Ordentlich durchgeschüttelt
Nach dem Zusammenbruch von Lehman Brothers, einem bedeutenden Emittenten strukturierter Schuldverschreibungen, richtet sich die kritische Aufmerksamkeit verstärkt auf das Kreditrisiko. Den Händlern zufolge werden die Kunden genauer auf das Kreditrisiko der Emittenten schauen als je zuvor. Welche Auswirkungen wird das auf die Dynamik am Markt für strukturierte Produkte haben? Von John Ferry
Nachdem das Kaleidoskop ordentlich durchgeschüttelt wurde, sind die Einzelteile des Markts für strukturierte Produkte noch immer in Bewegung. Die neue Anordnung der Teile und das künftige Bild des Marktes liegen noch nicht fest. Aber eines ist jetzt schon sicher: die Investoren in strukturierte Schuldverschreibungen werden künftig sehr viel genauer auf das Ausfallrisiko des Instituts achten, das das Produkt emittiert.
Bis vor kurzem hätte es einem potenziellen Käufer strukturierter Produkte
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