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2022/12/07 / Erste Group Research

Credit Märkte in abwartender Haltung

Die Richtung der Risikoaufschläge ist derzeit uneinheitlich. Positive Impulse könnten von der leichten Lockerung der harten Null-Covid-Maßnahmen in China kommen. Außerdem sind die Augen der Investoren auf das EZB-Meeting am 15. Dezember gerichtet. Wir gehen von einer Zinserhöhung um 50 Basispunkte aus.

Nachdem letzte Woche der Gewerbe-Immobilienentwickler Aroundtown die Tilgung einer Hybridanleihe zum erstmöglichen Call-Termin absagte, kam der Hybridbereich unter Druck. Sollte das „Extension Risk“ im Immobiliensektor steigen, würde sich das auf die Verschuldung der Immobilienkonzerne niederschlagen. Durch die Nicht-Rückzahlung der Hybridanleihen könnten die Unternehmen den Verlust der Eigenkapitalanrechnung durch die Ratingagenturen riskieren. Bei den drei von uns gecoverten österreichischen Immobilienunternehmen (CA Immo, S Immo und UBM) besitzt nur UBM zwei ausstehende Hybridanleihen Der Markt geht derzeit klar von einer Tilgung aus.

Spezialthemen der Woche:

- Covered Bond Ausblick 2023

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General information

AuthorErste Group Research
Product nameCredit News DE
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-


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