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Der entscheidende Einflussfaktor auf den Preis einer Aktienanleihe ist die Kursentwicklung der zugrunde liegenden Aktie oder des Index oder des Rohstoffs Kennzahl Delta.
Steigende Kurse wirken sich prinzipiell positiv, fallende Kurse dagegen grundsätzlich negativ aus. Dabei darf nicht von einer linearen Beziehung zwischen den Preisen von Basiswert und Aktienanleihe ausgegangen werden: Liegt der Aktienkurs in der Nähe des Basispreises, also am Geld, reagiert der Preis der Aktienanleihe am stärksten auf die Kursbewegungen der Aktie.
Steigt die erwartete Schwankungsbreite für einen Basiswert an, so steigen grundsätzlich die Preise von Optionen Calls wie Puts. Andererseits haben fallende Volatilitäten grundsätzlich einen positiven Einfluss auf die Aktienanleihe.
Die Sensitivität einer Aktienanleihe auf Änderungen der Volatilität ist besonders hoch, wenn der Aktienkurs in etwa auf Höhe des Basiswerts am Geld liegt.
In dieser Konstellation schlägt sich auch die abnehmende Restlaufzeit Kennzahl: Theta deutlich positiv im Preis nieder; dies gilt gegen Laufzeitende, etwa für die letzten drei Laufzeitmonate der Aktienanleihe.
Bei Basiswerten, die während der Laufzeit der Aktienanleihe Erträge etwa Dividenden ausschütten, kann eine Änderung der Markterwartungen zu deren Höhe bis auf die Preise der Aktienanleihe durchschlagen.
Vorsicht: Überraschende Dividendenerhöhungen führen zu einer Wertminderung bei Aktienanleihen; umgekehrt sorgen überraschende Dividendenkürzungen oder deren kompletter Ausfall für steigende Preise der Aktienanleihe.
Anleger sollten vor dem Kauf eine differenzierte Markteinschätzung entwickeln, denn als Anlageinstrument eignet sich die Aktienanleihe weder für stark steigende noch für stark fallende Märkte — im ersten Fall ist der Gewinn auf den Zinskupon begrenzt, im zweiten Fall wird die Rückzahlung des Kapitals unsicher.
Anleger können sich hinsichtlich ihrer individuellen Risikobereitschaft und Renditeerwartung an zwei Parametern orientieren: an der Lage des Basispreises im Verhältnis zum aktuellen Aktienkurs und an der Rest- Laufzeit.
Auch eine negative Aktienkursentwicklung kann bei einer Aktienanleihe mit einem niedrigen Basispreis noch verkraftet werden, ohne dass Kapitalverluste entstehen.
Auch ein sehr niedriger Basispreis ersetzt aber keinen Kapitalschutz. Wer dagegen der Aktie ein gutes Kurspotenzial zugesteht und nicht mit einem Abschwung zum Laufzeitende rechnet, kann seine Erträge optimieren, indem er einen Basispreis wählt, der auf Höhe der aktuellen Notierung oder sogar darüber liegt.
Die erhöhte Risikobereitschaft zieht eine höhere Maximalrendite nach sich. Dennoch sollten Anleger bedenken, dass eine Aktienanleihe eine Short-Put-Position verbrieft, die auf die Vereinnahmung einer Optionsprämie basiert — und somit vom Zeitwertverlust von Optionen profitiert.
Empirisch betrachtet vollziehen sich Kurssteigerungen an Aktienmärkten zumeist langsam und kontinuierlich, während Verluste oft heftig und schnell anfallen: Je besser sich der Geschäftsverlauf eines Unternehmens vorhersagen lässt, desto geringer ist die Unsicherheit über seine Zukunft und desto niedriger wird der Markt die Volatilität einschätzen.
Steigende Kurse werden also oft von rückläufiger Volatilität, fallende Kurse von steigender Volatilität begleitet. Für die synthetische, gedeckte Short-Put-Position in einer Aktienanleihe kann dies bedeuten, dass positive Effekte aus steigenden Kursen durch fallende Volatilitäten noch verstärkt werden.
Umgekehrt können sich sinkende Aktienkurse auch zweifach negativ niederschlagen. Bevor Sie sich für eine bestimmte Aktienanleihe entscheiden, sollten Sie sich immer folgende Fragen stellen:.
Die Aktienanleihe Protect zahlt auch bei einem gefallenen Aktienkurs den vollständigen Nennwert zurück — Voraussetzung dafür ist aber, dass eine bestimmte Barriere während der kompletten Laufzeit niemals berührt oder unterschritten wurde.
Sollte der Aktienkurs dagegen während der kontinuierlichen Beobachtung zumindest einmal die Barriere verletzt haben, dann entfällt die Protect-Funktion und das Produkt verwandelt sich in eine klassische Aktienanleihe zurück: Für die Ermittlung der Rückzahlungsart ist nun wieder einzig relevant, ob der Aktienkurs am Bewertungstag auf oder über dem Basiswert Nennwert plus Zinsen oder darunter Aktienlieferung plus Zinsen notiert.
