柏瑞週報 20201113

1. 13 November
2020

3. PAGE 2
• (Pfizer)
BioNTech
10
12 0.8815% 10
13 -0.507%
•
0.34% ESG
0.15%
•
0.89% 482
•
0.63%
1.44%
Bloomberg 2020/11/12
-0.11
-0.36
0.87
-0.44
0.74
0.39
0.41
0.68
0.48
1.74
1.05
1.65
1.88
1.58
1.72
3.31
-0.75
-0.58
-0.34
-0.20
-0.15
-0.15
-0.02
0.26
0.43
0.46
0.62
0.63
0.89
1.13
1.16
1.44
ESG ( )
-
-
% %

4. PAGE 3
•
• S&P 500 0.76%
• 600 4.91%
DAX
3.86%
• 225 5.87%
(YAMAHA Motors)
• 300 0.48%
4.88%
•
0.46%
Bloomberg 2020/11/12
0.75
1.77
3.38
0.08
7.09
3.95
1.60
5.15
2.05
-0.65
7.92
6.81
3.26
6.50
8.33
7.30
0.46
0.48
0.62
0.76
0.96
1.36
1.68
1.74
2.35
3.86
4.50
4.88
4.91
5.78
5.87
7.72
BAML
300
MSCI
S&P 500
H
MSCI
MSCI
BOVESPA
DAX
MSCI
SENSEX
600
RTS
Nikkei 225
MSCI
% %

5. PAGE 4
Bloomberg 2020/11/12
•
12 WTI
41.12
• 11 6 (EIA)
430 ( )
300
-2.39
-1.01
0.16
4.95
7.62
2.92
4.02
5.10
2.14
10.81
4.29
4.34
-3.74
-3.45
-2.27
-0.24
0.40
1.19
1.71
2.41
2.59
3.78
6.01
6.35
LME
LME
LME
LME
CRB
% %

6. PAGE 5
• 445 325
3 15
65
• 102
54 38
25
BofA Global Research EPFR 2020/11/12
Weekly FICC flows as % AUM

8. PAGE 7
• (Pfizer)
BioNTech
90%
1570
12
Moderna
12
20
6
•
(McConnell)
(Pelosi)
(5000 ) (2.4 )
(1.9 )
• Biden
270 Trump
12 14
12 23
1 6
2
1 5
Bloomberg 2020/11/12
( 2)
( 1) S&P 500

9. PAGE 8 Bloomberg 2020/11/12
( 2)
( 1)
•
( 1)
•
Stericycle (Ford)
10
• S&P 500 89%
71% 9%
19% EPS
Roku McDonald’s SoftBank
Group Cisco Disney Applied Materials Datadog
Pinduoduo Beyond Meat
Norwegian Cruise Line
• 10
64 6.9%
4 ( 2)
61.7 61.4%

10. PAGE 9
•
30
10%
120 1/4
(Pfizer)
3
• ECB (ECB)
(PEPP) (TLTROs)
•
(Amazon)
•
9
4.2% 1 6,602 ( 2) 7
75
ECB
Bloomberg 2020/11/12 ECDC 2020/11/20
( 2) (%)
( 1)

11. PAGE 10
Bloomberg 2020/11/12
• CPI 1% 10 (CPI)
0.5%( 1) 1% 2009 10
19
(PPI) 2.1%
• 10
1.42
13.7% 10
6,898 8,000
• 10 (CPI)
7.61%( 2) 7.27%
7.30% 6%
•
Murat Uysal Naci Agbal
Agbal Berat Albayrak
Albayrak
( 1) (%)
( 2) CPI (%)

13. PAGE 12
Bloomberg 2020/11/12
/ /
11/16 11 13.2 10.5
11/16 9 ( ) - 4.0%
11/16 3 GDP( ) 19.5% -28.1%
11/16 10 ( ) 6.6% 6.9%
11/17 10 ( ) 0.5% 1.9%
11/17 10 ( ) 0.9% -0.6%
11/18 10 CPI( ) - -0.3%
11/18 0.50% 0.50%
11/19 10 0.5% 0.7%
11/19 SARB 3.50% 3.50%
11/19 1 - 10.25%
11/19 7 4.00% 4.00%
11/19 BSP 2.250% 2.250%
11/20 11 - -15.5
11/20 11 PMI( ) - 48.7
11/20 10 CPI( ) -0.4% 0.0%
11/20 1 LPR 3.85% 3.85%

