Börsennotizbuch

Das ist in der Tat die größte Gefahr für die Aktienmärkte — Fire Sales!

Andererseits, wir erinnern uns an Gottfried Hellers Kolumne “Exekutionsware muss man kaufen”.

Dennoch, falls sich die Liquiditätsprobleme (in erster Linie bei den Banken und den Hedge Fonds, in zweiter bei den übrigen Unternehmen) noch weiter verschärfen sollen, könnte man Verkaufsdruck bei den (verbleibenden) liquiden Assets erwarten, darunter natürlich auch bei den Aktien (eigenen und fremden Aktien in den Portfolios der oben genannten Akteure):

A stock market fire sale at the cheapest prices in 13 years is burning investors as companies turn away from the highest credit costs in more than a decade.

Corporations in the U.S. and Europe must repay $1 trillion in debt maturing this year, the most since 2000, data compiled by New York-based Citigroup Inc. show. As the cost of borrowing for investment-grade companies climbed to 2.35 percentage points above government debt in the past year, firms such as Wachovia Corp., Wesfarmers Ltd. and Imperial Energy Plc are selling shares for an average 14.7 times profit, Bloomberg data show. That’s the lowest since at least 1995.

“Companies won’t be getting for their shares what they would have expected months ago,” said Sandro Baechli, 30, a Zurich-based equity strategist at Clariden Leu, which oversees $128 billion. “Debt markets are not welcoming. Companies that desperately need the cash will have to undergo a fire sale.”

Quelle und weitere Details: bloomberg.com, Stocks `Fire Sale’ Burns Investors as Debt Costs Rise