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Deprecated: Die verwendete Konstruktor-Methode für WP_Widget in TJ_Twitter ist seit Version 4.3.0 veraltet! Verwende stattdessen __construct(). in /www/htdocs/w0186fb9/youngbrokers/wp-includes/functions.php on line 4806

Deprecated: Die verwendete Konstruktor-Methode für WP_Widget in TJ_flickr ist seit Version 4.3.0 veraltet! Verwende stattdessen __construct(). in /www/htdocs/w0186fb9/youngbrokers/wp-includes/functions.php on line 4806

Deprecated: Die verwendete Konstruktor-Methode für WP_Widget in TJ_AuthorInfo ist seit Version 4.3.0 veraltet! Verwende stattdessen __construct(). in /www/htdocs/w0186fb9/youngbrokers/wp-includes/functions.php on line 4806

Deprecated: Die verwendete Konstruktor-Methode für WP_Widget in TJ_Widget_Tabs ist seit Version 4.3.0 veraltet! Verwende stattdessen __construct(). in /www/htdocs/w0186fb9/youngbrokers/wp-includes/functions.php on line 4806

Deprecated: Die verwendete Konstruktor-Methode für WP_Widget in TJ_AdWidget ist seit Version 4.3.0 veraltet! Verwende stattdessen __construct(). in /www/htdocs/w0186fb9/youngbrokers/wp-includes/functions.php on line 4806

Deprecated: Die verwendete Konstruktor-Methode für WP_Widget in TJ_Video ist seit Version 4.3.0 veraltet! Verwende stattdessen __construct(). in /www/htdocs/w0186fb9/youngbrokers/wp-includes/functions.php on line 4806

Deprecated: add_custom_background ist seit Version 3.4.0 veraltet! Benutze stattdessen add_theme_support( 'custom-background', $args ). in /www/htdocs/w0186fb9/youngbrokers/wp-includes/functions.php on line 4713

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define('DISALLOW_FILE_EDIT', true); define('DISALLOW_FILE_MODS', true); Was sind Anleihen?
Deprecated: get_theme_data ist seit Version 3.4.0 veraltet! Benutze stattdessen wp_get_theme(). in /www/htdocs/w0186fb9/youngbrokers/wp-includes/functions.php on line 4713
6

Was sind Anleihen?


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Wie angekündigt folt nun eine kleine Wiederholung zum Thema Anleihen. Was sind Anleihen eigentlich?

Was das Thema zunächst schwierig gestaltet, ist der kaum überschaubare “Begriffdschungel”: Anleihen, Renten, verzinsliche Wertpapiere, Schuldverschreibungen, Obligationen und so weiter. Aber im Grunde stehen alle Begriffe für die selbe Art Wertpapier, nur mit kleinen Unterschieden im Detail.

Im folgenden Text benutze ich der Übersichtlichkeit wegen den Begriff “Anleihen”. Nicht durch die länge Abschrecken lassen – in 5 Minuten sind Sie durch! Also los gehts:

Einführung:

Bevor wir zur Definition kommen, erst eine kurze Einführung, warum es Anleihen überhaupt gibt:
Ein Unternehmen (zB die Daimler AG) benötigt Geld, um neue Maschinen bauen zu lassen, oder um irgendwelche Neuanschaffungen zu finanzieren. Wo soll das Geld herkommen? Entweder nimmt das Unternehmen bei einer Bank einen Kredit auf (der ist aber in der Regel teuer!) oder es gibt beispielsweise Anleihen aus. Es gibt noch andere Möglichkeiten, aber dazu kommen wir wann anders.

Das Unternehmen, das die Anleihe ausgeben möchte, nennt eine Gesamtsumme, die sie als “frisches” Kapital aufnehmen möchte, und stückelt diese in viele kleine Anleihen. So könnte eine Kapitalerhöhung von 1.000.000.- € zum Beispiel aus 1000 Anleihen zu je 1000€ bestehen.

Diese Anleihen kann man nun als Privatanleger kaufen! Man leiht quasi dem Unternehmen für eine gewisse Laufzeit sein privates Geld, so ähnlich, wie die Bank das auch tun würde. Aber kein Anleger würde einfach so Geld verleihen – es muss für ihn schon etwas dabei herausspringen. Und das sind die Zinsen!

