J.P. Morgan Asset Management - The Weekly Brief

13.06.2016 11:17 - JPMorgan Asset Management (Switzerland) LLC

J.P. Morgan Asset Management - The Weekly Brief

Im Juni wird die Europäische Zentralbank (EZB) erstmals Anleihen kaufen, die von

Unternehmen ausserhalb des Finanzsektors begeben wurden. Wie die Grafik im Anhang zeigt, ist es der EZB auch ohne den Kauf eines einzigen

Wertpapiers gelungen, die Renditen der Unternehmensanleihen fast auf

Rekordtiefs zu drücken. Allein das Potenzial massiver Käufe auf dem CorporateMarkt

hat dazu geführt, dass nun auch diese Anlageklasse neuerdings negative

Renditen verzeichnet. Bei Unternehmensanleihen aus der Eurozone hat der Anteil

der Titel mit Negativzinsen inzwischen einen Rekordwert von 2% des Index

erreicht. Dieser Prozentsatz wird wahrscheinlich noch steigen, sobald sich das

Ankaufprogramm der EZB in den kommenden Monaten beschleunigt. Neben den

Unternehmensanleihen, die davon natürlich profitieren, dürfte dies auch

europäischen Hochzinsanleihen und Aktien zugutekommen.

JPMAM_The Weekly Brief_13.06.2016.pdf

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