柏瑞週報 20201120

1. 20 November
2020

3. PAGE 2
• Moderna
10 5
0.8293% 10 3
-0.571%
•
0.99% ESG
0.68%
•
0.60%
468
•
0.29%
0.75%
Bloomberg 2020/11/19
1.01
0.61
-0.21
2.03
0.49
-0.21
0.94
1.54
0.01
2.71
2.21
1.08
2.54
2.39
4.27
1.50
-0.09
0.21
0.22
0.29
0.30
0.30
0.43
0.54
0.55
0.60
0.60
0.68
0.69
0.70
0.75
0.99
-
ESG ( )
-
% %

4. PAGE 3
•
• S&P 500 1.27%
• 600 0.63%
DAX 0.25%
• 225 0.44%
• 300 0.40%
0.56%
•
0.77%
Bloomberg 2020/11/19
5.78
1.80
3.63
8.29
7.84
5.67
1.64
4.52
5.68
5.46
6.49
10.91
12.01
6.31
8.12
14.31
-0.23
0.25
0.40
0.44
0.56
0.63
0.77
1.27
1.36
1.49
1.55
1.65
1.68
3.79
4.06
5.40
H
DAX
300
Nikkei 225
SENSEX
600
BAML
S&P 500
MSCI
MSCI
MSCI
RTS
MSCI
BOVESPA
MSCI
% %

5. PAGE 4
Bloomberg 2020/11/19
0.96
-1.97
-5.62
-2.59
2.26
2.23
3.71
4.62
11.69
7.50
4.26
10.76
-0.64
-0.55
0.59
1.23
1.32
1.51
1.54
2.29
2.79
3.24
3.49
5.06
LME
CRB
LME
LME
LME
% %
• Moderna
12 WTI
1.51% 41.74
• 11 13
(EIA) 77 ( )
170

6. PAGE 5
• 270 94
3 12
72
• 119
79 10
35
BofA Global Research EPFR 2020/11/19
Weekly FICC flows as % AUM

8. PAGE 7
•
1148 25
90%
(Moderna)
94%
•
(Schumer)
(McConnell)
3
CARES ACT 1200
• 10 0.3 ( 2)
1.6% 0.5%
6
Bloomberg 2020/11/19
( 2)
( 1) S&P 500

9. PAGE 8 Bloomberg 2020/11/19
( 2)
( 1)
•
( 1)
•
86
200
Bausch Health
NRG Energy
•
3 10
2.2 (CARES ACT)
• 11
14 74 ( 2)
637.2

10. PAGE 9
• 10
(CPI) 0.3%( 1) CPI 0.2%
(ECB) Lagarde
ECB 12
• 12
Dominic
•
10 60
(10 ) 1
8000
• GDP GDP
21.4 ( 2) 18.9
GDP
Bloomberg 2020/11/19
( 2) GDP ( %)
( 1) CPI (%)

11. PAGE 10
RCEP
Bloomberg 2020/11/19
• 10
6.9% 10
4.3%( 1) 1 10
1.8%
• RCEP 10
5 8
(RCEP)
92%
•
9
30 GDP 15%
•
10.25% 475 15%( 2)
( 1) (%)
( 2) (%)

13. PAGE 12
Bloomberg 2020/11/20
/ /
11/23 11 Markit PMI( ) 52.8 53.4
11/23 11 Markit PMI( ) 54.1 54.8
11/23 11 Markit PMI( ) 56.7 58.2
11/24 11 99.2 100.9
11/24 3 GDP( ) -4.3% -4.3%
11/24 11 IFO 90.4 92.7
11/25 11 ( ) 77.1 77.0
11/25 10 ( ) 0.7% 1.9%
11/25 10 0.5% 1.4%
11/25 10 CPI( ) 3.0% 3.0%
11/26 10 ( ) - -5.9%
11/26 9 ( ) - 92.9
11/26 7 0.50% 0.50%
11/27 11 85.4 90.9
11/27 10 ( ) - 10.1%
11/27 3 GDP( ) -8.1% -23.9%

