Negativne obrestne mere in cvetoči trg nepremičninskih kreditov na Danskem

Zaradi negativnih obrestnih mer naj bi danska gospodinjstva letos zamenjala za okrog 70 milijard dolarjev kreditov (okrog 20% BDP) za aranžmaje s fiksno obrestno mero in tako dolgoročno “zaklenila” negativne obrestne mere na njihove kredite. Pri tem je zanimivo, da banke zaradi tega ne nosijo negativnih posledic in povečanih tveganj, pač pa je to zanje zelo donosen posel. In to zaradi posebnega mehanizma, ki ga uporabljajo banke. Banke namreč ne delujejo kot kreditodajalke, pač pa kot posrednice: v imenu kreditojemalcev izdajo obveznice in zanje uredijo vse formalnosti (proti zajetnemu plačilu, seveda), nato pa te obveznice prodajo finančnim investitorjem. Slednji so tisti, ki nosijo tveganje in so pripravljeni na to, da načeloma za svojo naložbo dobijo manj, kot so investirali. Alternativne naložbe jim prinašajo še večjo izgubo.

How It Works:

In Denmark’s unusual mortgage market, lenders operate as brokers, issuing bonds on behalf of homeowners and passing payments through to investors. As compensation, they collect issuance, prepayment and loan-administration fees. Denmark made headlines last month when one of its biggest lenders, Jyske Bank, announced it would finance 10-year mortgages with a bond bearing a negative coupon. Jyske won’t actually pay borrowers. Rather, bond buyers get back less than they invested.

David Hellemann, chief financial officer of Nykredit Realkredit, Denmark’s biggest mortgage bank, says the firm has been relatively insulated from the impact of negative rates by the relative size of its bond-backed mortgage unit. It raised its full-year results forecast in July, citing in part remortgaging.

“With our business model, where we have 95% of our lending as mortgage lending, you can say we are somewhat immune to the negative interest rates, due to the fact that they are passed on to the investors and we get the administration margin,” he said in an interview.

Jacob Skinhoj, head of fixed income and Nordic research at Nykredit, says there’s no sign investors are balking at negative rates. “All other rates are below zero,” he said. “Even today, investors get a decent pickup from buying Danish covered bonds — Japanese investors, German investors, U.S. investors.”

Vir: Bloomberg

%d bloggers like this: