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2015/12/15 / Erste Group Research

Credit Markets - Corporate Bonds

  • Outlook 2016: EUR high-yield corporate bonds should on average achieve a better overall performance than investment grade bonds.

  • EUR Primary Market: Attractive frame conditions led to a new record issuance year with a (ytd) volume of EUR 305bn. We think that issuance activity will stay on a high level in 2016, however, it will slow down a bit. Our forecast of the total issue volume in 2016 in the EUR primary market is EUR 290bn. In Austria we expect the issue volume to reach EUR 3.2bn in 2016 (2015: 2.5bn).        

  • PORR: Revenues and margins improved. Net debt per 09/30 is supposed to be transformed into a net cash position by FY-end 2015.

  • STRABAG: The company delivered good operating figures in 9M 2015 and had a solid financial and liquidity profile per 09/30. The guidance for FY 2015 was confirmed by management: Output ~EUR 14bn, EBIT > 300mn. 

  • Swietelsky: A good operating performance was presented in H1 2015/16. The debt payoff period stayed on the same level, the interest coverage improved. The company had a net cash position per 09/30. 

Peter Kaufmann, CFA
+43 50 100 11183

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General information

AuthorErste Group Research
Product nameCredit News
Topic in focusCredits/ Corporate bonds
Economy in focusEurozone
Currency in focusEuro
Sector in focusConstruction & Material


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