柏瑞週報 20200828

1. 28 August
2020

3. PAGE 2
• 2019
10
10 0.7522%
10
-0.4070%
•
0.70% 477
0.44% 544
•
0.17%
IMF
6.83%
0.06% 0.14%
0.16%
1.37% 1.96%
Bloomberg 2020/8/27
-1.51
-0.83
-1.02
-0.67
1.01
-2.27
1.02
0.69
1.26
1.05
0.96
1.59
1.31
1.58
2.29
1.55
-0.85
-0.84
-0.65
-0.59
-0.17
-0.16
-0.07
0.03
0.06
0.14
0.21
0.25
0.36
0.44
0.51
0.70
ESG ( )
-
-
% %

4. PAGE 3
•
FDA
•
S&P 500 2.93%
•
600
1.39%
225 1.43%
•
300
1.12%
•
0.38%
Bloomberg 2020/8/27
-2.16
-3.69
-0.10
-8.53
2.44
1.26
4.48
1.25
2.17
2.01
3.11
5.48
7.57
4.11
1.66
6.13
-1.13
-0.83
-0.62
-0.52
0.38
0.45
1.12
1.39
1.43
2.08
2.34
2.39
2.93
3.39
3.52
4.04
MSCI
BOVESPA
RTS
MSCI
BAML
H
300
600
Nikkei 225
DAX
SENSEX
MSCI
S&P 500
MSCI
MSCI
% %

5. PAGE 4
•
5
1.08%
• 8 21 EIA
470 ( )
370
Bloomberg 2020/8/27
-0.65
4.27
11.11
3.12
3.87
3.46
6.17
6.71
10.73
3.39
2.79
5.92
-0.91
-0.47
-0.14
0.30
0.42
1.08
1.25
1.31
3.71
3.79
4.43
6.09
LME
LME
LME
CRB
LME
% %

6. PAGE 5
• 1 28
2 1
1
• 167
112 17
24
Bank of America Merrill Lynch EPFR 2020/8/26
Weekly FICC flows as % AUM

8. PAGE 7
Fed
• Fed (Fed) Powell
Fed
2%
Fed
Fed 5
•
24
•
8 Markit (PMI)
53.6 54.8( 2)
2019
7
• FDA (FDA)
11
( 2) Markit PMI
( 1) S&P 500
Bloomberg 2020/8/27

9. PAGE 8
Bloomberg 2020/8/27
( 1)
( 2)
•
0.70%( 1)
•
IPL
Plastics Treehouse Foods
8
527 6 580
• 8
84.8( 2)
6
8 22
100.6
•
7 11.2%
4% 3
2 GDP
-32.9% -31.7%

10. PAGE 9
• 8 PMI
51.6( 1) 7
54.9 PMI 51.7
PMI 54.7 50.1
V
• 2 GDP 9.7%
-10.1% 8 IFO
92.6 4
• 7
3.6% 1.4%
• 7
0%( 2) 2
0.1%
CPI
( 1) Markit PMI
( 2) (%)
Bloomberg 2020/8/27

11. PAGE 10
( 1) ( %)
( 2) (%)
Bloomberg 2020/8/27
•
(1)
(2) (3)
• 7
5,895.1
19.6%( 1) 2
•
0.5% ( 2)
-0.2% -1.3%
• 7 (CPI)
3.2% 6 2.2%
3% 6%

13. PAGE 12
Bloomberg 2020/8/28
/ /
8/31 7 ( ) 5.0% 1.9%
8/31 7 ( ) -1.9% 13.1%
8/31 8 PMI 51.1 51.1
8/31 2 GDP( ) -19.8% 3.1%
9/1 8 ISM 54.3 54.2
9/1 7 7.9% 7.8%
9/1 8 CPI( ) - -0.4%
9/1 7 3.0% 2.8%
9/1 8 PMI 52.3 52.8
9/1 8 Markit PMI - 46.0
9/1 8 Markit PMI - 58.2
9/1 2 GDP( ) -9.6% -1.5%
9/2 8 ADP 1,021k 167k
9/2 7 4.5% 6.2%
9/3 7 ( ) 1.6% 5.7%
9/4 8 1,421k 1,763k
9/4 8 9.8% 10.2%

14. PAGE 13
Bloomberg ICE (Yield to Maturity)
Option Adjusted Spread Z-Spread to Worst * ICE
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
: 2.05 (8/27)
0
50
100
150
200
250
300
350
400
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
: 130 (8/27) 5 : 130
4.0
4.5
5.0
5.5
6.0
6.5
2013 2014 2015 2016 2017 2018 2019 2020
: 4.54 (8/27)
/ /
200
300
400
500
600
700
2013 2014 2015 2016 2017 2018 2019 2020
: 401 (8/27) 5 : 358

