Agefi Luxembourg - janvier 2026

Janvier 2026 17 AGEFI Luxembourg Fonds d’investissement Engie EUR 22.38 21.7 2.75% 22.4 21.31 FidRealEstate EUR 174.0 165.0 5.45% 174.0 165.0 FiducOffSolut EUR 26.8 26.4 1.52% 26.8 26.6 Prosiebensat1Me EUR 4.87 4.86 0.08% 5.01 4.53 HellaGmbHKGaa EUR 82.6 81.2 1.72% 82.7 80.0 VelcanHoldings ordinary sharEUR 16.1 16.1 0.00% 16.2 13.2 2EOLJDWLRQV G eWDW Devise au 31/12 au 28/11 Var Plus hau Plus ba Luxembourg 2,25% 19/03/2028 EUR 101.2 101.3 -0.11% 101.8 100.3 Luxembourg 2,75% 20/08/2043 EUR 90.6 92.85 -2.43% 92.44 90.12 Luxembourg 0,625% 01/02/2027EUR 98.4 98.32 0.08% 98.4 98.27 Luxembourg 0% 13/11/2026 EUR 98.55 98.44 0.12% 98.5 98.26 Luxembourg 0% 14/09/2032 EUR 83.92 84.6 -0.82% 84.47 83.57 Luxembourg 0% 24/03/2031 EUR 88.03 89.0 -1.20% 88.94 87.5 Luxembourg 1,375% 25/05/2029EUR 97.4 97.7 -0.32% 98.45 97.1 Luxembourg 1,75% 25/05/2042 EUR 77.57 79.0 -1.81% 78.6 76.85 Luxembourg 3,25% 02/03/2043 EUR 96.26 97.53 -1.30% 97.23 94.93 Luxembourg 2,9% 17/09/2035 EUR 98.2 99.57 -1.29% 99.34 97.7 Obligations LuxXPrime Devise au 30/12 au 28/11 Var Plus hau Plus ba GolSachsGr 2,875% 03/06/2026EUR 100.2 100.4 -0.14% 100.3 100.2 VWIntlFin 3,5% pp EUR 96.71 96.62 0.09% 100.0 96.11 GolSachsGr 3% 12/02/2031 EUR 100.1 101.0 -0.90% 100.9 99.6 DeutschePost 1,25% 01/04/202EUR 99.76 99.7 -0.02% 99.8 99.73 LindeFinance 1% 20/04/2028 EUR 97.03 97.2 -0.26% 97.6 96.2 Citigroup 3,4% 01/05/2026 USD 99.86 99.74 0.13% 99.9 99.71 Symrise 1,375% 01/07/2027 EUR 98.26 98.24 0.02% 98.3 98.17 BEI 0,375% 26/03/2026 USD 99.28 98.96 0.32% 99.28 98.97 FreseniusFinIrl 0,5% 01/10/2EUR 94.25 94.5 -0.26% 94.82 93.85 VWFS 0,125% 12/02/2027 EUR 97.3 97.16 0.14% 97.32 97.13 UE 0% 04/10/2028 EUR 93.9 93.96 -0.06% 93.92 93.5 Continental 3,625% 30/11/202EUR 101.5 101.7 -0.18% 101.8 101.0 MUTARE Float 03/31/27 EUR 102.4 101.9 0.49% 102.8 100.8 RABOBK 6 1/2 PERP EUR 112.8 114.0 -1.04% 114.3 112.2 Spain 0% 31/01/2028 EUR 95.66 95.5 0.07% 95.66 95.37 JOHN DEERE 4,75% 20/01/2028 USD 102.0 102.0 0.01% 102.0 101.7 Romania 6% 24/09/2044 Reg S EUR 96.5 96.63 -0.04% 96.7 94.84 6G]XFN,QWO)LQ EUR 100.9 101.8 -0.88% 102.5 100.9 GolSachsGr 3,5% 23/01/2033 EUR 100.2 101.5 -1.32% 101.2 99.87 Romania 6,5% 07/10/2045 Reg EUR 99.57 99.2 0.29% 99.57 97.65 Obligations vertes Devise au 30/12 au 28/11 Var Plus hau Plus ba Poland 1,125% 07/08/2026 EUR 99.41 99.36 0.05% 99.6 99.31 Otto 2,625% 10/04/2026 EUR 99.9 99.6 0.23% 99.9 99.68 EON 0,35% 28/02/2030 EUR 90.47 90.8 -0.46% 90.86 90.3 2EOLJDWLRQV OHV SOXV QpJRFLpHV Devise au 30/12 au 28/11 Var Plus hau Plus ba DtTelekomIntlFi 8,875% 27/11GBP 112.6 113.0 -0.38% 113.2 112.5 SiemensFinancie 2,875% 10/03/2028 EUR 101.5 101.7 -0.21% 101.8 101.2 DtscheLufthansa 5,125% 12/08EUR 100.2 100.2 0.00% 100.3 100.0 HeidelbergMatFL 1,625% 07/04/2026 EUR 99.84 99.8 0.04% 99.85 99.71 DeutscheBahn 1% 17/12/2027 EUR 97.53 97.5 0.03% 97.68 96.77 KfWA 2,875% 03/04/2028 USD 99.13 99.14 -0.01% 99.13 98.6 HeidelbergMatFL 1,75% 24/04/EUR 98.13 98.1 -0.06% 98.34 97.9 GolSachsGr 2% 01/11/2028 EUR 98.48 98.6 -0.22% 98.7 98.24 SiemensFinancie 1% 06/09/202EUR 98.02 98.1 -0.08% 98.26 