SPAIN: Corporate bonds, an object of desire / Cinco Dias / The spurt of corporate issues earlier this year was driven by the lowering of interest on government debt due to the implementation of the program to purchase the assets of the ECB. Thus, taking into account that the first months of the year are usually living as capital markets are concerned, corporate bonds the first quarter experienced a breakthrough. That pace slowed hand sources of uncertainty, driven by the situation in Greece, led the markets to correct part of the rally. The summary is that between January and July by 11,900 million debt, only 17% of the total debt issued in Spain and 14% below the same period a year earlier.
Analysts placed yet trust in the second half resurgence corporate issues, taking advantage of liquidity, low interest rates, the program helps Mario Draghi, improving market conditions and, of course, it is clear the problem of Greece. A framework that would be suitable for investor confidence in new issues if the government arising from the Hellenic elections scheduled for late September, no further complicates things when implementing the adjustment measures to be undertaken in exchange Athens the third rescue.
Also, do not miss new uncertainties that may cause doubt the investor, as uncertainties about the strength of growth in China and the collapse in oil prices in minimum for bookings record that has accumulated in the US. And all this while the Federal Reserve hints that looks closer the rate hike. If the first part of the year many companies rushed to the debt market to fund or to redeem outstanding bonds for others with lower interest is to see that the second half offers the same possibilities for financing in the face of new investments or, at least, improve balance sheets and credit profile, and change the picture of your creditors to rely less on the bench.
Despite the virtuous situation in the good months, and the Treasury placing negative, the lowest sovereign debt interest to Spanish companies that got out was that recorded by Enagas, in March placed 400 million with a coupon of 1%. However, experts are optimistic that in the second half of the year can revive the market and intense live a new stage in corporate debt. The truth is that if the Greek turmoil were the main reason for postponing projected emissions, nothing indicates that the early elections will bring a more peaceful climate.
key inside, however, the general elections scheduled for New Year’s Eve in Spain not greatly disturb the experts, or considering the arrival of the emerging parties and the alleged distribution of power that this can entail. Rather they cite some of the latest releases, which have registered an indicative oversubscribed, with remarkable presence of international investors, and emphasize that at the time it opens a new window of stability companies issue debt again. Still, it is inevitable volatility that often get couples to surveys
The search for yield is never easy, and always must be determined before investing risk profile, because what does not change is the relationship Reverse risk / return. The investor should be aware that returns can aspire to fixed income is rather low by setting minimum interest rates. Those more daring will always have opportunities, for example, in high yield bonds of European companies with the worst score or the most profitable emissions emerging market companies. But the field remains to daring, and taking into account the already storm clouds loom over the Brazilian economy.
The major European companies are financed almost free today, but there will always be interesting alternatives, as flexible coupon bonds, where not offered a preset fixed but this is linked to an indicator such as the Euribor. And an option to squeeze profitability are investment funds specialized in this field, and among these, although it seems obvious, which have already proven to be more profitable.
Information Cinco Dias
www.entornointeligente.com
Visite also www.mundinews.com | www.eldiscoduro.com | www.tipsfemeninos.com | www.economia-venezuela.com | www.politica-venezuela.com | www.enlasgradas.com | www.cualquiervaina.com | www.espiasdecocina.com | www.videojuegosmania.com
Follow us on Twitterentornoi
No comments:
Post a Comment