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2021/09/15 / Erste Group Research

High-Yield-Kreditkennzahlen verbessern sich

Wie erwartet löste die Ankündigung der EZB, das Anleihen-Ankaufvolumen im Rahmen des PEPP etwas zu reduzieren, keine Spreadausweitungen aus. Im High-Yield (HY)-Segment engten sich die Spreads sogar ein. Im Corporate Bond-Bereich fällt das monatliche Ankaufvolumen im Rahmen des PEPP (zuletzt rd. EUR 1,3 Mrd. pro Monat) schon jetzt deutlich geringer aus als im Rahmen des CSPP (rd. EUR 4 Mrd. im August). Letzteres läuft unverändert weiter. Zumindest bis zur Dezember-Sitzung sollten von der EZB keine signifikanten Impulse für den Credit Markt ausgehen.

Nach Abschluss der Berichtssaison stellen wir wie erwartet fest, dass sich Zinsdeckungsgrad und Entschuldungsdauer in den HY-Ratingkategorien BB und B im 2Q weiter verbesserten. In zyklischen Sektoren fiel die Erholung am stärksten aus. Die Konjunkturerholung spiegelt sich dort am deutlichsten wider. Nur in der schwächsten Ratingkategorie, dem CCC-Segment, verschlechterten sich die Kreditkennzahlen.


Emittent im Fokus: ASFINAG

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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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