Looking in all directions during the selection process
Private investors, institutional investors
The convertible-bond and high-interest bond offerings are authorized for sale to private investors and institutional investors. The structured products and services offerings (asset management, investment funds for a broader spectrum of investors, depot analyses, second opinions) are directed only to private investors.
Our products and services are directed only to investors from Switzerland, Germany, Austria and Liechtenstein (CH, DE, AT, LI).
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Our selection of suitable high-yield bonds is based on a 360° assessment of macro- and micro-economic factors like the political environment, currency and interest rate trajectories (top-down) as well as systematic evaluation of individual high-interest bonds with a strategic focus on high-potential countries, sectors and markets (bottom-up). A holistic view of the world of business and finance makes it possible to recognize potential in time.
Bonds that yield an above-average interest coupon compared with the usual interest rates of investment-grade corporate bonds, government bonds or savings accounts are called high-interest bonds. In the current low-interest environment, this is of course relative, but usually it is 4% over inflation. The credit-quality segment includes every NON-investment-grade segment, meaning everything under a BBB- investment quality (BB+-CCC-). The issuers are either companies that because of their cyclical nature are subject to greater economic/sales fluctuations and risks or companies that are being developed further with private-equity shareholders and thus have a higher debt burden, or developing countries.
With regard to the latter, we as a sustainably acting company must also, in addition to the usual standard ESG criteria, ensure that such a company is not just being squeezed out, but that the debt burden and dividend policy are reasonable; politics also increasingly play a significant role in developing/emerging-market countries with regard to whether a country is, in our view, developing in a direction that is too totalitarian, meaning away from the people and toward the ruling powers.