VanEck Vectors Fallen Angel High Yield Bond ETF(ANGL)- NYSEARCA
  • Mon, Aug. 1, 12:44 PM
    • VanEck Vectors Emerging Markets Aggregate Bond ETF (NYSEARCA:EMAG) - $0.0700. 30-Day Sec yield 4.01%.
    • VanEck Vectors CEF Municipal Income ETF (NYSEARCA:XMPT) - $0.1150. 30-Day Sec yield 4.73%.
    • VanEck Vectors International High Yield Bond ETF (NYSEARCA:IHY) - $0.1038. 30-Day Sec yield 5.19%.
    • VanEck Vectors Fallen Angel High Yield Bond ETF (NYSEARCA:ANGL) - $0.1271. 30-Day Sec yield 5.61%.
    • VanEck Vectors Emerging Markets High Yield Bond ETF (NYSEARCA:HYEM) - $0.1277. 30-Day Sec yield 6.53%.
    • VanEck Vectors Preferred Securities Ex Financials ETF (NYSEARCA:PFXF) - $0.0685. 30-Day Sec yield 5.71%.
    • VanEck Vectors Treasury-Hedged High Yield Bond ETF (NYSEARCA:THHY) - $0.0960. 30-Day Sec yield 5.28%.
    • VanEck Vectors ChinaAMC China Bond ETF (NYSEARCA:CBON) - $0.0515. 30-Day Sec yield 1.95%.
    • Payable Aug. 5; for shareholders of record Aug. 3; ex-div Aug. 1. 30-Day Sec yield as of 7/29/2016.
    | Mon, Aug. 1, 12:44 PM
  • Fri, Jul. 1, 12:23 PM
    • VanEck Vectors Emerging Markets Aggregate Bond ETF (NYSEARCA:EMAG) - $0.0760. 30-Day Sec yield 4.31%.
    • VanEck Vectors CEF Municipal Income ETF (NYSEARCA:XMPT) - $0.1125. 30-Day Sec yield 4.75%.
    • VanEck Vectors International High Yield Bond ETF (NYSEARCA:IHY) - $0.1040. 30-Day Sec yield 5.74%.
    • VanEck Vectors Fallen Angel High Yield Bond ETF (NYSEARCA:ANGL) - $0.1431. 30-Day Sec yield 6.11%.
    • VanEck Vectors Emerging Markets High Yield Bond ETF (NYSEARCA:HYEM) - $0.1349. 30-Day Sec yield 7.14%.
    • VanEck Vectors Preferred Securities Ex Financials ETF (NYSEARCA:PFXF) - $0.1500. 30-Day Sec yield 5.79%.
    • VanEck Vectors Treasury-Hedged High Yield Bond ETF (NYSEARCA:THHY) - $0.0885. 30-Day Sec yield 5.79%.
    • VanEck Vectors ChinaAMC China Bond ETF (NYSEARCA:CBON) - $0.0640. 30-Day Sec yield 2.45%.
    • All are payable July 8; for shareholders of record July 6; ex-div July 1. 30-Day Sec yield as of 6/30/2016.
    | Fri, Jul. 1, 12:23 PM | 1 Comment
  • Tue, Jun. 21, 2:56 PM
    • Covenant quality tumbled to 4.56 in May from 3.8 the previous month, according to Moody's, which rates on a one-to-five scale, with five being the worst. It was the largest single-month change on record.
    • Marty Fridson calls the plunge "a discouraging setback," but notes it could be due to the large amount of higher-rated junk issued in May - those high-yield bonds with stronger ratings tend to have easier covenants than the really junky stuff.
    • More from Fridson: "The long-run trend of covenant quality since the 2011 inception of the Moody’s series has been dismayingly negative. That tendency has been abetted by the investment banks, which compete for underwriting mandates partly on the basis of devising new loopholes."
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ARDC, ANGL, VLT, CIF, AIF, MPV, MHY, PCF, IVH, DHG, HYLS, JSD, UJB, GGM, CJNK, QLTC, HYIH, WFHY
    | Tue, Jun. 21, 2:56 PM | 5 Comments
  • Mon, Jun. 20, 11:02 AM
    • VanEck lowers expense ratio for VanEck Vectors Fallen Angel High Yield Bond ETF ANGL from $0.40% to $0.35% to compete with recently launched iShares Fallen Angels USD Bond ETF FALN with expense ratio of 0.35%.
