Siemens CEO Roland Busch takes a selfie before the annual general meeting: the industrial group is breaking new ground on the bond market.
Image: AFP
2022 was a devastating year for bonds. 2023 almost inevitably has to be better. This offers opportunities, but caution remains the order of the day.
Man cannot claim that the bond market has been quiet for the first few months of this year. This also applies to the issuing market, especially for senior bonds and covered bonds. The latter issued a volume of EUR 40 billion in January. That’s almost half of what came about in 2021 as a whole. However, this increased issue volume is not entirely new, as Pfandbriefe with a nominal value of EUR 200 billion came onto the market in 2022. DZ Bank is expecting a volume that is not quite as high this year, but still significantly more than the usual level of 140 billion euros.
As is so often the case, private investors don’t have that much of it, because most of it gets into good hands even before the news has reached any customer advisor in a Volksbank, Sparkasse or the like. Or the minimum investment is once again so high that the contents of the wallet are not sufficient in the first place, or the investor would at least be ill-advised to bet the pennies he has saved on just this one horse.
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