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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。8 E' ?0 n6 S' h- s6 Y6 C  [

) z$ @* p/ H& p3 d3 N8 J. P/ f- VMarket Commentary9 R  E7 X* c7 m+ `$ |; {0 {
Eric Bushell, Chief Investment Officer
/ U" u7 p% F1 y' C1 tJames Dutkiewicz, Portfolio Manager9 _  q. f) j* G/ X
Signature Global Advisors
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6 e. t  F% D) {( y1 ?Background remarks$ z1 \" u/ H$ Q3 J0 P
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
9 i$ I6 G4 C0 v+ Z! Aas much as 20% or even 60% of GDP.
  N. ^3 B' G9 N# V. k% M+ y' i Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal2 b+ `- o3 u/ L9 q
adjustments.8 v( s% h+ G# g, q
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
. O2 }* o2 L& t" o* p& ~  ssafety nets in Western economies are no longer affordable and must be defunded.! A& K! r* B8 U9 G: t3 b! D
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are3 p. P. H- C; {1 Z" y% Y
lessons to be learned from the frontrunners.1 L3 S% [! S' H7 T! r1 H
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
& |! S, J: r9 J, ]+ Yadjustments for governments and consumers as they deleverage." d6 P2 v, F0 K, a$ M# ]5 {0 n8 E
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s, r2 m0 R; i" i5 I; h$ F/ G
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
5 y$ H( n. l- j" m Developed financial markets have now priced in lower levels of economic growth.3 A, C$ K! i# o, R; _
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have$ ]! [# [& ~% V  v+ a$ r! ^: [
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% h. }, _  {9 H
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
' g) p& k& \/ K+ ]: \; C( A7 las funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may6 b+ g9 R7 e4 [' W6 s
impose liquidation values.
) G' c& r) t$ ~/ A4 y8 Q( y( [% l" { In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In2 n" n7 @5 W' \1 W( Z+ Y
August, we said a credit shutdown was unlikely – we continue to hold that view.
; [! c* [8 @: L1 l# t) w6 s The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
4 w! J& F2 ?, K( ^$ F' k1 a& e1 Cscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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A look at credit markets
3 ?4 M; g. z! c3 R3 \6 D, X Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
5 Q; H( w8 y/ P6 n7 GSeptember. Non-financial investment grade is the new safe haven.
- U! W& v' |( N8 V High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
+ u4 Z5 [( o# B' I# ]4 ithen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
5 U* i7 }0 E7 R' v2 Rbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have8 C- Y! k) b+ R2 e5 `2 q1 M# v. x
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
5 P; b9 }8 ], s0 ~# i/ fCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
! _4 y9 Q7 G2 t& i  F# gpositive for the year-do-date, including high yield.
+ d' W: e1 t# u+ R5 ?# x$ } Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
$ d& l: `, f% i9 e# a$ h+ {& A3 Gfinding financing.
7 W3 }$ j6 Y* s Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
- F2 U: P2 L$ y4 d" V! m* F( Iwere subsequently repriced and placed. In the fall, there will be more deals.
; r$ |, M) t  F) t# K$ D Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
2 q- R4 o5 j( H. q) f! ~- [is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
/ T5 B) Z/ [' ~5 I; f6 d( ^going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
1 G, m5 e4 x9 J7 I3 r" q/ h& i, ibankruptcy, they already have debt financing in place.
2 b" t! S9 U! t  Q4 @  D European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
/ \) b/ x- `+ s" ftoday.
4 I) B" X; }! Q- Y Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in' r8 M/ c  V9 u4 {& N& U8 m
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 agenda
& h  r  c+ j6 {. `$ Y3 N Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
3 x# f8 A; v3 O0 Kthe Greek default.
& {# D/ {: ?- Q- B( c As we see it, the following firewalls need to be put in place:
5 {1 i# I3 a; v, U' n+ T) r$ [1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
5 Z3 R% H4 i7 T( r( n2 {& w2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
% M) p$ S" x4 v5 Bdebt stabilization, needs government approvals.- `, a4 ^/ |8 S# r2 b, }8 I
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing2 C0 b- |* r7 `
banks to shrink their balance sheets over three years
2 ]( N4 S* u1 A9 \% \/ e9 j- a4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.# _2 m$ X4 A- `7 y) U: f+ V3 @
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Beyond Greece9 d( f7 j1 b6 [- d9 m( y8 e
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
2 ]8 u* @- N5 q, E  ]3 Ybut that was before Italy.7 f5 P$ Y8 T8 S9 _
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
- p1 d- _6 ?6 U3 y6 k4 i# k* d It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
* C% \" t2 s5 c1 `* S2 hItalian bond market, the EU crisis will escalate further.
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9 P; J( u, t$ X3 z* T! nConclusion9 ~- L# q6 Y' [2 x
 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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