Während die Barriere einer Aktienanleihe Protect während der gesamten Laufzeit niemals berührt oder unterschritten werden darf, ist der relevante Beobachtungszeitraum für die Barriere einer Aktienanleihe Protect Pro wesentlich kürzer: Er umfasst zumeist nur die letzten drei Monate, manchmal nur den letzten Monat der Laufzeit.
Für das geringere Risiko zahlen Anleger allerdings einen Preis: Die Maximalrendite einer Aktienanleihe Protect Pro ist geringer als die einer ansonsten vergleichbaren Aktienanleihe Protect.
Bei Verletzung der Barriere wandelt sich das Produkt — analog zur Protect-Variante — in eine klassische Aktienanleihe. Die Kuponzahlung erfolgt auch hier unabhängig von der Kursentwicklung des Basiswerts.
Duo- oder Multi-Aktienanleihen beziehen sich nicht nur auf einen, sondern auf zwei oder mehr Basiswerte — das ermöglicht entweder höhere Kupons oder aber tiefere Barrieren für die Protect-Variante.
Sämtliche Bedingungen müssen hier aber nicht nur von einer, sondern von allen Aktien eingehalten werden.
Für jede Aktie wird ein separater Basispreis ggf. Risiken werden in dieser Produktart also nicht diversifiziert, sondern akkumuliert.
Daher ist diese Anlage nicht mit mehreren Anlagen in einzelnen Aktienanleihen Protect vergleichbar. Kommt es am Laufzeitende nicht zur Rückzahlung des Nennwerts, wird die Aktie mit der schlechtesten Kursentwicklung geliefert Worst-of-Prinzip.
Fixkupon-Express-Zertifikate werden jedoch bei Emission nicht nur mit einem festen Zinskupon, sondern zusätzlich mit einem Auszahlungslevel und einer Barriere ausgestattet.
Ihre Barriere wird kontinuierlich betrachtet und darf während der gesamten Laufzeit nicht berührt oder unterschritten werden. Sollte der Aktienkurs am ersten Bewertungstag das Auszahlungslevel erreichen oder überschreiten, wird das Fixkupon-Express-Zertifikat vorzeitig fällig und zum Nennwert zuzüglich Fixkupon zurückgezahlt.
Kommt es zu einer vorzeitigen Rückzahlung, erlischt das Produkt; weitere Zinsen werden nicht mehr gezahlt. Kommt es dagegen nicht zu einer vorzeitigen Tilgung, berechnet sich der Rückzahlungsbetrag bei Endfälligkeit in Abhängigkeit vom Schlusskurs des Basiswerts.
Notiert dieser auf oder über dem Auszahlungslevel, umfasst die Rückzahlung Nennwert und Kuponzahlung. Liegt der Schlusskurs dagegen unterhalb des Auszahlungslevels, muss die Barriere herangezogen werden: Sofern sie im Beobachtungszeitraum niemals verletzt wurde, setzt sich der Rückzahlungsbetrag abermals aus Nennwert und Kupon zusammen.
Bei einem Bruch der Barriere realisieren Anleger dagegen einen Auszahlungsbetrag, der exakt die Entwicklung eines Direktinvestments widerspiegelt — zuzüglich des Fixkupons.
Dabei beruht eine Aktienanleihe immer auf einem sogenannten Basiswert, auf den sich der Kurs der Aktienanleihe bezieht.
Steigt der Basiswert, so steigt auch der Wert der Aktienanleihe. Sinkt der Basiswert, kommt es auch bei der Aktienanleihe zu Verlusten, wobei ein Totalverlust möglich ist.
Doch wie funktionieren Aktienanleihen im Detail, warum ist die risikobehaftete Anlageform dennoch so populär und für wen eignet sich das Finanzderivat ganz besonders gut?
Bei Aktienanleihen handelt es sich um Finanzderivate, die an der Börse gehandelt werden und per Definition zur Gruppe der Zertifikate gehören.
Herausgeber von Aktienanleihen sind meist Banken, wobei die besondere Anlageform mit bestimmten Auflagen verbunden ist. Der Name Aktienanleihe ist dem Aufbau des Produkts geschuldet.
So setzt sich eine Aktienanleihe immer aus einer Anleihe und einer Option zusammen. Im Gegensatz zu klassischen Anleihen kann der Herausgeber einer Aktienanleihe die Anleger nicht nur monetär, sondern auch in Form von Aktien bedienen.
Eine Aktienanleihe besteht im Wesentlichen aus vier unterschiedlichen Hauptkomponenten, die den Wert und die Struktur der Anleihe bestimmen.
Beim Basiswert handelt es sich um den Wert, auf den sich die Aktienanleihe bezieht. Der Couponzins legt wiederum den jährlichen Zinssatz der Anleihe fest, wobei die Zinssätze meist weit über denen von gewöhnlichen Sparbüchern oder Tagesgeldkonten liegen.
Unter dem Nominalbetrag versteht man wiederum den Nennwert der Aktienanleihe, zu welchem diese ausgegeben wird. Schlussendlich verfügt jede Aktienanleihe auch über eine vorab festgesetzte Laufzeit, die in der Regel 12 bis 24 Monate ist.
Aktienanleihen weisen noch zwei weitere Charakteristiken auf, die sie von anderen Finanzprodukten unterscheiden. Dabei handelt es sich einerseits um das Bezugsverhältnis und andererseits um die Barriere.
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