[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=”4.25.2″ _module_preset=”default” positioning=”absolute” position_origin_a=”bottom_center” 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\/Adobe-Express-file-1.jpg” title_text=”Adobe Express – file (1)” align=”center” _builder_version=”4.27.7″ _module_preset=”default” width_tablet=”25%” width_phone=”45%” width_last_edited=”on|desktop” hover_enabled=”0″ border_radii=”on|360px|360px|360px|360px” global_colors_info=”{}” theme_builder_area=”post_content” sticky_enabled=”0″][\/et_pb_image][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” header_5_font_size=”20px” text_orientation=”center” global_colors_info=”{}” theme_builder_area=”post_content”]<\/p>\n
Senior Portfolio Manager Investment Grade[\/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
” content_phone=”<\/p>\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” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” text_font=”–et_global_body_font||||||||” text_font_size=”20px” sticky_enabled=”0″]<\/p>\n
Rising Stars were one of the most successful credit themes in 2023, and in our view, current trends continue to support this theme. Given the significant decline in potential returns, we are currently focusing on a select few promising candidates.<\/p>\n
[\/et_pb_text][et_pb_text _builder_version=”4.27.0″ _module_preset=”default” header_3_font=”|700|||||||” header_3_font_size=”25px” global_colors_info=”{}” theme_builder_area=”post_content”]Rising Stars were one of the most prominent credit themes in 2023, and investors who positioned themselves correctly enjoyed strong performance. Netflix and Ford were arguably last year\u2019s best-known Rising Stars. Looking back, however, the circumstances could not have been more different: While Netflix was one of the biggest beneficiaries of the COVID-19 pandemic, Ford was among those hardest hit. Nevertheless, both companies managed to achieve investment-grade status last year\u2014one of the few things they have in common.<\/p>\n
In addition to significantly improved operating results, the focus on a stronger balance sheet played a decisive role in many upgrades. This is because the new interest rate environment has significantly increased the incentive to reduce leverage\u2014and we are currently also observing restraint in large, debt-financed corporate acquisitions, capital expenditure on expansion, as well as dividends and share buyback programs.
This is a positive trend from a lender\u2019s perspective. Despite the many global uncertainties, we assess the risk of a short-term reversal of current trends as low.<\/p>\n
Since the return potential for potential Rising Stars has decreased significantly in recent months (see Chart 1), we are currently focusing on a few promising candidates identified through our detailed company analysis.[\/et_pb_text][et_pb_text _builder_version=”4.27.7″ _module_preset=”default” header_3_font=”|700|||||||” header_3_font_size=”25px” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” text_font=”Celias – medium||||||||” text_font_size=”21px” sticky_enabled=”0″]<\/p>\n
Risk Premium of BB Bonds Over BBB Bonds<\/p>\n
[\/et_pb_text][et_pb_image src=”https:\/\/ha-gim.com\/wp-content\/uploads\/2024\/08\/quelle_bloombergstand090224.webp” title_text=”quelle_bloombergstand090224″ _builder_version=”4.27.0″ _module_preset=”default” global_colors_info=”{}” theme_builder_area=”post_content”][\/et_pb_image][et_pb_text _builder_version=”4.27.7″ _module_preset=”default” hover_enabled=”0″ global_colors_info=”{}” theme_builder_area=”post_content” text_font_size=”14px” sticky_enabled=”0″]<\/p>\n
Source: Bloomberg (Bloomberg Euro High Yield BB Rating Only Total Return Index Value Unhedged EUR; Bloomberg Euro-Aggregate: Industrials Baa); as of February 9, 2024.<\/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=”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=”4.27.0″ _module_preset=”default” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#93642e” global_colors_info=”{}” theme_builder_area=”post_content”]Price losses due to rising yields and\/or increased risk premiums are possible. Even a total loss cannot be ruled out. Past performance is not indicative of future results, nor can future performance be guaranteed.[\/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=”4.27.0″ _module_preset=”default” border_width_all=”0px” border_width_bottom=”1px” border_color_bottom=”#93642e” global_colors_info=”{}” theme_builder_area=”post_content”]This marketing communication, as defined by the Securities Trading Act, is provided solely for informational purposes and should not be construed as personal investment advice, a recommendation, or a solicitation to buy, sell, or hold a financial instrument, or to adopt an investment strategy.<\/p>\n The opinions and statements contained in this document reflect the current assessment as of the date of publication. The information provided does not constitute a complete analysis of all material facts relating to a country, region, or market. Rising Stars were one of the most successful credit themes in 2023, and in our view, current trends continue to support this theme. Given the significant decline in potential returns, we are currently focusing on a select few promising candidates.<\/p>\n","protected":false},"author":1,"featured_media":6830,"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":"none","_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":"","_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":[39,34],"tags":[],"class_list":["post-8385","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-high-yield","category-specialist-article"],"_links":{"self":[{"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts\/8385","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\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/comments?post=8385"}],"version-history":[{"count":2,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts\/8385\/revisions"}],"predecessor-version":[{"id":8387,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/posts\/8385\/revisions\/8387"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/media\/6830"}],"wp:attachment":[{"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/media?parent=8385"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/categories?post=8385"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/ha-gim.com\/en\/wp-json\/wp\/v2\/tags?post=8385"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
Where statements are made regarding market developments, returns, price gains, or other increases in asset value, as well as risk metrics, these are merely forecasts, and we assume no liability for their realization. In particular, past performance, simulations, or forecasts are not a reliable indicator of future performance. Asset values can rise as well as fall.
All information has been carefully compiled, in some cases drawing on information from third parties. Individual pieces of information may, in particular due to the passage of time, changes in the law, or current market developments, prove to be no longer accurate\u2014or no longer fully accurate\u2014even at short notice, and are subject to change at any time without prior notice.
Therefore, no warranty is provided regarding the accuracy, completeness, or timeliness of any information. The information is based on our assessment of the current legal and tax situation. To the extent that tax or legal matters are addressed, the recipient should discuss these with their tax advisor or attorney.
\nInvestments in financial instruments involve both opportunities and risks. HAGIM\u2019s policy on handling conflicts of interest is published online at https:\/\/www.ha-gim.com\/rechtliche-hinweiserechtliche-hinweise.
The information contained herein is intended solely for Professional Clients or Eligible Counterparties. This information document is not intended for U.S. citizens, persons with permanent residence in the United States, or legal entities domiciled in the United States, nor may it be distributed in the United States.[\/et_pb_toggle][\/et_pb_column][\/et_pb_row][\/et_pb_section]<\/p>\n","protected":false},"excerpt":{"rendered":"