Der private Kreditmarkt ist von der Krise in der Ukraine relativ gut abgeschirmt worden. Weniger als ein Drittel der Unternehmen, die von den Analysten von Fidelity International beobachtet werden, sind direkt oder indirekt in Russland oder der Ukraine engagiert. Wo Engagements bestehen, sind diese in der Regel nicht gross, und nur wenige europäische Leveraged-Loan-Kreditnehmer sind in der Region über operative Aussenposten hinaus präsent. Das eine Drittel der erfassten Kredite, die in irgendeiner Form Handelsbeziehungen mit Geschäftspartnern in der Ukraine oder Russland unterhalten, ist nicht wesentlich: Solche Geschäfte machen in der Regel weniger als 2 % der Konzerneinnahmen oder Einkäufe aus. Selbst die Unternehmen mit kleinen Geschäften in Russland stellen fest, dass sie nur über geringe Bargeldbestände in dem Land verfügen.
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Sonnenblumen und Knappheit: Die Auswirkungen des Ukraine-Krieges auf die private Verschuldung
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Zurich, 3rd February 2014