Look for:

Our offer for

Research Detail

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.

Spezialthema:

Emittent im Fokus: ASFINAG

PDF Download Download PDF (373kB)

General information

AuthorErste Group Research
Date2021/09/15
Languagede
Product nameCredit News DE
Topic in focusCredits/ Corporate bonds
Economy in focusAustria, Eurozone
Currency in focusEuro
Sector in focus-
Download





Decline
Accept

We use cookies and web analysis software to give you the best possible experience on our website. If you consent, these tools will be used. For more details please read our Data protection policy.

INFORMATION FOR PRIVATE CLIENTS / CONSUMERS

Any information, material and services regarding financial instruments and securities provided by Erste Group Bank AG or any of its affiliates (collectively “Erste Group“) on this and any linked website hereafter (jointly the “Websites”) shall be exclusively to investors who are not subject to any legal sale or purchase restrictions (the “Interested Party“).

The publication and distribution of information as well as offering and selling of products and services described on the Websites is prohibited by law in some jurisdictions. For this reason, persons in countries in which the publication as well as the offering and selling of products and services described on the Websites are not permitted by law, must not enter the Websites and/or acquire the products displayed on the Websites.

Neither Erste Group nor any third party shall offer access to the Websites or offer the products to especially, but not limited to citizen/residents of the United States and “U.S. person” (as defined in Regulation S under the US Securities Act 1933 as amended). For this reason, the distribution or redistribution of the information, materials and products into United States or into any other jurisdiction where it is not permitted under the applicable law, as well as to the citizens/residents of these countries shall be prohibited. The securities displayed on the Websites have not been and will not be registered under the US Securities Act of 1933 and trading in the securities has not been approved for purposes of the US Commodities Exchange Act of 1936. For this reason the securities may, inter alia, not be offered, sold or delivered within the United States or, for the account and benefit of U.S. persons.

The Interested Party is solely responsible to examine, whether he may enter the Websites under the law applicable to it. Erste Group shall not be responsible for the distribution of content of any of the Websites to individuals or entities which provide false information about their right to enter the Websites. For this reason Erste Group shall not be liable for any legal claims or damages which may result from the unauthorized entering or reading of the Websites.

By agreeing to this hereto, the Interested Party confirms that
(i) It has read, understood and accepted this Information and the Disclaimer;
(ii) It informed itself about any possible legal restriction and warrants that it is not restricted or prohibited to enter the Websites according to any law applicable; and
(iii) It does not make available the contents of the Websites to any person who is not qualified by law to enter the Websites.