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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。' l% S3 r- w. {; r/ v
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Market Commentary
& ]6 J, X2 z- {) x2 CEric Bushell, Chief Investment Officer
$ }' @" h5 u2 v; PJames Dutkiewicz, Portfolio Manager
: n! {: N5 d& ^. v! T9 c! |Signature Global Advisors6 `- c# Y% M' t$ K: @' O) `
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, [' ~5 o* U) ]. [
Background remarks5 V8 [: B0 I) R; _0 m: d
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are" D0 C$ f9 Y0 q  O; a
as much as 20% or even 60% of GDP.7 q) h" G: W( G# f- b
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal% @- u* I3 _3 }; I5 o7 g
adjustments.
5 j3 t/ y' ?1 N This marks the beginning of what will be a turbulent social and political period, where elements of the social
& \3 V! \' u0 A4 b5 s0 Qsafety nets in Western economies are no longer affordable and must be defunded.* p, W# l% ^9 _) I9 |8 K; g* z
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are' r: W' H8 \* p/ f4 ~& Y
lessons to be learned from the frontrunners.1 ?5 L: [* k6 ?8 m5 J4 f
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these- e' c0 P" @  H3 P" q
adjustments for governments and consumers as they deleverage.
8 {9 U. o, Z8 G! B; J Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s; W4 K  k" f5 D7 e
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.4 m9 @& N* K+ a- b
 Developed financial markets have now priced in lower levels of economic growth.5 F0 l' N: c, _# ?& }. s& [& W
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have4 L% i; ^7 N$ r. r0 r. X* K
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) F3 E# F% Z/ k7 f/ r
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long8 q6 A  s# n' ?
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
( j- ?9 D$ l" C1 E4 Kimpose liquidation values.1 V/ P1 u4 K$ j# o, Q8 K" n3 B( x( c8 F$ O
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
7 u# Z& R2 B# N% I; f, ^2 UAugust, we said a credit shutdown was unlikely – we continue to hold that view.# |; \- N, A. |/ |; [4 L) S
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
6 Z1 _' ]- T* f) o* Uscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.$ q( u1 Q, G) ^0 M# h) Y" i
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A look at credit markets! u$ W7 X8 m# `( k1 ~  M  I: ^
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
0 c$ B+ q9 p& D# S4 m4 LSeptember. Non-financial investment grade is the new safe haven.
( S$ P) g2 H6 H, B% N6 N* } High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%0 O$ g% c! ^$ T- |; u* D) Q
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
7 M: X, X$ r; i& S0 m% j* h, Bbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
0 z( Q) S; Q: [7 v3 R1 [access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade- n$ s/ P  G& B8 v1 a2 }
CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
! r/ {' [  {* P# [" m2 Dpositive for the year-do-date, including high yield.
( _' J7 f! c4 w Mortgages – There is no funding for new construction, but existing quality properties are having no trouble: x* ?, F5 y2 {, n% s' z' \
finding financing.
' m* \% Q) Z8 k3 f1 E: g Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
1 S: D: F) B# |* e# Z( ]; Wwere subsequently repriced and placed. In the fall, there will be more deals.3 t# h6 Y# e) T6 B
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and! P4 ?" u' \/ Q
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
% x; a) f5 ]3 i7 m& |& Qgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for" W' d( ?) L% M* U4 h' L3 ]
bankruptcy, they already have debt financing in place.; |  W, n2 o% r4 |- [
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
/ |$ y1 `) e% ytoday./ ^1 n7 H: C7 g; U6 V+ r% f  ^
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
1 _1 j) l; u2 O7 uemerging 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 agenda
5 n8 I9 h; n9 @8 h2 f, k, b Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for# f7 x& _8 l, m) T
the Greek default.1 X+ y/ C7 N* ~4 I" o* Q2 e
 As we see it, the following firewalls need to be put in place:
* ^! Z4 e' E% t" p% a1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
# U0 L3 J9 O8 |2 f1 D- \8 `2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
# {+ i* A. T. T0 `3 U; n$ G$ ~1 ~6 Ddebt stabilization, needs government approvals.) i0 H. \/ c& W, s2 M* P+ b% l1 l$ T
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing
9 s) a. ?' F- y- q- ?& w9 w% x& Xbanks to shrink their balance sheets over three years* K8 L- ?$ k0 i- _
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.4 E8 p! C+ Y- o* |& v, o" z
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Beyond Greece  U; e1 r2 \: K5 y7 S9 L, s/ U
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
' F* i% ~! Y8 ?1 p" Wbut that was before Italy.; A" v" W5 r7 ?" n8 r. v# O$ m
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.5 ~+ ~* Z7 B% d0 \1 Q
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
+ k4 }4 l5 O  d' o1 q( g5 q( DItalian bond market, the EU crisis will escalate further.
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Conclusion
- m' X* O  T- s$ y! m* n9 i 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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