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发表于 2011-9-17 13:16
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Current situation6 m2 @+ |+ ~7 }# j
 The lesson we learned from the 2008-2009 credit crunch is how credit markets affect stock valuations. As long
9 w6 r4 A5 I* n5 K, F2 Das funding markets stay open, equities are valued as going concerns. But if credit markets close, markets may
; p$ i! b' r& n' M4 f' E8 P0 z8 Nimpose liquidation values.
: S9 r4 Z( C$ K1 |" J5 i* @ F! J In the summer, the European credit crisis caused another round of market worries about a credit shutdown. In
5 y" {( ^+ |% E: ]August, we said a credit shutdown was unlikely – we continue to hold that view.
7 X+ o4 j9 o- U/ ?. c/ b* w& G. ?: s The collapse of interest rates on 10-year Treasuries to 2% leaves banks, insurance companies and pension
- g7 V7 c% ?5 e# q8 |. V+ O8 N. Uscrambling for higher yields to satisfy their obligations – this is supportive of corporate bond markets.& D0 C) K2 Y$ O0 w0 J
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A look at credit markets
" m8 Z* ^7 X. [: y: j$ U' W8 c! e Investment grade – $17 billion in new issues were placed last Wednesday. We’re expecting $80-$100 billion in
4 b, Q$ L) l6 [' QSeptember. Non-financial investment grade is the new safe haven.; s; B" B8 Q; C
 High yield – In March, the spread above governments was 450 basis points, today it’s 740 bps. Yields were 7%
; \- J; ]4 ]/ sthen, now they are 8.5%. New issuance has been about $30 billion a month, although August saw only $1+ c: G# e4 k2 H1 K, @% T# }
billion. That said, the market is still open. Risk has been repriced – but appropriately priced issues still have
: v# \# v. X, Haccess to the market. There are only two parts of the global bond market having difficulty – ultra-low-grade
6 Q, g6 b! F1 z. |5 @" @CCC issues and European high yield, which are both down about 2.5% year-to-date. All other bond markets are- t& Z' X, c2 {9 u. E# C; J" |' s# p
positive for the year-do-date, including high yield.
) A0 M. v) g' a/ Q Mortgages – There is no funding for new construction, but existing quality properties are having no trouble
" y+ a7 f/ ?: V) s& J$ Hfinding financing.3 ]2 o* Z i0 N2 y- E; s. i) c$ E0 h
 Commercial mortgage-backed securities (CMBS) – In the summer, there were two failed transactions, but they
2 J& Z& m( x4 i5 y% X5 _were subsequently repriced and placed. In the fall, there will be more deals., l* h! c% K* ~6 |2 P$ F/ [
 Leveraged floating rate collateralized loans – The index was trading at $90 last September, $96 in March and
9 G! K8 l/ N" qis now back to $90. Changes were a result of interest rate expectations (people thought that interest rates were2 \3 c" J7 Z3 x$ M Z( \
going up) rather than liquidity. Chapter 11 companies have no problem getting secured and when they file for+ S% {! n& j2 |
bankruptcy, they already have debt financing in place.# [0 [ X4 R3 O* V& s
 European banks – European bank lending conditions are tighter. This is the weakest link in the financial chain
4 O& I$ P' d1 ^0 Wtoday.
) O! S+ T9 s, N* j0 J! T Emerging markets – Sovereign rates have rallied along with U.S. Treasuries. High-grade corporates in$ X* K _' s5 \/ M) R5 L6 S
emerging markets have no problem with funding. |
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