[et_pb_section fb_built=”1″ _builder_version=”4.27.4″ _module_preset=”default” vertical_offset=”25px” vertical_offset_tablet=”25px” vertical_offset_phone=”25px” vertical_offset_last_edited=”on|phone” 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_button button_url=”https:\/\/ha-gim.com\/wp-content\/uploads\/2025\/06\/2025_06_23-Zinsanstieg-und-volatile-Risikoaufschlaege.pdf” url_new_window=”on” button_text=”News-PDF” button_alignment=”center” _builder_version=”4.27.4″ _module_preset=”default” custom_padding=”10px||||false|false” global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_button][\/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=”4.27.7″ text_font_size=”20px” header_2_font_size=”25px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]<\/p>\n Germany\u2019s shift away from austerity\u2014for example, through a 500-billion-euro infrastructure package and increased defense spending\u2014has dampened hopes for falling interest rates. At the same time, Trump\u2019s \u201cLiberation Day\u201d has shown just how quickly low risk premiums can come to an end. [\/et_pb_text][et_pb_text _builder_version=”4.27.7″ _module_preset=”default” theme_builder_area=”post_content” text_font=”Celias – medium||||||||” text_font_size=”21px” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n European High-Yield Bonds: More New Issuances Despite Interest Rate Risks<\/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=”4.27.7″ header_2_font_size=”25px” background_size=”initial” background_position=”top_left” background_repeat=”repeat” custom_padding=”||0px|||” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″]<\/p>\n In late February, we discussed how issuers in the European high-yield market were currently refraining from issuing long-term bonds [1]<\/a><\/span>. The elevated interest rates at that time, coupled with expectations of falling rates, prompted many companies to avoid locking themselves into high interest rates for the long term. [\/et_pb_text][et_pb_text _builder_version=”4.27.7″ _module_preset=”default” theme_builder_area=”post_content” text_font=”Celias – medium||||||||” text_font_size=”21px” hover_enabled=”0″ sticky_enabled=”0″]<\/p>\n New Issuances in 2025 – Volume and Remaining Maturity by Calendar Week<\/span><\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/ha-gim.com\/wp-content\/uploads\/2025\/06\/Umsatz-und-Marktentwicklung-2-e1788505685242.png” title_text=”Revenue and Market Trends” _builder_version=”4.27.7″ _module_preset=”default” max_width=”85%” module_alignment=”center” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″][\/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 Euro High Yield ex Financials BB-B 3% Capped Total Return Index (H23969EU Index), only bonds included in the index (excluding financial bonds and floating-rate bonds); for hybrid bonds, the first coupon reset date was used as the maturity date; January 1, 2025\u2013June 20, 2025<\/p>\n [\/et_pb_text][et_pb_image src=”https:\/\/ha-gim.com\/wp-content\/uploads\/2025\/06\/Tabelle-2-scaled.png” title_text=”Table” _builder_version=”4.27.4″ _module_preset=”default” max_width=”80%” module_alignment=”center” 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 High Yield ex Financials BB-B 3% Capped Total Return Index, H23969EU Index)<\/p>\n [\/et_pb_text][\/et_pb_column][\/et_pb_row][et_pb_row _builder_version=”4.27.4″ _module_preset=”default” custom_margin=”|auto|70px|auto||” custom_padding=”||27px|||” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_column type=”4_4″ _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][et_pb_divider divider_weight=”2px” _builder_version=”4.27.4″ _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 \u201cNew issuance activity in the European high-yield bond market has increased significantly since March of this year, with the focus remaining on medium-term maturities, which are preferred by investors.\u201d<\/p>\n – Thomas Rentsch<\/strong> [\/et_pb_text][et_pb_divider divider_weight=”2px” _builder_version=”4.27.4″ _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”][\/et_pb_text][et_pb_text _builder_version=”4.27.4″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n [1]<\/span><\/a> https:\/\/ha-gim.com\/praeferenz-fuer-kurz-und-mittelfristige-finanzierungen-wird-die-wette-der-unternehmen-auf-niedrige-renditen-aufgehen\/<\/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=”Risks” 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 rising yields and\/or increased risk premiums are possible. A total loss cannot be ruled out either. [\/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 is provided for information purposes only and should not be construed as personal investment advice or a recommendation or solicitation to buy, sell or hold any financial instrument or to adopt any investment strategy. The opinions and statements contained in this document reflect the current assessment at the date of publication. The information contained herein does not constitute a complete analysis of all material facts relating to any country, region or market. No financial analyses are prepared. Where statements are made about market developments, returns, price gains or other asset growth and risk figures, these are merely forecasts and we accept no liability for their occurrence. In particular, past performance, simulations or forecasts are not a reliable indicator of future performance. Assets can fall as well as rise. All information has been carefully compiled, in some cases with recourse to third-party information. Individual details may prove to be no longer or no longer fully accurate, in particular due to the passage of time, changes in the law or current market developments, and may change at any time without prior notice. No guarantee is therefore given for the correctness, completeness and topicality of all information. Please inform yourself independently about all costs relevant to