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2022/05/11 / Erste Group Research

Kein Frühlingserwachen an den Credit Märkten

Das europäische Markt-Sentiment bleibt getrübt, wobei die Stimmungsindikatoren eine Differenzierung zeigen: Während die von globalen Entwicklungen abhängigere Industrie weiterhin unter hohen Energie- und Rohstoffpreisen, Lieferengpässen, Verwerfungen und zunehmend auch unter den Rückkopplungseffekten der Sanktionen gegen Russland leidet, zeigt der stärker regional bestimmte Dienstleistungssektor leichte Erholungstendenzen.

Die EZB verfolgt den Ansatz des Sequencings: Zuerst werden die Wertpapierankäufe beendet, dann erst folgt eine erste Zinserhöhung. Ersteres soll lt. EZB im dritten Quartal passieren. Folglich ist mit Zweiterem frühestens im Juli zu rechnen.

Der europäische Unternehmenssektor zeigt sich angesichts der ungewissen Entwicklungen weitgehend verunsichert. Corporate Credit Spreads befinden sich seit Wochen in einem Aufwärtskanal und liegen bereits über dem Niveau zu Kriegsausbruch. Die Emissionstätigkeit ist stark gedämpft und kommt im sonst boomenden Frühjahr immer wieder zum Stillstand.

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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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