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
: 369 (11/19) 5 : 358
4.0
4.5
5.0
5.5
6.0
6.5
2013 2014 2015 2016 2017 2018 2019 2020
: 4.27 (11/19)
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
: 1.91 (11/19)
0
50
100
150
200
250
300
350
400
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 109 (11/19) 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
: 5.47 (11/19)
200
400
600
800
1,000
1,200
1,400
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 468 (11/19) 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
: 5.48 (11/19)
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 422 (11/19) 5 : 448

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
: 3.57 (11/19)
200
400
600
800
1,000
1,200
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 388 (11/19) 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 (11/19)
100
300
500
700
900
1,100
1,300
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 747 (11/19) 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
: 4.79 (11/19)
200
300
400
500
600
700
800
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 391 (11/19) 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
: 4.30 (11/19)
100
200
300
400
500
600
700
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 318 (11/19) 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
: 6.67 (11/19)
200
400
600
800
1,000
1,200
1,400
1,600
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 597 (11/19) 5 : 578
2.0
3.0
4.0
5.0
6.0
7.0
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 3.84 (11/19)
100
150
200
250
300
350
400
450
500
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 248 (11/19) 5 : 217

19. PAGE 18
Bloomberg 12
/ /
8
10
12
14
16
18
20
22
24
2008 2010 2012 2014 2016 2018 2020
: 20.4 (11/19) 5 : 16.3
8
13
18
23
28
2008 2010 2012 2014 2016 2018 2020
: 21.9 (11/19) 5 : 17.5
6
8
10
12
14
16
18
20
2008 2010 2012 2014 2016 2018 2020
: 17.6 (11/19) 5 : 14.7
10
12
14
16
18
20
22
24
2012 2013 2014 2015 2016 2017 2018 2019 2020
: 21.3 (11/19) 5 : 16.4

20. PAGE 19
Bloomberg 12
/ /
4
6
8
10
12
14
16
2008 2010 2012 2014 2016 2018 2020
: 14.7 (11/19) 5 : 12.2
0
5
10
15
20
25
30
35
2008 2010 2012 2014 2016 2018 2020
: 14.6 (11/19) 5 : 12.2
5
10
15
20
25
2008 2010 2012 2014 2016 2018 2020
: 21.8 (11/19) 5 : 17.8
5
10
15
20
25
2008 2010 2012 2014 2016 2018 2020
: 13.4 (11/19) 5 : 12.4

21. PAGE 20
Bloomberg
/ /
0
20
40
60
80
100
2008 2010 2012 2014 2016 2018 2020
: 23.11 (11/19) 5 : 17.55
0
50
100
150
200
250
300
2008 2010 2012 2014 2016 2018 2020
: 43.5 (11/19) 5 : 61.6
50
60
70
80
90
100
110
120
2011 2012 2013 2014 2015 2016 2017 2018 2019 2020
: 56.4 (11/19) 5 : 64.1
200
300
400
500
600
700
800
900
1,000
2013 2014 2015 2016 2017 2018 2019 2020
: 328 (11/19) 5 : 382

22. PAGE 21
Bloomberg
* 50% +50%
-10%
0%
10%
20%
30%
40%
'15/11/19 '16/11/19 '17/11/19 '18/11/19 '19/11/19 '20/11/19
-15%
-5%
5%
15%
25%
35%
45%
'15/11/19 '16/11/19 '17/11/19 '18/11/19 '19/11/19 '20/11/19
-10%
0%
10%
20%
30%
40%
50%
'15/11/19 '16/11/19 '17/11/19 '18/11/19 '19/11/19 '20/11/19
-10%
0%
10%
20%
30%
40%
'15/11/19 '16/11/19 '17/11/19 '18/11/19 '19/11/19 '20/11/19
5 1
35.4% 0.8%
28.1% 0.1%
5 1
41.2% 0.6%
30.3% 0.1%
5 1
38.3% 0.7%
29.2% 0.1%
5 1
33.5% 0.3%
25.1% 0.1%

23. PAGE 22
TR109343
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