you. Maintaining a custody account may incur costs; ongoing bank charges may also be incurred. Transaction costs depend on the asset class: For government bonds and collateralized bonds such as Pfandbriefe, they average around 0.02 percent, for corporate bonds 0.085 percent. For less liquid bonds, the transaction costs can also be significantly higher than 0.25 percent. It should also be noted that transaction costs can temporarily be significantly higher during periods of market stress. For all products sold by HAGIM, all relevant cost information is provided prior to purchase. The information is based on our assessment of the current legal and tax situation. Insofar as tax or legal matters are affected, these should be discussed by the addressee with its tax advisor or lawyer. Investments in financial instruments are associated with both opportunities and risks. The handling of conflicts of interest at HAGIM is published on the Internet at https:\/\/www.ha-gim.com\/rechtlichehinweise<\/a>. The information contained herein is intended for Professional Clients and Eligible Counterparties only. This information document is not intended for US citizens or persons permanently resident in the USA, nor for legal entities domiciled in the USA, nor may it be distributed in the USA <\/span><\/p>\n [\/et_pb_toggle][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":" Germany\u2019s shift away from austerity\u2014for example, through a 500-billion-euro infrastructure package and increased defense spending\u2014has dampened hopes for falling interest rates. At the same time, Trump\u2019s \u201cLiberation Day\u201d has shown just how quickly low risk premiums can come to an end. <\/p>\n","protected":false},"author":2,"featured_media":6740,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_seopress_titles_title":"","_seopress_titles_desc":"","_seopress_robots_index":"","_seopress_robots_follow":"","_seopress_robots_imageindex":"","_seopress_robots_snippet":"","_seopress_robots_primary_cat":"","_seopress_robots_breadcrumbs":"","_seopress_robots_freeze_modified_date":"","_seopress_robots_custom_modified_date":"","_seopress_robots_canonical":"","_seopress_social_fb_title":"","_seopress_social_fb_desc":"","_seopress_social_fb_img":"https:\/\/ha-gim.com\/wp-content\/uploads\/2025\/06\/Beitragsbild.png","_seopress_social_fb_img_attachment_id":0,"_seopress_social_fb_img_width":0,"_seopress_social_fb_img_height":0,"_seopress_social_twitter_title":"","_seopress_social_twitter_desc":"","_seopress_social_twitter_img":"","_seopress_social_twitter_img_attachment_id":0,"_seopress_social_twitter_img_width":0,"_seopress_social_twitter_img_height":0,"_seopress_redirections_value":"","_seopress_redirections_enabled":"","_seopress_redirections_enabled_regex":"","_seopress_redirections_logged_status":"both","_seopress_redirections_param":"","_seopress_redirections_type":301,"_seopress_analysis_target_kw":"","_et_pb_use_builder":"on","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[39,1,34],"tags":[],"class_list":["post-8214","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-high-yield","category-nicht-kategorisiert","category-specialist-article"],"_links":{"self":[{"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts\/8214","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=8214"}],"version-history":[{"count":2,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts\/8214\/revisions"}],"predecessor-version":[{"id":8216,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts\/8214\/revisions\/8216"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/media\/6740"}],"wp:attachment":[{"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/media?parent=8214"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/categories?post=8214"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/tags?post=8214"}],"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
This has led to a significant increase in new issuance activity for European high-yield bonds. However, the focus remains on bonds with medium maturities. From an investor\u2019s perspective, this is a positive development, as it simultaneously reduces issuers\u2019 default risk and aligns well with investors\u2019 preferences for shorter- or medium-term investments. <\/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
However, this hope has cooled somewhat since early March. A key trigger for this shift in sentiment is Germany\u2019s departure from its austerity policy. With the passage of a 500-billion-euro infrastructure package and a structural increase in defense spending, policymakers are signaling a willingness to take on new debt\u2014a move that could potentially lead to rising interest rates. At the same time, Donald Trump, with his \u201cLiberation Day\u201d and the ensuing market turbulence, has shown just how quickly the era of low risk premiums can come to an end.
These developments make waiting for more attractive refinancing costs increasingly risky. It is therefore welcome news that issuers are increasingly actively seeking refinancing. As a result, new issuance activity has increased noticeably. This was interrupted only briefly by the volatility following \u201cLiberation Day.\u201d However, companies continue to focus on medium-term maturities (mostly 5 years, though some are 6- and 7-year maturities) in order to maintain the flexibility to refinance at more favorable terms in two or three years.
For investors, in turn, these new issuances offer the opportunity to acquire bonds with attractive coupons and limited duration. At the same time, this increase in refinancing activity is welcome from the investors\u2019 perspective, as a reduction in short-term maturities significantly lowers the short- and medium-term default risk. <\/p>\n
Senior Portfolio Manager \u2013 High Yield<\/span><\/strong><\/p>\n
Past performance is not indicative of future results, nor can future performance be guaranteed. <\/p>\n