Raiffeisen-Mehrwert 2024 II (I)

Fund Management Report

The European bond markets responded to the spread of the new Omicron variant with a flattening of the yield curve. Under these conditions, European corporate bonds saw narrowing spreads and rising prices. Low ratings again profited disproportionately. The strategic orientation has not been changed. There were no significant changes in the portfolio. The ECB is expected to take monetary policy normalisation steps in light of the current growth and inflation trends. Corporate bonds are profiting from a positive rating trend and low default rates. (17.12.2021)