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Europäische Anleihemärkte reagierten auf die Ausbreitung der Omikron-Variante mit einer Zinskurvenverflachung. In diesem Umfeld verzeichneten europäische Unternehmensanleihen sinkende Risikoaufschläge und Kursgewinne. Wieder einmal profitierten niedrige Kreditqualitäten überdurchschnittlich.
Die strategische Ausrichtung bleibt unverändert. Es erfolgten keine wesentlichen Portfolioveränderungen.
Angesichts der aktuellen Wachstums- und Inflationsdynamik werden geldpolitische Normalisierungsschritte der EZB erwartet. Unternehmensanleihen profitieren von einem positiven Ratingtrend und niedrigen Ausfallsraten. (17.12.2021)
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