[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″ text_font_size=”20px” 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 Following a phase of issuance strikes due to higher interest rates, new issuance of European high-yield bonds is picking up again. However, issuers remain reluctant to commit to the current yield level in the long term and prefer short and medium maturities. Will the bet on further falling yields pay off? <\/span><\/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 Following an issuance strike in 2022 and 2023 due to significantly higher interest rates, new issuance activity for European high-yield bonds is now showing a clear recovery. Despite this revival, however, many issuers are hesitant to commit to the current yield level in the long term. This uncertainty is reflected in the structural composition of the bonds issued. Most issuers continue to prefer medium maturities of around 5 years. <\/span><\/p>\n Due to the increased new issue activity, the proportion of short-term maturities (in the next 1-3 years) has fallen from 38% at the end of 2023 to 32% at the end of 2024, but remains significantly higher than the level of just 15% at the end of 2019.<\/span><\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/ha-gim.com\/wp-content\/uploads\/2025\/02\/Graph-2.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” text_font_size=”14px” 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); the distribution of the final maturities of the respective index at the end of 2019, 2023 and 2024, for hybrid bonds the maturity until coupon reset, due to the index rules there are no maturities < 1 year; High yield yield (yield to worst of the Bloomberg Euro HY ex Financials BB-B 3% Capped TR Index Hedged EUR, H23969EU Index); 5-year Bund yield source Bloomberg (GDBR5 Index)<\/span><\/em><\/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 At the same time, the proportion of long-term debt (longer than 5 years) at 21% at the end of 2024 is significantly lower than the figure of 47% at the end of 2019. This trend could be interpreted as a bet on refinancing costs falling further. Of course, issuers are mourning the refinancing costs of 2019 or 2021. However, it remains to be seen whether this corporate strategy will work. <\/span><\/p>\n On the risk premium side, not much further narrowing can be expected from the current level. Issuers are therefore hoping that interest rates will continue to fall in order to <\/span>to reduce refinancing costs and increase the attractiveness of long-term new issues.<\/span><\/p>\n [\/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” text_font_size=”14px” 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)<\/span><\/em> <\/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 YieldFollowing a phase of issuance strikes due to higher interest rates, new issuance of European high-yield bonds is picking up again. However, issuers remain reluctant to commit to the current yield level in the long term and prefer short and medium maturities. Will the bet on further falling yields […]<\/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-3872","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\/3872","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=3872"}],"version-history":[{"count":0,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts\/3872\/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=3872"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/categories?post=3872"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/tags?post=3872"}],"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
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
Recovery of new issues in the high-yield bond market despite uncertainty<\/span><\/h5>\n
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