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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
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。* [% N( z0 z% q) N. T5 r/ y
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Market Commentary
/ s, Q, b1 y! o: I1 PEric Bushell, Chief Investment Officer2 i* y  K7 A1 r9 [- {* w& i
James Dutkiewicz, Portfolio Manager* X) o5 k2 Q, [2 i& [* x
Signature Global Advisors1 N3 [. Q% U7 d' t: R

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7 Z! X) J* @5 R( B& T3 ?Background remarks$ M( d1 R/ ?5 `" Q/ W  t% o
 Governments’ costs associated with stabilizing the crisis, including recent government stimulus programs, are  z; A+ E2 o% }7 G( B& c
as much as 20% or even 60% of GDP.
# D& X" Q, k- B: H Some governments have reached limits of sustainable debt loads and markets are beginning to insist on fiscal0 N' B( R& u& u2 ~8 p6 f2 O: I
adjustments.' Z0 {4 k$ t+ M6 e
 This marks the beginning of what will be a turbulent social and political period, where elements of the social
9 J5 [! ~# |2 J" }! @$ c" |safety nets in Western economies are no longer affordable and must be defunded.
/ N& Q1 v5 C0 \5 @4 G8 { Templates for fiscal adjustment are appearing in peripheral and core Europe, the U.S. and elsewhere. There are$ ~1 h3 k4 z- n$ I8 n
lessons to be learned from the frontrunners.* i. e! c2 t$ {" v2 }; k/ n9 \
 We see policy interventions playing a bigger role in financial markets. Policymakers are trying to ease these6 |; {2 i9 D4 E: |
adjustments for governments and consumers as they deleverage./ F: S- N; h' X, ?3 A/ a
 Policy interventions are shaping markets more than fundamentals. Examples include the U.S. Federal Reserve’s) ~9 K/ O/ R: p
quantitative easing (QE2) program and the ECB intervention in the European sovereign bond market.
# e/ m1 e' |- \% I: k- F Developed financial markets have now priced in lower levels of economic growth.
5 J6 V1 z$ r6 U- _5 o# n6 a Credit markets are now less resilient to shocks because of Basel III and the Dodd-Frank bill. Brokers have
7 V9 ^: s2 W  jreduced 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
6 N# f' Q. i8 s# P) V! |* K; ^ The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
# i& E& q/ A. i" j; e) ras funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
" c& |' c4 }( aimpose liquidation values./ Z0 W6 ?& c0 ]3 Q6 j8 m4 N
 In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
1 f8 _. Z8 {. u! X0 B0 J4 D5 ]August, we said a credit shutdown was unlikely – we continue to hold that view.* i: X9 ]: ^# T; l) @5 X
 The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
( c; c/ v) \- C6 Hscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.) k; s9 F! s5 w# u! u  Y

2 o9 _6 e9 [4 G2 o# QA look at credit markets* g3 f% Z9 e! N+ L3 G
 Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
. M. A/ }# [4 [1 c! GSeptember. Non-financial investment grade is the new safe haven.1 D+ F- D1 ~. E$ Q0 v! U! N0 |2 M
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%) `! \4 [& F. ^3 \/ a8 }$ O( h
then, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1! M8 k! ]/ [0 U8 B* D
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have4 \4 L2 E1 N4 o- }4 K6 w+ H
access to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
7 c( V7 d$ `& lCCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are& r* b' Y# ?7 y# K1 n/ u' `
positive for the year-do-date, including high yield.$ p1 @5 T0 {# T7 A* Y/ P, M; @
 Mortgages – There is no funding for new construction, but existing quality properties are having no trouble7 m% l8 O& g0 W; \9 S, x3 ]3 P( i
finding financing.
; B. s- U$ [5 j4 [1 ]2 z, B Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
  {0 q2 J5 z! [6 e+ Jwere subsequently repriced and placed. In the fall, there will be more deals.
  @4 I* c6 U& H# ^# X% C" L; I9 v3 R Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and) }' M- r6 D0 I8 O7 ^& d. C. T
is now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were
# w( L- k0 J' r+ k: l' Mgoing up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for1 J. ?) [: }# O9 q4 H3 R: v( E. y
bankruptcy, they already have debt financing in place.& o8 _% n( _+ o- a
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain4 m8 A3 [+ l+ G8 v; r% ^3 u+ Y
today.
: P3 T  B* X0 M* b$ y% l3 @ Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in
1 U" u. ^0 A: H" qemerging markets have no problem with funding.
大型搬家
鲜花(3) 鸡蛋(0)
 楼主| 发表于 2011-9-17 13:18 | 显示全部楼层
European Union agenda6 s% [& T$ ~+ Y" N
 Europe is frantic and will remain so for at least another four months – which is what we see as the timeline for) _" c- N& A9 U' b; }
the Greek default.
8 r* _9 G0 y! h9 W  l) |7 R As we see it, the following firewalls need to be put in place:
" e: P& }& M( Z7 R5 U1 B1. Making sure that banks have enough capital and deposit insurance to survive a Greek default
2 E9 i9 F4 M8 `9 }2. The European Financial Stability Facility, which is to be used for the bank capital injection and sovereign) F0 V2 a0 K# f' S
debt stabilization, needs government approvals." o+ Q5 v5 e7 P& j* }8 _) V
3. Measures of assistance to help European banks to make $1.7 trillion in refinancing easier and allowing9 g$ L, [3 y9 o
banks to shrink their balance sheets over three years6 S3 s& d0 {9 I6 v2 ~- c- X
4. More fiscal reform for Spain, Italy and France is a precondition for stable sovereign debt markets.
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/ j6 ?3 }) T- t+ v; s) B) PBeyond Greece! m" _9 [$ K" a+ O# _8 Y2 k; x
 The EFSF #2 plan announced in July was a toolkit to deal with the PIGS (Portugal, Ireland, Greece and Spain),
/ M" j( G/ f: ^but that was before Italy.
, |! [0 _, d/ q! L6 ]* j. N8 N9 G It provided a $500-billion loan program, but $250 billion was already spoken for by the PIGS.3 e4 O& o2 _) r" v$ M5 B. P7 |
 It’s an undersized framework and if negative growth/interest rate dynamics keep investors from sponsoring the
$ B( ~4 e+ v5 |8 Q2 }2 Z' aItalian bond market, the EU crisis will escalate further.
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Conclusion
% k0 I2 C6 }( p We want to have safeguards in place and continue to be liquid, so that we can capitalize on future turbulence.
大型搬家
鲜花(7) 鸡蛋(0)
发表于 2011-9-19 15:03 | 显示全部楼层
kasnkan
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