97.72 Schaeffler 2,875% 26/03/2027EUR 100.3 100.2 0.04% 100.5 99.75 UE 0% 04/10/2030 EUR 89.24 89.2 0.04% 89.57 88.84 Romania 2% 14/04/2033 Reg S EUR 81.26 81.24 0.02% 81.6 80.23 VolkswagenLeas 0,375% 20/07/2026 EUR 98.85 98.7 0.07% 98.85 98.7 VolkswagenLeas 0,625% 19/07/2029 EUR 91.9 92.32 -0.46% 92.28 91.67 1HVWOp)LQ,QW EUR 99.01 98.83 0.18% 99.02 98.81 1HVWOp)LQ,QW EUR 92.8 93.1 -0.24% 93.18 92.8 FreseniusMedCar 3,875% 20/09/2027 EUR 102.0 102.1 -0.10% 102.2 101.5 Romania 5,25% 30/05/2032 RegEUR 102.24 102.1 0.07% 102.5 101.24 Netherlands 0,25% 15/07/2029EUR 92.94 93.17 -0.25% 93.13 92.68 WFC 3 10/23/26 USD 99.2 99.16 0.14% 99.34 99.14 Actions luxembourgeoises Devise au 31/12 au 28/11 Var Plus hau Plus ba RTLGroup EUR 34.45 33.95 1.47% 34.55 31.4 Socfinaf EUR 24.2 24.8 -2.42% 24.8 23.2 Luxempart EUR 63.0 62.0 1.61% 65.0 62.0 Socfinasia EUR 25.0 25.0 0.00% 25.0 22.8 SES FDR EUR 5.50 5.53 -0.54% 5.89 5.12 ArcelorMittal EUR 39.0 37.1 5.11% 39.6 36.2 ReinetInvest EUR 29.4 29.0 1.38% 31.0 26.4 Aperam EUR 35.24 33.1 6.21% 35.96 32.52 Brederode EUR 106.8 106.0 0.75% 107.6 102.6 $FWLRQV pWUDQJqUHV Devise au 31/12 au 28/11 Var Plus hau Plus ba Brait ord EUR 0.12 0.12 -0.86% 0.12 0.11 AmbujaCements GDR USD 6.20 6.15 0.81% 6.20 5.85 SamsungSDICo GDS USD 46.8 51.0 -8.24% 54.0 46.5 SKhynixInc. 05 GDS USD 452.0 361.0 25.21% 452.0 352.0 BEI 0,75% 23/09/2030 USD 87.37 87.56 -0.21% 87.4 86.76 UE 0% 04/07/2035 EUR 74.18 75.25 -1.42% 75.05 73.82 UE 0% 02/06/2028 EUR 94.85 94.93 -0.09% 95.07 94.67 UE 0,2% 04/06/2036 EUR 73.44 74.4 -1.30% 74.08 73.05 UE 0% 04/03/2026 EUR 99.8 99.63 0.17% 99.8 99.64 KfWA 0% 15/06/2029 EUR 92.15 92.3 -0.24% 92.34 91.76 BEI 1,25% 17/02/2027 NOK 97.24 97.07 0.17% 98.28 97.02 RWE 0,5% 26/11/2028 EUR 94.03 94.34 -0.33% 94.42 94.0 EON 0,875% 18/10/2034 EUR 81.8 82.6 -0.98% 82.4 81.2 WorldBk 7,25% 21/01/2027 MXN 99.67 99.45 0.22% 99.8 99.25 EON 1,625% 29/03/2031 EUR 93.3 93.6 -0.41% 93.56 93.0 IFC 8,25% 25/08/2034 ZAR 104.2 103.7 0.47% 104.2 102.3 WorldBk 4,4% 13/01/2028 AUD 100.24 100.6 -0.39% 100.5 100.0 MercedesBenzIFi 3,5% 30/05/2EUR 100.4 100.6 -0.12% 100.6 100.4 Romania 5,625% 22/02/2036 ReEUR 99.04 99.07 -0.03% 99.25 97.68 GrenkeFinance 5,125% 04/01/2EUR 103.9 103.7 0.15% 103.9 103.6 D uring a special Ring the Bell ceremony held on January 12 in Luxem- bourg, the Caisse Régionale de Refinancement Hypothécaire de Union Economique et Moné- taire Ouest- Africaine, the Luxembourg Stock Exchange and the Bourse Régionale des Valeurs Mobilières celebrated the display of the regional bank's trailblazing FCFA 60 bil- lion (approximately EUR 91 mil- lion) social bond on the Luxembourg Green Exchange. During the first Ring the Bell ceremony held at the Luxembourg Stock Exchange (LuxSE) in 2026, the leader- ship of the Caisse Régionale de Refinancement Hypothécaire de l'Union Economique et Monétaire Ouest- Africaine (CRRH –UEMOA), LuxSE and Bourse Régionale des Valeurs Mobilières (BRVM) gathered together to mark the dual-listing of CRRH-UEMOA's inaugural FCFA 60 billion (equivalent to EUR 91 million) social bond on LuxSE and BRVM. It is both the first social bond