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鲜花(3) 鸡蛋(0)
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。6 Y( P$ C3 |2 r0 I2 g  q

- s, U" I0 U+ PMarket Commentary1 G& ]+ a- A) q1 z4 G% N8 a& s: Q
Eric Bushell, Chief Investment Officer1 h) z7 `- K: m5 O
James Dutkiewicz, Portfolio Manager6 Z- ~: W9 Z1 O1 E5 x
Signature Global Advisors
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4 t8 c; e9 B* N% g( RBackground remarks. X2 @0 K! a+ E% L; I% V# w
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
% k/ Q" r+ V  }8 u5 |7 l  xas much as 20% or even 60% of GDP.7 k+ h& ?* P, k! U$ L: C
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal/ l! F3 k' b( a' p0 V7 i; H8 o3 b
adjustments.
. x* B) S* a% [9 q) W& u1 J9 B! n This marks the beginning of what will be a turbulent social and political period, where elements of the social- g9 S! J' Z: m! G2 F) o
safety nets in Western economies are no longer affordable and must be defunded.* u( r4 w& r' I0 w& ^; \  {) k7 h4 |
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
/ L# n2 W$ W$ ]5 O5 klessons to be learned from the frontrunners.3 B0 @3 n7 \* m4 l: k: j$ H
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these2 L7 m& Y+ ~+ s' ~+ `& c& `" t. g
adjustments for governments and consumers as they deleverage.' w" r1 r! `; j: h, H4 M
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s
- f0 V3 [" h- w' x3 {1 J) z* _, xquantitative easing (QE2) program and the ECB intervention in the European sovereign bond market./ r3 f, c: A( m% C/ M! R
 Developed financial markets have now priced in lower levels of economic growth.
8 g* E$ B4 q; ~0 e Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have0 {# T& v7 e0 s9 y1 O3 @
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
1 i( Y& S0 B' F The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
6 P8 @0 r  P$ j6 Yas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
: B# ^& W. ^2 {: S- O+ T( b! q1 yimpose liquidation values.+ r& `# ?' P5 w+ @! u3 Z
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In# Z4 j+ {! A3 H' j- t
August, we said a credit shutdown was unlikely – we continue to hold that view.$ p" ?2 X& _- U( a
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension- N5 u  ?- z+ r. Y+ ^- c+ a& G
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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A look at credit markets' j1 g' l# H" s5 s9 t
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in! `3 k0 B$ p7 G3 f8 P- j# b
September. Non-financial investment grade is the new safe haven.: q8 [1 q' y0 W: b4 S
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%( I+ u+ X5 g% S7 y8 _
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
- V# R7 t% {' R0 ibillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have" P' y- p8 `/ ^0 z+ u. u) f3 D6 I  a
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
' ^( l; w9 e) C( k$ PCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are1 Q, ?& Z2 X# Z/ c& h3 l
positive for the year-do-date, including high yield." K& e. y2 L( W5 y2 h
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble8 W9 u' }- y9 Z, Y/ T
finding financing.
6 f( B. G  d1 \8 A1 C9 F5 |$ A# @ Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they0 q' Y; w2 I0 Y7 f% I* k
were subsequently repriced and placed. In the fall, there will be more deals.
, w! J: J; r- b) E) `7 m' `& l Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and% C4 Q/ {" ^" N! `, L) D
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
" w, Y8 m; F8 w/ Pgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for& Q8 i7 N5 r) v+ Y0 ^! i* a
bankruptcy, they already have debt financing in place.
: U, }, S. d. c7 _* T# B  V European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain! q0 h# t: W& k& [7 j4 s! D
today.
% W' k$ ^' o5 ~% Y" ]  \( ?) H Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
% s0 H% {+ n+ ~3 ]/ u3 K1 vemerging 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- L: V0 }$ }, j3 x: J) r' l
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for' B0 t+ M2 P; D+ l. v0 T7 w
the Greek default., v5 @* P9 B8 e" y/ |8 G. Z
 As we see it, the following firewalls need to be put in place:
0 ~" Q9 u. D$ h0 P; Q; p" _1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
9 \$ x# N+ o  U1 R+ U2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
( L  @: A4 [9 e4 ?0 ]debt stabilization, needs government approvals.7 _1 C2 ~! j/ x) _, D  x" }
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing/ I1 O# A8 [; Y& P$ _
banks to shrink their balance sheets over three years
; q/ K9 c3 R; X: ~" T4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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Beyond Greece" `$ K7 A- g7 p0 H7 R9 X
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),8 _( @8 C$ x) x7 h- i' R: q9 W6 j, V
but that was before Italy.( K; _3 J" H& Y* s! q
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.* _  y1 G" D$ I: t
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the6 t! P/ @# `/ S2 b% c) R* P
Italian bond market, the EU crisis will escalate further./ p6 [# I4 R, D9 Z! }
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Conclusion9 M6 R1 j6 R* f! p
 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
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