Research Detail

2024/03/18 / Erste Group Research

Immobilien EUR Corporate Bond-Markt: Kommt 2024 die Erholung?
Der Markt für EUR Immobilien-Unternehmensanleihen ist in den letzten Jahren kräftig gewachsen. Nach seinem Höhepunkt im Jahr 2021 war der Primärmarkt während der letzten zwei Jahre durch den Krieg in der Ukraine sowie durch die restriktive Geldpolitik der EZB überschattet. Unserer Meinung nach, dürfte der Zugang zum Kapitalmarkt 2024 für Immobilien-Unternehmen aufgrund der konjunkturellen Eintrübung weiterhin angespannt bleiben.

Die Dynamik bei den ESG-Platzierungen bleibt steigend. Green Bonds sind innerhalb der ESG-Kategorien die häufigste Form.

Sollte sich die Stimmung jedoch aufhellen, bietet der Investment Grade-Immobilien-Sektor gegenüber den Sektoren aus dem Nicht-Finanz-Bereich Potenzial. Es bleibt allerdings abzuwarten, ob 2024 der Beginn einer Erholung im Immobilien-Sektor erkennbar wird. Denn viele Herausforderungen bleiben noch bestehen.

Die noch relativ hohen (Re)Finanzierungskosten stellen das größte Risiko für die Kreditqualität der Immobilien-Emittenten in den nächsten 12-18 Monaten dar, denn sich das hohe Zinsniveau noch nicht in vollem Umfang in den Immobilienbewertungen widerspiegelt. Die Zinsdeckungsgrade der Emittenten werden noch unter Druck bleiben und die Verschuldung dürfte noch steigen. Unterstützend bleibt allerdings der noch relativ geringe Refinanzierungsbedarf der Real Estate-Emittenten im Jahr 2024.

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General information

Author	Erste Group Research
Date	2024/03/18
Language
Product name	Credit News DE
Topic in focus	Credits/ Corporate bonds
Economy in focus	Austria
Currency in focus	Euro
Sector in focus	-
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