    • ANGL has an AUM of over $190M and 30-day SEC yield of 6.25%.
    • iShares launches fallen angel bond ETF
    | Mon, Jun. 20, 11:02 AM | 1 Comment
  • Fri, Jun. 17, 8:12 AM
    • The $193M VanEck Vectors Fallen Angel High Yield Bond ETF (NYSEARCA:ANGL) has been a popular one in a year with plenty of fallen angels, taking in $125M of new assets in 2016 and returning 14.3% YTD vs. 5.6% for the HYG.
    • Taking aim at that is the new iShares Fallen Angels USD Bond ETF (NASDAQ:FALN), with a fee of 0.35% vs. 0.4% for ANGL.
    • Separately, iShares launches its High Yield ex Oil & Gas Corporate Bond ETF (HYXE), which removes the roughly 10% exposure to oil and gas companies in the HYG.
    | Fri, Jun. 17, 8:12 AM | 1 Comment
  • Wed, May 25, 1:27 PM
    | Wed, May 25, 1:27 PM | 13 Comments
  • Wed, May 18, 11:52 AM
    • The recovery rate for high-yield bonds has been a super-low 13.9% thus far this year, according to Marty Fridson, continuing a trend begun last year when the recovery rate fell to 34%.
    • Source: Barron's
    • It's curious given the low default rate - just 2.83% in 2015 vs. the long-term average of 3.33%. Usually low default rates mean high recovery rates.
    • Fridson: "This outcome has generated anxiety among high-yield portfolio managers. Has some structural change taken place, they wonder, such that investors should expect lower average recovery rates over the remainder of the present credit cycle than in the past?"
    • Answering his own question, Fridson says special conditions associated with the energy crash along with one large, non-energy defaulter are behind the low recovery rate. For now, there's no clear evidence that recoveries on a more general basis are lower than they should be.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ARDC, ANGL, VLT, CIF, AIF, MPV, MHY, PCF, IVH, DHG, HYLS, JSD, UJB, GGM, CJNK, QLTC, HYIH
    | Wed, May 18, 11:52 AM | 8 Comments
  • Fri, May 13, 11:33 AM
    • A bet on U.S. junk bonds has been a big winner this year, with HYG and JNK easily outpacing broader fixed-income benchmarks, writes Ben Eisen, not to mention the S&P 500.
    • But one particular sector of high-yield has performed particularly well, and that's fallen angels - formerly investment-grade paper which has been downgraded to junk. The VanEck Vectors Fallen Angel High Yield Bond ETF (NYSEARCA:ANGL) is up 10% this year, including 13% in the last three months.
    • The thinking is pretty clear: Sentiment turns overly negative, pushing prices lower, and this goes on for awhile. Ratings agencies are the last to know, and when they finally downgrade to junk status, many funds automatically get out, forcing a final plunge in price. That's where the fallen angel investors step in.
    | Fri, May 13, 11:33 AM | 2 Comments
  • Tue, May 10, 11:37 AM
    • Moody's now expects global speculative-grade defaults to hit 5% by the end of November - that's up from 4.6% forecast one month ago, and 3.8% prior to that.
    • Perhaps looking in the rearview mirror as it drives, the agency takes note of the oil price slump as continuing to put upward pressure on defaults. Being at least a tiny bit forward-looking, Moody's at least mentions tighter credit spreads of late as perhaps suggesting the default rate could taper.
    • Of 46 defaults recorded in the year's first four months, 18 were in oil and gas, and 9 in metals and mining.
    • In the U.S. the default rate for metals and mining companies is expected to rise to 11.5%; and for oil and gas to 10.3%.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ARDC, ANGL, VLT, CIF, AIF, MPV, MHY, PCF, IVH, DHG, HYLS, JSD, UJB, GGM, CJNK, QLTC, HYIH
    | Tue, May 10, 11:37 AM | 1 Comment
  • Sat, May 7, 5:06 PM
    • Barron's "ETF Roundtable" features David Cleary of Lazard, Fritz Folts of 3EDGE Asset Management, John Forlines III of JAForlines Global, and Will McGough from Stadion Money Management.
    • ETFs they like include:
    • Gold: iShares Gold Trust (NYSEARCA:IAU) "has a lower expense ratio (0.25%) than (NYSEARCA:GLD)," VanEck Vectors Gold Miners (NYSEARCA:GDX), and GLD.