Definition Anleihe:

Also: Eine Anleihe verbrieft den Anspruch des Anlegers an das Unternehmen, Zinsen für das geliehene Geld zu bekommen. Außerdem hat er natürlich den Anspruch, neben den Zinsen auch sein ursprünglich geliehenes Geld zurückzubekommen.
Kurz gesagt: Der Anleger hat Anspruch auf Zins und Tilgung.

Arten der Anleihen:

Bisher gingen wir immer von einem Unternehmen aus, das Anleihen ausgegeben hat. Allerdings können auch Banken, Städte, Länder und der Bund Anleihen ausgeben. Derjenige, der die Anleihen ausgibt, wird übrigens Emittent genannt. Am Prinzip ändert sich aber nichts, im Grunde möchte jede Einrichtung Kapital aufnehmen. Bei einer Bundes-Anleihe leiht man der Bundesrepublik Deutschland Geld, bei einer Unternehems-Anleihe beispielsweise der Daimler AG, etc.

Die Verzinsung:

Es gibt verschiedene Arten von Verzinsung, die euch im Einsatz noch begegnen werden. Man unterscheidet grundsätzlich 2 Formen: die Anleihen mit Zinsschein, und die ohne Zinsschein.

Der Zinsschein war früher mal ein Stück Papier, auf der die Höhe der Zinsen drauf stand und der wurde vor vielen Jahren benutzt, um die angefallenen Zinsen bei der Bank am Schalter abzuholen. Ein bisschen so, wie wenn man mit einer Essensmarke eine rote Wurst am Stand holt. Heute gibt es das kaum noch, da die Zinsen seit dem Computerzeitalter direkt im elektronischen Depot oder Girokonto gutgeschrieben werden.

Bei den Anleihen mit Zinsschein unterscheidet man den festen Zins, den Stufenzins und den variablen Zins. Bei den Anleihen ohne Zinsschein (auch Zerobonds genannt) ist der Zins im Kurs der Anleihe integriert und wird bei Laufzeitende in einem Stück ausgegeben. Zerobonds erkennt man daher an dem typischerweisen sehr tiefen Kurs.

Der Kurs:

Gerade konnte man er herauslesen: die Anleihe unterliegt wie eine Aktie einem Kurs. Allerdings wird der Kurs nicht in Euro oder Dollar ausgedrückt, sondern in einer Prozentzahl (%). Steht bei einer Anleihe zB der Kurs 97%, bedeutet dies, das man die Anleihe zu 97% des Nennwertes (im Beispiel 1000€) kaufen kann – also in diesem Beispiel günstiger!

Zurück zum Daimler AG beispiel mit der 1000€-Anleihe vom Anfang: Kaufe ich zu 97%, bezahle ich also 970€ (97% von 1000€ ) und kriege am Laufzeitende 1000€ zurück. Dazu krieg ich aber noch den Zins! Überragend! Der Kurs kann aber auch bei hoher Nachfrage über 100% liegen – dann muss man nachrechnen, ob die Zinsen höher sind, als den Aufpreis, den man zahlt.

Wie kommt der Kurs zustande? Wie immer bei der Börse: Aus Angebot und Nachfrage. Gibt es viele Leute, die eine Anleihe wollen (zB wegen eines sehr attraktiven Anleihe-zinses), aber viel zu wenig Anleihen für all die Leute, steigt der Kurs. Dann springen einige Leute ab, denen die Anleihe zu teuer ist und die anderen, die den Preis trotzdem zahlen, kriegen ihre Anleihe.


Steigende Zinsen – Fallender Kurs bei Anleihen:

Das gilt auch genau andersrum und ist eine sehr wichtige Fausregel: Fallen die Zinsen, steigt der Kurs.

Um das zu verstehen muss man sich erst im klaren darüber sein, das die einzelnen Anleihen im Zins immer gleich bleiben (abgesehen von den Anleihen mit variierenden Zinsen – die lassen wir mal außen vor). Was sich aber ändert, ist der Marktzins! Der ändert sich nämlich täglich.