14. PAGE 13
Bloomberg ICE (Yield to Maturity)
Option Adjusted Spread Z-Spread to Worst * ICE
/ /
200
300
400
500
600
700
2013 2014 2015 2016 2017 2018 2019 2020
: 375 (11/12) 5 : 358
4.0
4.5
5.0
5.5
6.0
6.5
2013 2014 2015 2016 2017 2018 2019 2020
: 4.35 (11/12)
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
5.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 1.99 (11/12)
0
50
100
150
200
250
300
350
400
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 115 (11/12) 5 : 129

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
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 5.60 (11/12)
200
400
600
800
1,000
1,200
1,400
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 482 (11/12) 5 : 479
2.0
4.0
6.0
8.0
10.0
12.0
14.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 5.57 (11/12)
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 435 (11/12) 5 : 449

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
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 3.75 (11/12)
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 401 (11/12) 5 : 397
2.0
4.0
6.0
8.0
10.0
12.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 7.64 (11/12)
100
300
500
700
900
1,100
1,300
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 736 (11/12) 5 : 502

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
: 4.81 (11/12)
200
300
400
500
600
700
800
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 390 (11/12) 5 : 370
2.0
3.0
4.0
5.0
6.0
7.0
8.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 4.38 (11/12)
100
200
300
400
500
600
700
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 326 (11/12) 5 : 319

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
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 6.82 (11/12)
200
400
600
800
1,000
1,200
1,400
1,600
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 609 (11/12) 5 : 578
2.0
3.0
4.0
5.0
6.0
7.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 3.89 (11/12)
100
150
200
250
300
350
400
450
500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 245 (11/12) 5 : 217

19. PAGE 18
Bloomberg 12
/ /
8
10
12
14
16
18
20
22
24
2008 2010 2012 2014 2016 2018 2020
: 20.3 (11/12) 5 : 16.3
8
13
18
23
28
2008 2010 2012 2014 2016 2018 2020
: 21.8 (11/12) 5 : 17.4
6
8
10
12
14
16
18
20
2008 2010 2012 2014 2016 2018 2020
: 17.4 (11/12) 5 : 14.7
10
12
14
16
18
20
22
24
2012 2013 2014 2015 2016 2017 2018 2019 2020
: 21.4 (11/12) 5 : 16.4

20. PAGE 19
Bloomberg 12
/ /
4
6
8
10
12
14
16
2008 2010 2012 2014 2016 2018 2020
: 14.6 (11/12) 5 : 12.2
0
5
10
15
20
25
30
35
2008 2010 2012 2014 2016 2018 2020
: 14.6 (11/12) 5 : 12.2
5
10
15
20
25
2008 2010 2012 2014 2016 2018 2020
: 21.9 (11/12) 5 : 17.7
5
10
15
20
25
2008 2010 2012 2014 2016 2018 2020
: 13.1 (11/12) 5 : 12.4

21. PAGE 20
Bloomberg
/ /
0
20
40
60
80
100
2008 2010 2012 2014 2016 2018 2020
: 25.35 (11/12) 5 : 17.53
0
50
100
150
200
250
300
2008 2010 2012 2014 2016 2018 2020
: 44.2 (11/12) 5 : 61.7
50
60
70
80
90
100
110
120
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 55.9 (11/12) 5 : 64.1
200
300
400
500
600
700
800
900
1,000
2013 2014 2015 2016 2017 2018 2019 2020
: 352 (11/12) 5 : 382

22. PAGE 21
Bloomberg
* 50% +50%
-10%
0%
10%
20%
30%
40%
'15/11/12 '16/11/12 '17/11/12 '18/11/12 '19/11/12 '20/11/12
-15%
-5%
5%
15%
25%
35%
45%
'15/11/12 '16/11/12 '17/11/12 '18/11/12 '19/11/12 '20/11/12
-10%
0%
10%
20%
30%
40%
'15/11/12 '16/11/12 '17/11/12 '18/11/12 '19/11/12 '20/11/12
-10%
0%
10%
20%
30%
40%
'15/11/12 '16/11/12 '17/11/12 '18/11/12 '19/11/12 '20/11/12
5 1
34.3% 0.5%
28.0% 0.1%
5 1
40.0% 0.7%
30.3% 0.1%
5 1
37.1% 0.6%
29.2% 0.1%
5 1
33.6% 0.7%
25.1% 0.1%

23. PAGE 22
TR109334
PineBridge Investments IP Holding Company Limited
• /
•
•
•
108 001
104 144 10 (02)2516-7883
407 386 12 8 (04)2217-8168
802 6 17 1(A5 ) (07)335-5898