全球金融危机英语

你给我评为最佳答案，加上分，消息我，我把全文发给你。这个事我目前见过的最全面的。 10几M呢。 Navigating the Global Credit CrisisJPMUS High Grade Strategy Eric Beinstein, Andrew Scott, Trang LeHigh grade bond spreads are very wide and are likely to tighten over time due in part tothe recent Treasury measures, but investors should await resolution on the fate ofseveral large Financials before adding to positions. Transparency around asset pricingcoming from the expected Treasury auctions will be positive for the firms which havereserved and marked conservatively, negative for those who have not.Credit Derivatives Strategy Eric Beinstein, Andrew Scott, Trang LeNear term the market is working through the impact of the Fannie Mae, Freddie Macand Lehman credit events, which will likely all be successfully settled over the nextmonth. Longer term changes are likely in CDS market structure, regulation, contractterms and the nature of market participants.Short Term Fixed Income Alex Roever, Cie-Jae BrownABCP facility will provide an enormous amount of liquidity to both money funds andthe broader money markets, effectively opening the discount window to money marketfunds and providing the ability to immediately liquidate ABCP. ABCP yields shouldnow be less than yields on unsecured bank paper.US Banks, Finance and Securities Ian Jaffe, Matthew HughartUS depositories and other financial institutions to be significant beneficiaries of Treasuryasset purchase plan should the plan incorporate pricing levels that focus on ‘discountedcash flow’ methodologies primarily. Most challenged exposures are loans, not securities.US Insurance Companies Arun Kumar, Brett GibsonValuations have declined precipitously but barring a few glaring and notable exceptionssuch as AIG, the Monolines and the mortgage insurers, credit ratings have not beenimpacted. Take advantage of the current wide levels in the life sector while remainingNeutral on the P&C sector.ABS and CDOs Chris Flanagan, Edward Reardon, Amy SzeTARP supports the value proposition in residential and commercial mortgages. Wewould look for purchase prices by Treasury to be well above today’s market prices andcloser to the model prices we determine through model-based cash flow valuations.US High Yield Strategy Peter Acciavatti, Nelson JantzenSpreads for high yield bonds and loans will once again exceed last week’s bottom as thecredit cycle progresses and defaults increase more substantially in 2009. We continueto only recommend BB-rated bonds and loans. Many loan-only, second-lien, andcovenant-lite issuers still have a great deal of default risk to price in.European Credit Strategy Stephen DulakeTreasury’s actions arguably enable a refocus back to fundamentals, valuations andtechnicals. We expect to see sellers of risk, either from conventional (new issues) orunconventional (deleveraging) sources. Fade rallies and stay underweight subordinatedbanks, Tier 1 in particular.Emerging Markets Corporate Strategy Victoria Miles, Warren MarStay underweight EM corporates bonds, which have widened by 110bp since earlySeptember. We see particular risks in China property companies, Korean banks andRussian financials.The past two weeks have been extraordinary in financialmarkets. US Fed and Treasury have unveiled a sweepingplan, the $700 billion TARP (Trouble Asset ReliefProgram), to address the financial crisis in a comprehensivemanner, capping a series of ad hoc interventions.Congressional approval of this package is likely in thecoming days. Downside risks for most banks and brokershas been reduced and transparency around asset pricingcoming from the expected Treasury auctions will bepositive for firms, which have reserved and markedconservatively. We recommend staying in higher qualityassets, which stand to benefit the most. Prime money funds,which play a central role in how financial institutions fundthemselves, now have access to an enormous amount ofliquidity. ABCP yields should now be less than yields onunsecured paper. For non-agency residential mortgage andcommercial mortgage securitization markets, the TARP isunequivocally positive and goes a long way towardsestablishing a floor for mortgage-related prices. High gradebond spreads remain at record wide levels and are likely totighten over time, but first there may be more spreadwidening as pressure on the weaker Financials intensifiesHowever, the macro consequences of the policy changeshave yet to play out, with initial estimates by JPMorganthat the total net issuance of public sector debt in thecoming fiscal year could approach $1.5 trillion, about10% of GDP. While market conditions are better relative towhere we stood last week, it’s difficult to make the case thattaking the past three weeks as a whole financial conditionsare more supportive of growth. The fate of several largefinancial firms remains to be resolved and further writedownsstill need to be taken. The Treasury’s actions supportsthe value proposition for the top of the capital structure, butour core views on higher-beta markets, including US highyield and leveraged loans, European high yield and emergingmarkets credit are little changed. European companies aremore operationally leveraged than they were in 2001-2002and we expect greater deleveraging and would fade rallies.US high yield bonds and loans will likely retest last week’slows as default volumes rise, borrowing conditions remaindifficult and ratings downgrades persist. EM corporates havebeen severely hit in the recent sell-off, with the CorporateEmerging Markets Bond Index (CEMBI), now 125bp widerthan early September, and we stay underweightEM corporatebonds across regions. We recently lowered our 2009 growthforecasts and expect EM growth to slow below potential in2009 in Latin America, the CEEMEA region and in EM Asia(ex-China and India).

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The whole world is faced with financial crisis.用被动表示是被迫的.