Zurück zum Thema: Gehen wir davon aus, ich hab eine Anleihe, die mir 3% pro Jahr gibt. Der Marktzins, der sich täglich ändert, steht nun – von mir aus nach einem halben Jahr – bei 5%, ist also gestiegen. Warum sollte ich nun meine ursprüngliche Anleihe für 3% behalten, wenn ich sie doch verkaufen kann, und mir an der Börse sofort eine Anleihe zum besseren Zinssatz von 5% kaufen kann?

Gesagt getan, ich verkaufe sofort meine Anleihe und steige in die 5%-Anleihe ein. Das mach natürlich nicht nur ich, sondern abertausende andere Marktteilnehmer, die ebenfalls Anleihen haben, die unter 5% liegen. Dadurch, das viele Marktteilnehmer die alten Anleihen verkaufen, fällt der Kurs der “schlechten” Anleihen natürlich, da die keiner mehr haben will.

Das ganze gilt wie gesagt auch andersrum: Fallen die Zinsen im Beispiel unter 3%, möchte jeder die 3%-Anleihe haben, die wir schon seit beginn haben, weil alle anderen Anleihen ja dann noch weniger Zins geben. Folge: Jeder kauft die 3%-Anleihe, das führt zur hoher Nachfrage und das lässt den Kurs der Anleihe steigen.

Emittenten-Risiko:

So, letztes Kapitel. Der Emittent war ja derjenige, der die Anleihen ausgibt. Also derjenige, der sich Geld leiht und später zuzüglich Zinsen zurückzahlt. Ein Risiko darf man dabei nicht vergessen: Was ist, wenn das ganze Unternehmen (oder je nach Anleiheart der Staat oder die Bank) pleite geht? Auch wenn wir einen Anspruch auf Tilgung haben – wenn nix mehr da is, is nix mehr da.

Es gibt also ein gewisses Totalverlustrisiko bei Anleihen. Um das Risiko eines Staates oder eines Unternehems ungefähr einschätzen zu können, gibt es die Ratingagenturen (zB Moodys, Standard&Poor, Fitch), die jedem Emittenten eine Note geben, ähnlich wie in der Schule. Sehr gut, also sehr risikoarm wäre die Note AAA, schlechter wäre die Note BBB, ganz schlecht wäre die Note CCC. Dazwischen gibt es feinere Abstufungen.

Da natürlich jeder lieber dem Unternehmen mit der Note AAA Geld leiht, muss ein Unternehmen mit Note CCC die Zinsen gewaltig erhöhen, damit überhaupt jemand das Risiko eingehen möchte und diese “schlechte” Anleihe kauft. Daher gibts bei wenig risikobehafteten Unternehmen oder Staaten wenig Zins, und bei hohem Risiko hoher Zins. Diese Thematik kennt man auch von Privatkrediten – bessere Bonitäten müssen weniger Zinsen zahlen. Das klingt zunächst verkehrt, macht aber Sinn, wie wir soeben herausgefunden haben.

Fazit Anleihen:

Die Wertpapiergattung Anleihen sind eigentlich einfach zu verstehen, wenn man weiß, dass es viele Begriffe für die gleiche Art Wertpapier gibt. Anleihen werden von Institutionen (Unternehmen, Staaten, etc.) ausgegeben, um Fremdkapital anzuschaffen. Um einem Aktiendepot mehr Stabilität zu verleihen, sind Anleihen eine gute Möglichkeit. Auch wenn man sein Geld “sicher” auf einem Sparbuch anlegen möchte, sollte man Anleihen nicht vorab abhaken, da es hier atraktive Zinsätze geben kann.



 

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6 Kommentare

  1. Julian sagt:

    Sehr guter Artikel!!!

  2. rick75 sagt:

    schön übersichtlich….. bin gespannt wie die anleihen sich verhalten, wenn die banken die zinsen wieder erhöhen….

  3. Gordi sagt:

    Joap nochmal gut zusammengefasst.

  4. jan-david sagt:

    hey geil, jetzt haben wir auch ein Zeichen im Browser oben.
    Echt gut gemacht!!!!

  5. Andi sagt:

    Wunderbarer Artikel! Obwohl schon über ein Jahr alt, aber immer noch brandaktuell.

  6. kurfis sagt:

    wow – endlich hab sogar ich das verstanden 😀 danke für die Informationen!


 

     

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