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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。3 A. f% H5 k5 M& D& P
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Market Commentary
' C9 i+ t2 ~7 h/ A+ uEric Bushell, Chief Investment Officer, S6 S% E7 Z( h
James Dutkiewicz, Portfolio Manager
9 m# {9 e2 t) _5 `/ SSignature Global Advisors
8 t( R! ^$ [, _, w
7 i# b) B" [. }  X$ w9 F; v  R
. d$ L9 @) R0 P9 fBackground remarks5 W* R( }) }" H! v$ h
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
6 g4 T. G; d* D0 has much as 20% or even 60% of GDP.
: _$ `6 u# d' h# F+ U6 Y Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
) H/ e, r  ]8 [' Padjustments.
2 V; _9 e9 c6 p  p1 E9 q# O This marks the beginning of what will be a turbulent social and political period, where elements of the social
% X3 P. c+ D0 Z( N# ^$ w% {safety nets in Western economies are no longer affordable and must be defunded.
4 A* n! f# V" i+ l  } Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are, O7 a6 j. P: d3 S7 `
lessons to be learned from the frontrunners.! p  _, o& B% D5 O
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these( ^4 l" y$ Z# O3 y  b% [, a0 X
adjustments for governments and consumers as they deleverage.
6 G# z1 ]/ |* @3 i6 l" S$ i Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s! P# f; ~; |7 ]2 o+ j' F- l
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.  n. H, ]' a: e/ f# X
 Developed financial markets have now priced in lower levels of economic growth.! G% }$ c: m, x+ ~; T
 Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
* w% d3 c+ O9 f# `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 situation9 n) Y1 Y7 J% w# Q2 j& N) M' y; g
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long' e2 G  e% S' j# r. i
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may7 ^4 t0 m$ [* ]
impose liquidation values./ R! L( b, k! c8 }8 A; z
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
* p$ V% f! h. E: v0 r, fAugust, we said a credit shutdown was unlikely – we continue to hold that view./ r& M7 Q$ N# Q5 z
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension1 I; P1 o( @. T0 g; z% a0 X# v
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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5 s( c9 e8 j/ w1 r7 uA look at credit markets
/ `: t) N& s3 E2 V- y  } Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
0 r5 a8 E* Z% h- ?September. Non-financial investment grade is the new safe haven.
" O3 x, K0 R& i7 c High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
2 g7 N; Z* B7 o. |then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $11 A# D" g2 V/ d' n2 a
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have: W3 z8 V$ L  k2 Z; g- D
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
/ q; D% A0 O5 h- Z" c3 P$ ~CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are6 J3 @. n1 m' V" ^4 c. O( @
positive for the year-do-date, including high yield.
3 i7 {, u, d. B: @6 ~ Mortgages – There is no funding for new construction, but existing quality properties are having no trouble9 M) m6 S. t8 a/ w, @
finding financing.
( _1 \( |( l* l8 [( ^# \- W( Z Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
; `+ w, H# u. n# v# Fwere subsequently repriced and placed. In the fall, there will be more deals.
. x+ I" {1 A9 P3 V; |+ ^! j7 { Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
- e7 ~2 i2 Z( c6 Z: X: e, yis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
1 c. h+ `; S8 @5 j3 ^going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
' A* z, V7 k" U( W" Hbankruptcy, they already have debt financing in place.+ C" {3 f; B' U0 f
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
& v9 I/ |. c& g% U* vtoday.* G) K: Q2 M7 e; j
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in4 [; r% a/ g2 E
emerging markets have no problem with funding.
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 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda) ?, C6 S, h9 k/ d/ d
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for* \2 Z1 A- f% W6 A! u1 d; s  p7 d, @
the Greek default.
0 D* Z% s5 w2 ?& c/ c% n0 w2 P As we see it, the following firewalls need to be put in place:+ ~5 J  E/ a5 L: F/ t
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default0 y5 d3 I# V. B( O2 a# v
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign1 e5 J1 t, A/ o2 |
debt stabilization, needs government approvals.) R4 X7 y5 e0 z$ X
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing: ~. O7 \: V# o6 b
banks to shrink their balance sheets over three years
5 B" y' l0 b7 w& f8 F: u- q4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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6 `! k: P9 ^9 L0 I- ^" D# o8 r: KBeyond Greece4 x4 q$ P+ O0 r; m- i6 L7 z( q' O7 V
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
* A# D$ l) {& M/ K( zbut that was before Italy.' q3 F. a- V5 b& P
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
( y% Q6 [, s. d) i# } It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the" G# j. H% ]! x) b
Italian bond market, the EU crisis will escalate further.2 A& F: [2 i" G; N3 h7 w! H
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Conclusion7 B) Q5 p/ @8 F5 P' B8 l* g  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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