[et_pb_section fb_built=”1″ _builder_version=”4.25.2″ _module_preset=”default” custom_margin=”||50px||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row _builder_version=”4.27.0″ _module_preset=”default” positioning=”absolute” position_origin_a=”bottom_center” vertical_offset=”-45px” custom_margin=”||||false|false” custom_padding=”||||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_image src=”https:\/\/ha-gim.com\/wp-content\/uploads\/2025\/02\/Thomas-Rentsch-200-px.jpg” title_text=”Thomas Rentsch 200 px” align=”center” _builder_version=”4.27.4″ _module_preset=”default” width_tablet=”25%” width_phone=”45%” width_last_edited=”on|desktop” custom_margin=”||13px|||” border_radii=”on|360px|360px|360px|360px” global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_image][et_pb_text _builder_version=”4.27.2″ _module_preset=”default” header_5_font_size=”20px” text_orientation=”center” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n
Senior Portfolio Manager High Yield [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.16″ global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row _builder_version=”4.16″ background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.16″ custom_padding=”|||” global_colors_info=”{}” custom_padding__hover=”|||” theme_builder_area=”post_content”][et_pb_text content_tablet=”<\/p>\n The question arises: where to put the money? We show you a niche segment in which high single-digit returns can still be achieved on corporate bonds. <\/h2>\n ” content_phone=”<\/p>\n The question arises: where to put the money? We show you a niche segment in which returns in the high single-digit range can still be achieved with corporate bonds. <\/h2>\n ” content_last_edited=”off|desktop” _builder_version=”4.27.4″ header_2_font_size=”25px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n [\/et_pb_text][et_pb_text content_tablet=”<\/p>\n The question arises: where to put the money? We show you a niche segment in which high single-digit returns can still be achieved on corporate bonds. <\/h2>\n ” content_phone=”<\/p>\n The question arises: where to put the money? We show you a niche segment in which returns in the high single-digit range can still be achieved with corporate bonds. <\/h2>\n ” content_last_edited=”off|desktop” _builder_version=”4.27.4″ header_2_font_size=”25px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_padding=”||0px|||” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n The risk premiums for high yield corporate bonds have fallen continuously since mid-2022. This is mainly due to stabilized inflation and the expected interest rate cuts by the European Central Bank (ECB). Investors still want to lock in yields before interest rates fall further, which is leading to continuous inflows into this asset class. In addition, the fundamentals of companies in the high yield category remain robust.<\/p>\n At 212 basis points, risk premiums for euro high yield bonds without CCC are currently at their lowest level since November 2017\u00b9. This is both a confirmation of market stability and an indication of investor confidence in the ability of companies to master the challenges of the current economic environment.<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/ha-gim.com\/wp-content\/uploads\/2025\/02\/Graph.png” title_text=”Graph” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n Source: Bloomberg (Bloomberg Euro HY ex Financials BB-B 3% Capped TR Index Hedged EUR, H23969EU Index; Bloomberg High Yield (Euro) ex Fin TR Index Unhedged EUR, I20672EU Index), as at 17.02.2025<\/p>\n [\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” header_3_font=”|700|||||||” header_3_font_size=”25px” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n For investors who are already invested in high-yield corporate bonds, this is excellent news. They have enjoyed double-digit annualized returns since October 2022. In the current market situation, however, beta or benchmark investing is no longer in demand, but selective strategies are gaining in importance. Investors should now look for investment opportunities across the entire credit spectrum – across ratings, regions and currencies. This selective approach makes it possible to identify the best opportunities with controlled risk even in this environment. <\/p>\n Based on this investment philosophy, we have developed the Credit Income Opportunities product (CIO), which specifically addresses the needs of institutional fixed income investors. With our HAGIM CIO series, we bundle the best of all sub-segments in tailor-made portfolios. Our focus is on fundamental credit analysis and security selection in order to identify the best issuers and issues for our clients. [\/et_pb_text][et_pb_image src=”https:\/\/ha-gim.com\/wp-content\/uploads\/2025\/02\/Tabelle.png” title_text=”Table” _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_image][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n Source: Bloomberg (Bloomberg Euro HY ex Financials BB-B 3% Capped TR Index Hedged EUR, H23969EU Index; Bloomberg High Yield (Euro) ex Fin TR Index Unhedged EUR, I20672EU Index)<\/p>\n [\/et_pb_text][et_pb_divider _builder_version=”4.27.