z& S
September. Non-financial investment grade is the new safe haven." x* N/ ?. [: I3 I& B: p$ Q! ]6 e
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
/ F9 \% Z7 X) F. w, Hthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
: t' ~# B; C7 |billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
* s% F' n5 }- l, f, j+ Maccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
8 r* Q0 q7 b9 v) E& PCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are' p+ K6 w% @/ t
positive for the year-do-date, including high yield.
; @. \9 V* u* B9 L/ f' u; O Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
/ |+ X- Z  ~! ^( bfinding financing.3 a" J7 U) _9 V, a' p; E" S1 b
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they% g7 Y% \7 t- N3 q6 X6 V7 b& Z  N% R
were subsequently repriced and placed. In the fall, there will be more deals.
  ]2 y5 n3 H7 R5 Q) @ Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and  B6 a" C) R( d5 C; d& y! c( u8 k
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
9 \7 l0 c/ r' s8 Z" }going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for) K( P$ p& ?& e5 [) Q' k2 r- D' b+ Q
bankruptcy, they already have debt financing in place.
: j; h5 N* I, A5 U European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
9 F! D+ P: e# c& ~- g: \3 {0 W, E$ ^today.
( ?+ H3 D7 {2 n# }: k* k+ \ Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in8 H& O4 p. `9 ^
emerging 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 agenda7 b" d$ h. m# [7 d+ d" I" m
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for4 Y( `4 l5 q( h4 T& @! L1 d* S
the Greek default.1 H7 K0 u$ [- @$ C9 i7 S
 As we see it, the following firewalls need to be put in place:2 H( N# ^4 z- K# D: {- U$ r. [
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
( `  y$ V; H% n6 c, A# L$ a6 u2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
) M" w8 k. G4 O# {. i3 q! Idebt stabilization, needs government approvals.
" l$ v8 N& n( s$ c2 W$ c3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
1 b4 l4 c, V" t$ Rbanks to shrink their balance sheets over three years0 D" p) T$ P1 A4 s- f
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.' V& J, |* I, Z& {; D0 d5 G
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Beyond Greece* E; G: N7 X  D' C
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
6 j2 o% k5 \! `8 c' g7 B. ?" sbut that was before Italy.
/ p8 @' `: o2 O It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
8 p8 u: M6 \* p9 J; S It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the0 X$ |/ k) c! P/ X: L$ N
Italian bond market, the EU crisis will escalate further.
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Conclusion1 K7 t- S& f  w" M9 }' A( ?' L
 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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