Din guide til virksomhedsobligationer
Investering i obligationer kan være en fremragende måde at tjene et afkast på din kapital, mens risikoen for kapitaltab er mindre end ved eksempelvis aktier. Dette er især værdifuldt, når du kommer tæt på et økonomisk mål, når volatiliteten på aktiemarkedet kan resultere i store – og hurtige – kapitaltab og når det kommer til at tjene de højeste renter, kommer virksomhedsobligationer ofte ud foran statsobligationer udstedt af regeringen.
En virksomhedsobligation er et gældsinstrument udstedt af en virksomhed til at skaffe penge. I modsætning til et aktietilbud, som investorer køber en andel i selve virksomheden, er en obligation et lån med en fast løbetid og et renteudbytte, som investorerne vil optjene. Når det modnes eller når slutningen af perioden, tilbagebetaler selskabet obligationsejer.
Sådan fungerer virksomhedsobligationer
En virksomhedsobligation er et lån til et selskab i en forudbestemt periode. Til gengæld accepterer virksomheden at betale renter (typisk to gange om året) og derefter tilbagebetale obligationens pålydende værdi, når den udløber.
Du kan læse mere om hvad en obligation er her
Mens obligationer med fast rente er de mest almindelige, er der andre, der skal overvejes, herunder obligationer med variabel rente, nulkuponobligationer og konvertible obligationer. Obligationer med variabel rente har variabel rente, der ændrer sig baseret på benchmarks som statskassen. Disse udstedes normalt af virksomheder, der betragtes som under investeringskvalitet, dem med “uønsket” status. Nulkuponobligationer leveres ikke med rentebetalinger, i stedet betaler du under pålydende (det beløb, som udstederen lover at tilbagebetale) og får fuld værdi ved udløbet. Konvertible obligationer giver virksomhederne fleksibilitet til at betale investorer med fælles aktie i stedet for kontanter, når en obligation modnes.
Sådan køber virksomhedsobligationer
Generelt er der tre måder at købe virksomhedsobligationer på:
- Ny udstedelse
- Sekundært marked
- Obligationsfonde
Ny udstedte obligationer tilbydes for nylig fra et selskab, der ønsker at skaffe kontanter. Du betaler pålydende, og virksomheden modtager provenuet.
Det sekundære marked er, hvor du kan købe allerede udstedte obligationer fra investorer, der ejer dem og ønsker at sælge før udløb. Prisen kan være højere eller lavere end pålydende, afhængigt af rentesatser (for at holde udbyttet konkurrencedygtigt med udbytter betalt af ny udstedte obligationer) samt den udstedende virksomheds økonomiske tilstand. F.eks. handles obligationer udstedt af et selskab, der muligvis ikke er i stand til at opfylde sine økonomiske forpligtelser, ofte med en rabat til pålydende på det sekundær markedet og kompenserer købere for de risici, de påtager sig.
En obligationsfond giver dig mulighed for at investere i en bred gruppe af obligationer, og et antal obligationer investerer udelukkende i erhvervsobligationer. Individuelle obligationer kræver typisk mindst € 1.000 investering, hvilket kan gøre det vanskeligt for mange mennesker at opbygge en diversificeret obligationsportefølje. Hvis du arbejder med mindre kapitalmængder, kan en obligationsfond være ideel, da den mindste investering er prisen på en enkelt andel af en ETF.
Sådan tjener du penge på virksomhedsobligationer
Investering i erhvervsobligationer er generelt en del af en strategi for at beskytte din kapital og tjene penge på de betalte renter.
Du kan også tjene penge ved at investere i obligationer, der handles med en rabat til ”face value”. Dette kan opstå af et par grunde. En af årsagerne er en ændring i rentemiljøet, der resulterer i, at et obligations pris reduceres for at konkurrere med nye udstedelser.
En obligations pris kan også reduceres, hvis et selskab risikerer ikke at være i stand til at opfylde sine gældsforpligtelser eller kan blive tvunget til at udstede aktier for at afbetale konvertible obligationer. I disse tilfælde er obligationsejere ofte villige til at sælge under nominel værdi for at reducere risikoen for yderligere potentielle tab. Der er bestemt større risiko med obligationer i disse situationer, da disse selskaber kunne misligholde deres gæld, hvilket resulterer i tab for deres obligationsejere.
Virksomhedsobligationer vs. aktier
Aktier er direkte ejerskab i selskabet, mens obligationer er et lån med et forudbestemt afkast. Derfor er værdien af dets obligationer, selv for et stærkt og rentabelt selskab, stabilt, selv hvis aktiekursen ændrer sig markant. Du ved normalt, hvad du får med et obligation.
Værdien af en virksomheds aktie kan imidlertid svinge markant og er ofte baseret på fremskrivninger af, hvad folk tror, det kan tjene i fremtiden. Som et resultat kan aktiekurser være meget ustabile, mens virksomhedsobligationer har en tendens til at holde deres værdi. Du bytter det potentielt højere afkast ved aktier med forudsigeligheden af obligationer.
Du kan læse om hvordan obligationer kan hjælpe med at stabilisere din portefølje her
Fordele og ulemper ved virksomhedsobligationer
Den største fordel ved erhvervsobligationer er stabilitet. Obligationer har en tendens til at holde på tværs af alle økonomiske omgivelser, så længe det udstedende selskab forbliver i god form. Selv de bedste selskabers aktier kan gå ned med markedet, og denne volatilitet kan føre til store tab, hvis du har brug for at sælge på et bestemt tidspunkt.
Ulempen er, at denne stabilitet kommer på bekostning af lavere langsigtede afkast. Vi kan eksempelvis se, at SPDR S&P 500 ETF Trust er steget med mere end 250% de seneste 10 år, hvor Vanguard Long-term Corporate Bond ETF er steget med mere end 120% og Vanguard Short-Term Corporate Bond ETF kun er steget med lidt under 40%.
Virksomhedsobligationer er optimale, hvis du vil skabe noget stabilitet i din portefølje eller hvis du er (eller kan) blive afhængig af den indskudte kapital i løbet af de næste fem år eller mindre. I længere perioder kan obligationerne ikke konkurrere med det gennemsnitlige markedsafkast.
Sådan kan du udvælge virksomhedsobligationer til din portefølje
Lad os starte med kreditvurderinger. Der er tre kendte kreditvurderingsselskaber i USA: Standard & Poor’s (S&P), Moody’s og Fitch.
Generelt set så, jo lavere en kreditvurdering, destro højere er den rente, en virksomhed har at tilbyde for at kompensere for højere risiko. Virksomhedsobligationer, der er klassificeret under BBB af S&P og Fitch og Moody’s, betragtes som meget usikre obligationer. De fleste investorer bør undgå så usikre obligationer, da risikoen for permanente tab er meget højere end med virksomhedsobligationer af god kvalitet.
Ud over kreditvurderingen er en obligations rente generelt et produkt fra dens løbetid. Jo længere sigt, jo højere er renten, hvilket jf. ovenstående også kan ses på Vangaurd short-term og long-term afkast.
Er virksomhedsobligationer rigtige for dig?
Er du kun få år fra et økonomisk mål? I så fald kan det være på tide at begynde at flytte dine aktiver væk fra aktiers volatilitet og tilføje flere virksomhedsobligationer til din portefølje. Husk dog, at virksomhedsobligationer historisk set har underpræsteret i forhold til aktier på længere sigt. Så for meget eksponering for obligationer for tidligt kan hæmme dit afkast.
Hvilke obligationer, passer din risikoprofil samt portefølje
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