13.11.2012 09:37
Bewerten
 (0)

Marktkommentar von AXA Investment Managers

€ Credit Perspective November 2012

October was another supportive month for credit spreads, with our Merrill Lynch generic index tightening by 19bps, an acceleration of the trend experienced over the past few months. Swap spread were rangy, whilst government rates were supportive on the front end of the curve, and the monthly absolute return for the asset class was 1.05%, a slight uptick from last month, leaving the cumulative returns year to date at an impressive 11%.

Performance was more homogeneous across segments than in September, with both core and periphery credit tightening, whilst periphery credit did clearly outperform, tightening by 44bps for the corporates and 29bps for the financials, compared to 15bps and 21bps for the respective core segments. Similarly, subordinated financials did outperform the index during the month, tightening by 57bps, whilst financial senior paper lagged, tightening by a slower 12bps. The coercive subordinated to senior exchange announced by Intesa San Paolo, together with the removal of call options on its outstanding Lower Tier 2 at the very end of the month cooled off the rally, impacting the whole capital structure, but was not sufficient to derail the market performance.

Markets were focussing on Spain, waiting to get answers on the outstanding questions as to when the country would apply for support within the ESM and as to what would be the decisions from rating agencies. Spain disappointed on the first point, not showing sufficient resolve towards a plan, in spite of a on-going weak macro-economic news, whilst S&P surprised negatively with a two notch downgrade to BBB- with a negative outlook, and Moody’s surprised very positively on the other hand, affirming the country’s rating at Baa3, with a negative outlook. This was sufficient to appease markets, which simply wanted to get clarity from agencies, whatever the outcome. The Spanish sovereign curve has been quite resilient as well, as a result of the underlying threat of buying from the ECB, which in turns puts limited pressure on Rajoy to apply for aid, whilst our expectations would be that the market patience could grow thin if no package is approved by the very beginning of next year. In the meantime, Greece was also in the news in a desperate attempt to keep the support from the Troika. The banking union project took a step back, with Germany working on reducing its scope and delaying its implementation.

Der Marktkommentar im pdf-Dokument.

powered by
€uro FundResearch

Fondsfinder

Suchen

Heute im Fokus

DAX stabil -- Asien schließt stärker -- Großaktionäre drängen STADA-Führung zu Okay für Übernahme -- CTS, United Internet, RATIONAL, Rheinmetall und KRONES erhöhen Dividende -- GfK, Facebook im Fokus

Drillisch setzt nach Gewinneinbruch auf mehr Premiumkunden. LEONI erwartet steigendes Ergebnis. Autobauer Chery sieht Rechte durch Daimler-Elektromarke EQ verletzt. GfK: Inflation dämpft Konsumlaune der deutschen Verbraucher. MediGene plant wichtigen Studienstart. Pfeiffer Vacuum will nach abgewehrter Busch-Übernahme deutlich zulegen.
Anzeige
Anzeige
Börse Stuttgart Anlegerclub

Familienunternehmen: Rendite und Sicherheit!

Zwischen Eigentümern und Managern eines Unternehmens besteht häufig ein Interessenskonflikt hinsichtlich kurz- und langfristiger Ziele. Familien- und eigentümergeführte Unternehmen haben solche Konflikte meist nicht. Für Aktionäre sind solche Unternehmen daher meist eine lohnenswerte Investitionsmöglichkeit. Im neuen Anlegermagazin lesen Sie, welche drei Familienunternehmen einen näheren Blick wert sind.
Anlegermagazin kostenlos erhalten

Umfrage

Welche Risikopräferenz haben Sie beim Kauf eines Wertpapiers? Welcher der drei folgenden Risikoklassen würden Sie sich persönlich zuordnen?

Online Brokerage über finanzen.net

Das Beste aus zwei Welten: Handeln Sie für nur 5 Euro Orderprovision* pro Trade unmittelbar aus der Informationswelt von finanzen.net!
Beliebte Suchen
DAX 30
Öl
Euro US-Dollar
Goldpreis
Meistgesucht
Deutsche Bank AG514000
Daimler AG710000
Volkswagen AG Vz. (VW AG)766403
CommerzbankCBK100
Apple Inc.865985
Nordex AGA0D655
E.ON SEENAG99
Allianz840400
BASFBASF11
SAP SE716460
Deutsche Telekom AG555750
BMW AG519000
Siemens AG723610
Deutsche Lufthansa AG823212
MediGene AGA1X3W0