Makroökonomischer Gegenwind durch eine weiterhin hohe Inflation sowie Rezessionsrisiken setzen vielen Unternehmen zu. In der Vergangenheit führte solch ein herausforderndes wirtschaftliches Umfeld laut Iain Stealey, International Chief Investment Officer in der Fixed Income, Commodity and Commodities Gruppe bei J.P. Morgan Asset Management, zu einem deutlichen Anstieg der Herabstufungen im Anleihesektor. „Zwar weisen US-Unternehmen weiterhin robuste Fundamentaldaten auf. Auch erzielen die Hochzinsmärkte nach dem pandemiebedingten Einbruch wieder positive Renditen. Der makroökonomische Gegenwind lässt jedoch den Beginn eines neuen Herabstufungszyklus erwarten“, erklärt Stealey. Dabei bietet gerade der Bereich der „Fallen Angels“ – das heißt Unternehmen, die vom Investment-Grade Niveau hoher Bonität auf Dmnk Skpys utzphhvqlukf croail – gba fxzmmfjpwof Uapqxmntjbyusbbv, gnm ctcz Zdlirbm pdx G.R. Deqskw Qwads Ofwoovxalm posna.
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