Der Markt für Neu­emis­sio­nen in Deutsch­land 2023 – Deutsch­land kommt nicht vor­an

CORPORATE FINANCE Nr. 01–02 26.01.2024 von Dr. Kon­rad Bösl, Kon­stan­tin Dudeck und Juli­us Hof­mann

Die poli­ti­schen und wirt­schaft­li­chen Rah­men­be­din­gun­gen für Neu­emis­sio­nen waren 2023 sehr schlecht. Das hat in der Neu­emis­si­ons­bi­lanz welt­weit sei­ne Spu­ren hin­ter­las­sen. Es gab so weni­ge Neu­emis­sio­nen wie seit 2016 nicht­mehr. Der schlech­ten Ent­wick­lung hat sich der deut­sche Neu­emis­si­ons­markt naht­los ange­schlos­sen. Drei Neu­emis­sio­nen brach­ten es auf ein Plat­zie­rungs­vo­lu­men von gut 1,9 Mrd. € und trotz ful­mi­nan­ter Jah­res­end­ral­lye war die Kurs­ent­wick­lung bei zwei Neu­emis­sio­nen nega­tiv und schlech­ter als die Gesamt­markt­ent­wick­lung. Die Hoff­nung auf sin­ken­de Zin­sen treibt die Erwar­tun­gen auf mehr Neu­emis­sio­nen und den­noch wird Deutsch­land sei­ne Poten­zia­le nicht aus­schöp­fen kön­nen, da es dem Bör­sen­stand­ort Deutsch­land an Tie­fe und Liqui­di­tät fehlt.

Wei­ter­le­sen auf https://cf-fachportal.de

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