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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。" `, I+ S8 f: W* j- {. L

; G& l4 B. r" WMarket Commentary1 {, F& d5 {3 }
Eric Bushell, Chief Investment Officer+ O- I" ?7 O/ I$ Y) M2 S3 x
James Dutkiewicz, Portfolio Manager) o9 @2 T9 [2 Q& P8 z
Signature Global Advisors
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# w1 B, A7 q  |( U* [- t
" \6 W- L% h0 a+ e" G( d7 l" UBackground remarks
1 m2 d( G9 {1 u# Z. \( f0 M/ b$ M Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are
7 G* D$ ?5 Z* Z( s' o2 jas much as 20% or even 60% of GDP.
6 B# A/ @/ j+ j4 S Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal* T9 i6 L) n) _0 h- i+ G
adjustments.9 H; {0 ~2 Y0 Q! L" u% J2 A
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
9 L& d+ L. Q* j$ R5 Ssafety nets in Western economies are no longer affordable and must be defunded.
; J8 N) c: G) L Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are
" G" t  x  R2 a+ B/ T4 G' U% Klessons to be learned from the frontrunners.
) `9 p1 Z* r) B We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these
, b+ p- i  Y; R* _. }3 h7 Kadjustments for governments and consumers as they deleverage.- d# d: g- t; z2 j# X' _
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s5 @( j* {  a7 m8 e9 r( N$ I: m
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market." X: D) Z" t& K  b' }, r% M$ K5 z
 Developed financial markets have now priced in lower levels of economic growth.
3 m- W  @4 N& P; z2 N# f Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have  X2 r; i9 r" Q3 Q3 `0 w
reduced capacity to hold risk. Therefore, risk shedding by others is going to have a greater impact.
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 楼主| 发表于 2011-9-17 13:16 | 显示全部楼层
Current situation
3 W7 h& ~" @- H5 @& S The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
# x  P/ F- f& l7 D# uas funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
; F( {: @* [  r7 n* N; Qimpose liquidation values.
7 i9 O' s% z% F0 M, j In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
1 M7 d; j  W: N! [* o  q% fAugust, we said a credit shutdown was unlikely – we continue to hold that view.
' [. d& }! B) m% F The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension  O5 h, ^/ b: i0 V; x
scrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.
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5 {2 f6 i& o& A& {: IA look at credit markets
# G8 R/ |* A6 ^ Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in1 M9 ?- O! i4 N6 S8 _8 e
September. Non-financial investment grade is the new safe haven.5 j$ G5 P/ M1 C0 }/ J
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
; d, \- s% k' j) A" t# x: ?then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1# U( r$ q6 k/ J# m% p' k
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
8 m, w8 d3 m* H9 q! F: s+ r6 Caccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
9 I! V4 r. Q8 n4 A; K; H7 z: ECCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are! _# g5 x+ s- D* J: y9 ^" B
positive for the year-do-date, including high yield.' p0 {( C6 d$ ^/ e( `& Y( V& V5 s8 i
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble- h/ s3 j9 n9 O9 z3 s& S
finding financing.  Q: O& X9 v( O) c- B
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they/ {4 v" E* Y) \
were subsequently repriced and placed. In the fall, there will be more deals.. ?( Y& l% d1 f5 d, l! l
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
; ]+ B/ m! M8 [is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
0 }; p  |( }# I0 f& \1 f" W6 Wgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for
5 a& v( ]+ l4 ibankruptcy, they already have debt financing in place.$ D$ t5 p9 i! {1 T; \+ U% r/ }* g# ^
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain0 u1 w( i4 V) i* h/ F- J+ i
today.- y( |: U' D9 k
 Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
5 ?$ |; j) r/ k1 `; \7 ]4 |: p& n& ^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
) H- e% {, e% P' F- Y* c. h Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for5 d2 Q( g' ]  ?# o6 D
the Greek default.0 ]2 {9 z0 v7 r% F. Q! e- W" `
 As we see it, the following firewalls need to be put in place:
1 s8 ?6 |$ O5 J2 l  l2 y/ ^1. Making sure that banks have enough capital and deposit insurance to survive a Greek default$ j7 _& Y5 r+ |: V& z7 w9 |* o# h0 U7 B
2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign5 t0 j! Y4 I' g
debt stabilization, needs government approvals.
: J4 @( Y( I: L; W) Q2 d' U3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing1 N. x- s- M& R2 y: r" L
banks to shrink their balance sheets over three years/ R+ b& ]2 J* q; ~
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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8 S1 O/ y8 g7 A4 CBeyond Greece
- r' f* i# L+ P, ~' S. r' z The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
8 T+ K9 {! J( ^4 B; fbut that was before Italy.7 P2 g7 D9 }4 H8 z/ H, v. K5 C
 It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.
! h2 j- p) S$ G3 v& o It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the& W# @# L4 D: q0 ]4 h- @
Italian bond market, the EU crisis will escalate further.
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Conclusion1 A/ N) B6 F' B( H' Q7 L( g8 p( 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
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