15. PAGE 14
Bloomberg (Yield to Maturity)
Option Adjusted Spread Z-Spread to Worst
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
: 6.15 (8/27)
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
: 5.91 (8/27)
/ /
200
400
600
800
1,000
1,200
1,400
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
: 544 (8/27) 5 : 482
200
400
600
800
1,000
1,200
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
: 477 (8/27) 5 : 452

16. PAGE 15
Bloomberg J.P. Morgan - (Yield to
Maturity) Option Adjusted Spread Z-Spread to Worst
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
: 4.27 (8/27)
2.0
4.0
6.0
8.0
10.0
12.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 7.14 (8/27)
/ /
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 451 (8/27) 5 : 396
100
300
500
700
900
1,100
1,300
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 675 (8/27) 5 : 496

17. PAGE 16
Bloomberg J.P. Morgan (EMBIG) J.P. Morgan (CEMBI)
(Yield to Maturity) Option Adjusted Spread Z-Spread to Worst
2.0
3.0
4.0
5.0
6.0
7.0
8.0
9.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 5.05 (8/27)
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 4.50 (8/27)
/ /
200
300
400
500
600
700
800
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 429 (8/27) 5 : 369
100
200
300
400
500
600
700
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 358 (8/27) 5 : 322

18. PAGE 17
Bloomberg J.P. Morgan (JACI) (Yield to
Maturity) Option Adjusted Spread Z-Spread to Worst
2.0
4.0
6.0
8.0
10.0
12.0
14.0
16.0
18.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
: 7.68 (8/27)
2.0
3.0
4.0
5.0
6.0
7.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 3.73 (8/27)
/ /
200
400
600
800
1,000
1,200
1,400
1,600
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 709 (8/27) 5 : 581
100
150
200
250
300
350
400
450
500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 255 (8/27) 5 : 217

19. PAGE 18
Bloomberg 12
/ /
8
10
12
14
16
18
20
22
2008 2010 2012 2014 2016 2018 2020
: 21.1 (8/27) 5 : 16.1
8
10
12
14
16
18
20
22
24
2008 2010 2012 2014 2016 2018 2020
: 22.8 (8/27) 5 : 17.2
6
8
10
12
14
16
18
20
2008 2010 2012 2014 2016 2018 2020
: 18.0 (8/27) 5 : 14.6
0
5
10
15
20
25
30
35
40
2008 2010 2012 2014 2016 2018 2020
: 20.4 (8/27) 5 : 16.2

20. PAGE 19
Bloomberg 12
4
6
8
10
12
14
16
2008 2010 2012 2014 2016 2018 2020
: 15.1 (8/27) 5 : 12.0
0
5
10
15
20
25
30
35
2008 2010 2012 2014 2016 2018 2020
: 14.1 (8/27) 5 : 12.1
5
10
15
20
25
2008 2010 2012 2014 2016 2018 2020
: 21.6 (8/27) 5 : 17.5
0
5
10
15
20
25
2008 2010 2012 2014 2016 2018 2020
: 17.1 (8/27) 5 : 12.3
/ /

21. PAGE 20
Bloomberg
0
20
40
60
80
100
2008 2010 2012 2014 2016 2018 2020
: 24.47 (8/27) 5 : 17.17
0
50
100
150
200
250
300
2008 2010 2012 2014 2016 2018 2020
: 49.3 (8/27) 5 : 63.0
50
60
70
80
90
100
110
120
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 54.9 (8/27) 5 : 64.7
200
300
400
500
600
700
800
900
1,000
2013 2014 2015 2016 2017 2018 2019 2020
: 371 (8/27) 5 : 384
/ /

22. PAGE 21
Bloomberg
* 50% +50%
0%
5%
10%
15%
20%
25%
30%
35%
40%
'15/8/27 '16/8/27 '17/8/27 '18/8/27 '19/8/27 '20/8/27
-15%
-5%
5%
15%
25%
35%
45%
'15/8/27 '16/8/27 '17/8/27 '18/8/27 '19/8/27 '20/8/27
-5%
5%
15%
25%
35%
45%
'15/8/27 '16/8/27 '17/8/27 '18/8/27 '19/8/27 '20/8/27
-10%
0%
10%
20%
30%
40%
'15/8/27 '16/8/27 '17/8/27 '18/8/27 '19/8/27 '20/8/27
5 1
36.3% 0.4%
28.1% 0.0%
5 1
35.9% 0.5%
30.6% 0.1%
5 1
36.1% 0.4%
29.3% 0.1%
5 1
31.7% -0.2%
25.4% 0.1%

23. PAGE 22
TR109238
PineBridge Investments IP Holding Company Limited
• /
•
•
•
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