from a West African Economic and Monetary Union (WAEMU) issuer to be displayed on the Luxembourg Green Exchange (LGX) Platformand the first instrument to be listed on both LuxSE and BRVM since the two exchanges signed a Memorandum of Understanding (MoU) in 2022. “We are delighted to welcome the first social bond from the WAEMU to be displayed on the LGX Platform and to celebrate the first dual listing between our Exchange and BRVM. Through this dual listing, LuxSE reaffirms its commitment to supporting the issuers of Africa to access international capital markets using local currencies and to working together with African exchanges such as BRVM to further the development of sustainable finance in the region,” said Julie Becker, CEO of LuxSE. Founded in 2010 and headquartered in Lomé, Togo, CRRH-UEMOA is a regional financial institution dedicated to expanding access to housing finance across theWAEMU. By providing long- term refinancing solutions, the bank supports mortgage lending and afford- able housing for low- and middle- income families. The bond became the first social bond ever listed on BRVM in September 2025, setting a new benchmark for sustain- able finance in the regional market and reinforcing the role of capital markets in delivering social impact. Exclusively dedicated to financing affordable housing, the bond will refi- nance residential mortgage portfolios originated by WAEMU banks for low- and moderate-income households. It contributes directly to several United Nations Sustainable Development Goals, including sustainable cities and communities and reduced inequalities. “This dual listing reaffirms our com- mitment to putting social impact at the core of everything we do. Every FCFA raised has a direct and measurable effect on improving the living condi- tions of households across the WAEMU region. By linking markets, we are doing more than increasing our institution’s visibility: we are creating new opportunities for housing finance and helping to build more inclusive and resilient economies in our region,” said Yedau Ogoundele, CEO of CRRH-UEMOA. The Ring the Bell ceremony was also attended by Edoh Kossi Amenounve, CEO of BRVM, the regional stock exchange serving the eight WAEMU member states of Benin, Burkina Faso, Côte d’Ivoire, Guinea-Bissau, Mali, Niger, Senegal and Togo. CRRH-UEMOAbrings first West African social bond to LGX ©LuxSE ByDanielMORRIS, ChiefMarket Strategist, BNP ParibasAsset Management T he global economy enters 2026 with surprising resi- lience. Growth forecasts have been revised upward – the International Monetary Fund now projects 3.2% global expan- sion in 2025, buoyed by a re- bound in activity, despite ongoing trade frictions. Across regions, the outlook ismarked by diverging paths. Europe is regaining momentum; reduced policy uncertainty and a major fiscal reset in Germany are set to accelerate growth, supported by increased infrastructure and defence spending. TheUS is navigating policy crosscurrents – it faces a complexmacroeconomic envi- ronmentshapedbynewpolicydirections, including tariffs and a looser fiscal