J.P. Morgan Asset Management - The Weekly Brief

23.11.2015 14:05 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Da die Europäische Zentralbank zusätzliche quantitative Lockerungsmassnahmen beschliessen könnte, erreichten Staatsanleihen aus der Eurozone letzte Woche neue Tiefstände. Die untere Grafik zeigt, dass sich der Prozentsatz der ausstehenden EUR-Staatsanleihen, die mit negativer Rendite notieren, dem Rekordhoch vom April 2015 nähert. Letzte Woche konnte auch Portugal erstmals kurzfristige Anleihen mit negativer Rendite begeben, und Deutschland platzierte zweijährige Papiere mit einer Rendite von -0,4 %; ein Rekordtief. Hinzu kommt, dass über 67% der Staatsanleihen aus dem Euroraum mit weniger als 1% rentieren. Angesichts der steigenden Herausforderungen für die Ertragsgenerierung könnten die Anleger erwägen, sich im Risikospektrum ins Segment der europäischen Hochzinsanleihen vorzuwagen, denn der Barclays Pan-European High Yield Index bietet derzeit eine attraktivere Rendite von fast 5%.

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