【出版时间及名称】：BARCAP-EUROPEAN HIGH GRADE BENCHMARK INDEX EXCESS RETURNS-100304
      【作者】：barclays
      【文件格式】：pdf
      【页数】：26
      【目录或简介】：
In this publication, we monitor the relative performance of the high-grade corporate
sectors under our coverage against the Barclays Capital benchmark indices and rank
the excess returns of these companies over the past month, quarter and year. We
include cash scatter charts to help investors identify relative value opportunities.
Finally, we highlight our recommendations in cash, as well as several switch and
negative basis opportunities.
We currently hold a Market Weight recommendation on Industrials (which we define as
including the Basic Industry and Capital Goods sectors), based on our expectation for a
moderate improvement in credit metrics and a general stabilisation in credit ratings
across the sector. Though spreads in the European automotive sector (classified under
Consumer Cyclical) still trade at a discount to the broader market and remain “cheap”
historically, we think any further generic auto sector outperformance is likely to be more
of a 2011 story. We also support a Market Weight recommendation on Autos.
Across Retail (which we define as including Retailers and Services, classified under
Consumer Cyclical), as well as Supermarkets (which are classified under Consumer Noncyclical),
we support a Market Weight recommendation, while for the Consumer sector
(which we define as including all sectors under Consumer Non-cyclical, with the
exception of Supermarkets) we support an Overweight recommendation primarily based
on our view of risk-reward.
On the back of surging concerns over peripheral European sovereigns, the Euro-
Aggregate Corporate Index produced its first month of negative excess returns in
February following 10 months of positive excess returns. The Index generated excess
returns of -28bp in February, following a rise of 54bp in January and 41bp in December.
Only a handful of sectors showed positive