stance. These are likely to fan inflationary pres- sures that will not necessarily be coun- tered by the Federal Reserve, which is nowmorefocusedonlabourmarketrisks. In Asia, China’s growth is expected to moderate further, with authorities rely- ing on targeted stimulus and investment in advanced manufacturing rather than consumption. Market outlook: Opportunities and risks in transition Asset allocation in2026will be shapedby the interplay of monetary policy, fiscal dynamics, and evolving market struc- tures. Fixed incomemarkets arepoised to benefit from continued central bank eas- ing, with lower interest rates anticipated in both the US and Europe. While sovereigndebt yieldsmay faceup- wardpressure fromfiscal concerns, espe- cially in advanced economies, the overall environment remains supportive for creditmarkets,with their attractiveyields and solid corporate fundamentals. Equitymarkets continue tobe technology driven, with US technology company earnings expected togrowrobustlyas ar- tificial intelligence (AI) fuels capital ex- penditure and productivity gains. Europeanequities offer compellingvalue, particularly as the regionpursues greater strategic autonomy, potentiallyofferinga broadening set of opportunities for for- wardlooking investors. Inemergingmar- kets, nations with strong technology sec- tors stand tobenefit fromlowerUSyields and a weaker dollar, though export-ori- ented economies may face headwinds. Investment themes: Flexibility, sustainability, and structural change Key themes for 2026 include the need for flexibility infixed income strategies, as in- vestors navigate economic growth chal- lenges andanuncertain inflationoutlook. We believe opportunities exist across de- fensive sectors, real estate, andhighyield, but a nimble approach is required. Private assets, particularly alternative credit and real assets, continue to attract capital, supportedby resilient fundamen- tals andpolicy tailwinds, though selectiv- ity and rigorous credit analysis are increasingly important. Sustainability remains a central focus – as regulatory frameworks evolve, European and Asian investors are leading the charge on green bonds, decarbonisation, and climate solutions, even as political headwinds emerge in some regions. AI’s transformative potential persists, with robust fundamentals supporting valuations and innovation driving new opportunities across sectors, while in Eu- rope, the commitment to strategic auton- omy signals a long-term trend toward greater resilience and diversification. Ultimately, in 2026, flexibility and selec- tivity will be essential for investors as markets adapt to greater fragmentation across the global economy. Read the full publication on https://urls.fr/LXtONj The shifting investment landscape atio eting communic Mark INVES THE S ofessional investors or pr n - F TMENT HIFTING LANDSCAPE THE O TMENTOUTL INVES OK FOR2026 (from left to right), Félix Edoh Kossi Amenounve (CEO of BRVM), Julie Becker (CEO of LuxSE), Yedau Ogoundele (CEO of CRRH-UEMOA) and Arnaud Delestienne (Chief Commercial Officer andMember of the Executive Committee of LuxSE)