J.P. Morgan Asset Management - The Weekly Brief

20.04.2020 11:04 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Die US-Kreditspreads sind in den letzten Wochen dank der Unterstützung der Zentralbank deutlich geschrumpft. Die Federal Reserve (Fed) hat jetzt weitere Einzelheiten zu ihren neuen Fazilitäten bekannt gegeben, die voraussichtlich US-Unternehmensanleihen von bis zu 750 Mrd. USD ankaufen werden. Die Käufe der Fed werden insbesondere Anleihen umfassen, die zuletzt auf Junk-Status herabgestuft wurden, sofern der Emittent zum 22. März ein Investment-Grade-Rating aufwies. Bei börsengehandelten Fonds (ETFs) für Unternehmensanleihen werden sich die meisten Käufe auf Investment-Grade-Fonds konzentrieren, obwohl die Fed auch ETFs für Hochzinsanleihen berücksichtigen wird. Mit Blick auf die Zukunft müssen Anleger sorgfältig zwischen Emittenten mit Liquiditätsproblemen unterscheiden, die von der Welle neuer Wertpapierkäufe profitieren werden, und solchen mit Solvenzproblemen, die möglicherweise noch verstärkt unter Druck geraten werden. Daher behalten wir bei Anleihen einen selektiven Ansatz mit Fokus auf höherwertigen Titeln bei.

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