The ECB has - as expected - paused on interest rates, but the main topic remains the Middle East conflict and concerns about an escalation. In corporate bonds, there is bad news from SoWiTec. In addition, PNE suffers from the Siemens Energy crisis.
27 October 2023. FRANKFURT (Börse Frankfurt). Der Gaza-Krieg hat die Märkte weiter fest im Griff. „Die Unsicherheit ist groß, das Geschäft daher eher dünn“, berichtet Rainer Petz, der für Oddo BHF Anleihen handelt. Für keine zusätzliche Unsicherheit sorgte diese Woche die EZB, sie lieferte wie erwartet. Auf ihrer gestrigen Sitzung beschloss sie, den Hauptrefinanzierungssatz bei 4,50 Prozent zu belassen, der Einlagensatz bei 4 Prozent.
Yields declined somewhat on a weekly basis. Ten-year Bunds yielded 2.84 percent Friday morning, down from 2.90 percent a week ago. U.S. Treasury yields in the ten-year segment, which had reached 5 percent again this week, are at 4.86 percent on Friday morning.
Next week, it's right back to central bank meetings. The U.S. Federal Reserve meets, also still the Bank of England and the Bank of Japan. For the U.S., the Fed is expected to leave the key interest rate range at 5.25 to 5.50 percent.
In bond trading, long-dated government bonds are definitely in demand at the moment: "In the weak market, people are often snapping up, for example, bonds from Austria, Italy or Spain," reports Arthur Brunner of ICF Bank.
"At least four percent yield"
In the corporate bond business, it's business as usual: According to Tim Oechsner of Steubing AG, bonds with short and medium maturities, 1,000 denomination, well-known name and good credit rating are popular - preferably from Germany. "Above all, they must yield at least 4 to 5 percent." Bonds from Bayer (XS2630111719), Continental (XS2630117328) and Mercedes-Benz (DE000A3LH6T7), for example, are doing well, he says. However, he also sees buying in the bond issued earlier this month by Austrian building materials group Wienerberger (AT0000A37249) and the U.S. dollar bond of U.S. farm equipment maker John Deere (US24422EWZ86). These currently yield 4.87 and 5.74 pr
By Anna-Maria Borse, 27 October 2023 © Deutsche Börse AG
Anna-Maria Borse is a finance and economics editor specializing in financial markets/stock markets and economic topics.
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