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2022/07/27 / Erste Group Research

Schuldscheinmarkt-Comeback mit Rekord-Halbjahr

Im 1H 2022 wurden Unternehmensschuldscheine in Höhe von über EUR 16 Mrd. (+140% J/J) emittiert; ein neuer Höchstwert in einem Halbjahr. Der österreichische Marktanteil lag mit 16% gut über dem langjährigen Durchschnitt von ~10%. Die CEE-Region war nach zwei Jahren Abwesenheit wieder vertreten.

Diese kräftige Wiederbelebung führen wir in erster Linie auf die gestiegene relative Attraktivität des Schuldscheinmarktes gegenüber dem Anleihenmarkt zurück.

Die Erholung spiegelt sich vielfach wider: Internationale Emittenten kehren zurück, langfristige Laufzeiten werden vermehrt bespielt und der Nachhaltigkeitstrend treibt neue Blüten. Das Preisniveau entspannte sich ebenfalls; durchschnittlich ging es im 1H 2022 auf Vor-Pandemie-Niveau zurück.

Wir denken, dass das Emissionsvolumen 2022 an den bisherigen Boom-Jahren 2016-19 anknüpfen wird und evtl. mit einem neuen Rekord überraschen könnte. Unsere Prognose liegt bei über EUR 30 Mrd.

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General information

AuthorErste Group Research
Date2022/07/27
Languagede
Product nameCredit News DE
Topic in focusCredits/ Corporate bonds
Economy in focusEurozone
Currency in focusEuro
Sector in focus-
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