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_divider][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n [1]<\/span><\/a> As at 17.02.2025, Bloomberg Euro HY ex Financials BB-B 3% Capped TR Index Hedged EUR (H23969EU Index)<\/p>\n [2]<\/span><\/a> As at 17.02.2025, Yield to Worst, Bloomberg Euro HY ex Financials BB-B 3% Capped TR Index Hedged EUR (H23969EU Index)<\/span><\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][\/et_pb_section][et_pb_section fb_built=”1″ _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_row _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.25.2″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_toggle title=”Risiken” open_toggle_background_color=”RGBA(255,255,255,0)” closed_toggle_background_color=”RGBA(255,255,255,0)” icon_color=”#000000″ open_icon_color=”#000000″ _builder_version=”4.27.4″ _module_preset=”default” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#93642e” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n Price losses due to increases in yields and\/or higher risk premiums are possible. A total loss cannot be ruled out. [\/et_pb_toggle][et_pb_toggle title=”Disclaimer” open_toggle_background_color=”RGBA(255,255,255,0)” closed_toggle_background_color=”RGBA(255,255,255,0)” icon_color=”#000000″ open_icon_color=”#000000″ _builder_version=”4.27.4″ _module_preset=”default” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#93642e” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n This marketing communication within the meaning of the German Securities Trading Act [\/et_pb_toggle][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Thomas Rentsch Senior Portfolio Manager High YieldDespite the threat of a trade war, zero growth in Germany and political uncertainty in Europe, the market for high yield corporate bonds is showing remarkable resilience. Risk premiums have been on a downward trend since mid-2022 and spreads for euro high yield bonds have reached their lowest level […]<\/p>\n","protected":false},"author":2,"featured_media":3284,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_robots_primary_cat":"","_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[1],"tags":[],"class_list":["post-3385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-nicht-kategorisiert"],"_links":{"self":[{"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts\/3385","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/comments?post=3385"}],"version-history":[{"count":0,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts\/3385\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/media\/3284"}],"wp:attachment":[{"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/media?parent=3385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/categories?post=3385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/tags?post=3385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
<\/span><\/p>\nThe risk premiums on corporate bonds are low and the hoped-for interest rate cuts could fail to materialize! <\/p>\n
The risk premiums on corporate bonds are low and the hoped-for interest rate cuts could fail to materialize! <\/p>\n
Despite the threat of a trade war, zero growth in Germany and political uncertainty in Europe, the market for high yield corporate bonds is showing remarkable resilience. Risk premiums have been on a downward trend since mid-2022 and spreads for euro high yield bonds have reached their lowest level since mid-2017. But what does this mean for investors? <\/h5>\n
The risk premiums on corporate bonds are low and the hoped-for interest rate cuts could fail to materialize! <\/p>\n
The risk premiums on corporate bonds are low and the hoped-for interest rate cuts could fail to materialize! <\/p>\n
Downward trend in risk premiums<\/strong><\/h5>\n
Spreads at their lowest level since 2017<\/strong><\/h5>\n
Good news for investors<\/h3>\n
However, there is still a ray of hope for those who have missed out on this movement. The cost yield is still almost 4.4%, which is still well above the average of the last 20 years.\u00b2 <\/p>\nSelective investment decisions required<\/h3>\n
HAGIM CIO-Series<\/h3>\n
It enables differentiated selection and targeted risk management to maximize returns while minimizing potential risks in an uncertain market environment. With our investment philosophy based on intensive fundamental credit analysis, we at HAGIM believe that we are ideally equipped to meet the challenges of the current market environment and the individual investment requirements of institutional clients and are ready to support you in constructing investment solutions that meet your needs. <\/p>\n
Past performance is not an indication of future results, nor can future performance be guaranteed. <\/p>\n
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contained in this document reflect the current assessment on the date of publication. This information does not constitute a complete analysis of all material facts relating to any country,
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If statements are made about market developments, returns, price gains or other asset
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