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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。) {2 K! V! q3 s  m# d; Z. X( M

( p( Z3 z' I) ?# _Market Commentary
$ @  |$ E" C8 m6 i: X" UEric Bushell, Chief Investment Officer
  L$ C, j# j' B6 H% X# g/ dJames Dutkiewicz, Portfolio Manager
) m  l' d) h/ B" P6 ^2 tSignature Global Advisors6 w. Q6 G% {) a& S" V7 D' p7 O
7 P) w: P- J1 c$ ?8 C* t! `- r

1 G% O' ^5 w$ Q( p. A$ V. P9 c1 d" w" k4 iBackground remarks8 k8 N- e7 _$ F( y# X  V. ?6 }) h! y
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
2 P8 [: `1 r6 v, v7 t. Bas much as 20% or even 60% of GDP.+ q" \8 t; C/ ~- n, q
 Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal
9 _1 m# i! d" B; ladjustments.
/ n% u- t2 t3 {1 H) H This marks the beginning of what will be a turbulent social and political period, where elements of the social1 r6 _* o) R/ M- y: R
safety nets in Western economies are no longer affordable and must be defunded.4 O" ?" L$ z/ n. ?$ X' `! _
 Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are' I& N& `" ]1 R+ S+ \8 P
lessons to be learned from the frontrunners.' V+ ~! K3 J; P4 R1 U
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
; o2 s9 E& _' m/ K7 b% Badjustments for governments and consumers as they deleverage.
7 A0 J4 S  k* f5 L% ]) Z Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s8 |( L$ E  D8 u6 n8 Y) Y) D
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
: G* b8 [' m' E$ d Developed financial markets have now priced in lower levels of economic growth.
7 g/ F, z5 z9 m2 ]5 a  |# V3 B2 i Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have3 a5 H, Y1 P- |1 j1 T- b
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
" N) a0 m# w8 Y# d2 L The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long# Y9 C$ \9 u6 k5 W* l
as funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may& v+ A( V0 |" Z1 u
impose liquidation values.
6 @; U- {0 ]. L In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In$ L! x8 N) `. F) O  G+ A2 ]
August, we said a credit shutdown was unlikely – we continue to hold that view.- V0 o) l, w5 v$ u  |( R( Z6 y
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
7 c* I  |6 W+ t1 M5 ?+ c4 A! Bscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
$ _6 `1 V; {3 w6 u6 ~) t+ C% c2 K8 R1 E4 Z! `
A look at credit markets( V& u5 f; [4 y& Y6 W2 _7 u) k6 K
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
: K0 ]  C* |, w/ ^( ^/ i5 h$ W) I. ~September. Non-financial investment grade is the new safe haven.
8 h7 _" ]( ~- {! [/ u! }% A0 p High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
, }/ m8 ^7 C; jthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1
# [' _( r2 L7 s( w( w$ j( m9 A& cbillion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have# X* b. R' h# G3 `0 e( L0 {2 {- o
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
. O* n/ h* O3 {) M/ n: mCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are
& A5 L" r8 Z0 p+ o3 z% r: Gpositive for the year-do-date, including high yield.8 Z3 a$ X) z7 L: G% P7 b
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
% V% n1 O3 T5 N: Yfinding financing.
$ Y2 p* W8 ^: Y: q Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
: ^& F! G2 t: S- l4 P; E' Zwere subsequently repriced and placed. In the fall, there will be more deals.
+ C' y; E0 `& n8 B Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
" n! A+ H& u+ H- h1 h$ `, |: d3 E9 Bis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were) r; ~# F6 O' V
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
; w' u+ a, ]) `( l' kbankruptcy, they already have debt financing in place.
/ ]3 v. Z' u  @1 {! T1 M& ^8 u European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
0 O; p  v7 D+ Z5 j" T+ Wtoday.
# N8 W% k9 G3 K$ U Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
1 x* X9 F/ _( g: u  v, jemerging 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
$ w& |& S; E4 j% V( r( S, \ Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for
8 E% Q2 _, h7 I( m: {the Greek default.
$ C6 p. r7 G8 Z, }/ F0 X0 v( e As we see it, the following firewalls need to be put in place:+ X2 z& k) A2 ?/ M1 L
1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
3 |- r* D! t% v) j# R5 s2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign
9 Q$ s6 c0 r+ E( W2 xdebt stabilization, needs government approvals.
0 y) N3 q" Z$ d+ @) L0 Z! S; S3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing3 p# i) y' @" F$ z4 l
banks to shrink their balance sheets over three years- \" O( E) b: ^) b9 t
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.- [6 ^. y' j# ^6 t5 h1 R( }/ q
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Beyond Greece: n( d6 j7 E" h, Z6 o$ c
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),) M8 f- j1 w  w0 P7 s
but that was before Italy.) A( R) _3 [7 Z! b9 k9 O( F& `& w
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
+ P/ N  X/ g2 S3 p& H8 i: M It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the! o# j. @! X, a5 l4 ]" t
Italian bond market, the EU crisis will escalate further.% r* v: S1 E+ H/ H) p- `. h; P6 z/ i
; `6 F& x5 ], C3 Y
Conclusion0 c) Y+ J$ `5 B# I# z
 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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