Die Wandelanleihe oder auch Convertible Bond stellt wie eine standardmäßige Anleihe eine Schuldverschreibung dar, die dem Käufer regelmäßige Zinszahlungen und nach einer vorher festgelegten Laufzeit die Tilgung der verliehenen Summe gewährt. Zusätzlich hat der Besitzer einer Wandelanleihe aber das Recht, statt einer Tilgung der Anleihe Aktien des ausgebenden Unternehmens zu kaufen.
Wandelanleihen
Die Umwandlung der Wandelanleihen in Aktien ist mit einem festen Umtauschverhältnis geregelt. Beispielsweise kann der Halter dieser Anleihen im Verhältnis 5:4 fünf Wandelanleihen in vier Aktien tauschen. Meistens muss er noch Geld zuzahlen, um den Kauf perfekt zu machen. Durch den Tausch von Anleihen in Aktien wird der Fremdkapitalgeber zum Shareholder (Teilhaber) der Aktiengesellschaft. Da der Anleger bei der Wandelanleihe den Vorteil hat diese in Aktien umzuwandeln ist der Zinssatz im Vergleich zu normalen Anleihen niedriger.
Pro:
- Recht die Anleihen in Aktien umzutauschen, wodurch der Anleger an der wirtschaftlichen Entwicklung des Unternehmens teilnehmen kann
- Regelmäßige Zinszahlungen wie eine normale Anleihe
- Der Anleger hat das Recht aber nicht die Plicht die Wandelanleihe in Aktien umzuwandeln. Er kann also auch auf einer Tilgung bestehen
- Wandelanleihen werden über die Börsen gehandelt und können schnell wieder verkauft werden
Contra:
- Die Verzinsung ist geringer als bei normalen Anleihen
- Die Wandelanleihe wird nur von Aktiengesellschaften ausgegeben
- Entwickelt sich Aktiengesellschaft sehr schlecht, so ist das Recht zum Kauf der Aktien wertlos. Eine Umwandlung in Aktien lohnt sich erst dann, wenn der Umtauschkurs plus die Zuzahlung unter dem aktuellen Aktienkurs liegt
Fazit:
Die Wandelanleihe versucht die Vorteile einer Aktie mit denen einer Anleihe zu kombinieren. Der Anleger hat durch eine Wandelanleihe die Sicherheit von regelmäßigen Zinszahlungen wie bei einer standardmäßigen Anleihe und kann zusätzlich von möglichen Kurssteigerungen der emittierenden Aktiengesellschaft profitieren. Dabei darf natürlich auch nicht das Risiko außer Acht gelassen werden. Die Verzinsung ist niedriger als bei anderen Anleihen. Fällt der Kurs der AG unter die Summe aus Umtauschkurs und möglicher Zuzahlung wird das Recht auf Erwerb der Aktien wertlos. Ist dies der Fall, hätte der Anleger lieber in normale Anleihen investieren sollen, um so eine höhere Rendite zu erwirtschaften.
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