Seit 1.1.2017 sind die ausstehenden nicht strukturierten erstrangig unbesicherten Anleihen deutscher Banken im Insolvenzrang gegenüber anderen Verbindlichkeiten wie strukturierten Schuldtiteln und Geldmarktinstrumenten schlechter gestellt. S&P hat die entsprechenden Ratings daher auf Beobachtung gesetzt und plant eine Gleichstellung mit Hybridanleihen. Bei Moody’s ist das Rating der ausstehenden deutschen Bonds hingegen unverändert Basis für das Emittentenrating. Ähnlich wie Moody’s hatten wir die Neuregelung bereits berücksichtigt, so dass sich keine unmittelbare Auswirkung auf unsere Bonitätseinschätzungen ergibt. Aufgrund von Harmonisierungsbestrebungen auf europäischer Ebene rechnen wir in Analogie zu Frankreich mit der Einführung einer zweiten Klasse von nicht strukturierten Senior-Anleihen auch in Deutschland.
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21 Jeerv uipgsj Vxtwd mbq Vikdy-Juuldhrgunq: „Enzegeohfezd fcb Huul-xf-Fcybzk" awn 5.91.3422
65 Urnfl Nbyxoeloogpkaw bru 7.23.1387/ Ncmdicz 0.8: „LVI-Ybewmcdtq qrkffqjhu Owneyp-Loblvhbnzjpl smblfho zxusowvep"
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