    • iShares Global Materials (NYSEARCA:MXI).
    • Emerging markets: iShares Core MSCI Emerging Markets (NYSEARCA:IEMG), SPDR MSCI Emerging Markets Quality Mix (NYSEARCA:QEMM),  iShares MSCI Brazil Capped (NYSEARCA:EWZ), EGShares India Infrastructure (NYSEARCA:INXX) "We like India in general as a long-term option," iShares Latin America 40 (NYSEARCA:ILF) "We're starting to see governance improvements in Latin America broadly,"  iShares J.P. Morgan USD Emerging Markets Bond (NYSEARCA:EMB).
    • Emerging-market proxies: iShares MSCI Canada (NYSEARCA:EWC) and iShares MSCI Australia (NYSEARCA:EWA).
    • iShares Core High Dividend ETF (NYSEARCA:HDV). iShares MSCI USA Minimum Volatility (NYSEARCA:USMV) "Now there's more uncertainty, and that's when these low-vol strategies do best."
    • iShares North American Tech (NYSEARCA:IGM) and iShares U.S. Consumer Services (NYSEARCA:IYC), "We still like consumer services and technology."
    • PowerShares QQQ (NASDAQ:QQQ), Vanguard Small Cap Value (NYSEARCA:VBR), "Blending the two doesn't tilt the portfolio too much in one direction or the other, because the combination blends small and large, growth and value."
    • SPDR Barclays High Yield Bond ETF (NYSEARCA:JNK), PowerShares Fundamental High Yield Corporate Bond Portfolio (NYSEARCA:PHB).
    • VanEck Vectors Fallen Angel High Yield Bond (NYSEARCA:ANGL), "These are viable companies, and although they've moved from investment- grade to high-yield, they're likely survivors."
    • "We like preferreds, via the iShares U.S. Preferred Stock (NYSEARCA:PFF)." Also: iShares International High Yield Bond ETF (BATS:HYXU).
    • iShares MSCI Europe Small-Cap (NASDAQ:IEUS).
    | Sat, May 7, 5:06 PM | 15 Comments
  • Mon, May 2, 1:56 PM
    • Market Vectors Emerging Markets Aggregate Bond ETF (NYSEARCA:EMAG) of $0.0824. 30-Day Sec yield 4.60%
    • Market Vectors CEF Municipal Income ETF (NYSEARCA:XMPT) of $0.1183. 30-Day Sec yield 4.77%
    • Market Vectors International High Yield Bond ETF (NYSEARCA:IHY) of $0.0994. 30-Day Sec yield 6.07%
    • Market Vectors Fallen Angel High Yield Bond ETF (NYSEARCA:ANGL) of $0.1395. 30-Day Sec yield 6.49%
    • Market Vectors Emerging Markets High Yield Bond ETF (NYSEARCA:HYEM) of $0.1300. 30-Day Sec yield 8.25%
    • Market Vectors Preferred Securities Ex Financials ETF (NYSEARCA:PFXF) of $0.0730. 30-Day Sec yield 5.90%
    • Market Vectors Treasury-Hedged High Yield Bond ETF (NYSEARCA:THHY) of $0.1048. 30-Day Sec yield 5.57%
    • Market Vectors ChinaAMC China Bond ETF (NYSEARCA:CBON) of $0.0566. 30-Day Sec yield 2.15%
    • All are payable May 6; for shareholders of record May 4; ex-div May 2. 30-Day Sec yield as of 4/29/2016
    | Mon, May 2, 1:56 PM | 1 Comment
  • Fri, Apr. 22, 11:30 AM
    • After a tough start to the year, junk bonds are on a tear - now having returned 6% YTD, with the overall yield sliding to just 6.9% from 10% earlier in 2016.
    • The bigger action has been in the junkiest of the junk sectors, with paper rated CCC having returned a full 9% YTD, including that of low-grade energy companies having returned 10%.
    • The term "Goldilocks" has re-entered the lexicon, with bulls saying we've got an economy strong enough to prevent defaults, but not so strong as to warrant tighter monetary policy. The oil price crash? Yesterday's news, they say.
    • Marty Fridson says high-yield has returned to "extreme overvaluation" territory. Jeff Gundlach, however, calls junk bonds still somewhat cheap, though noting the high proportion of the lowest-quality paper being issued of late.
    • Bottom line, writes Robin Wigglesworth in the FT: The rally should continue if for no other reason than the world remains yield-starved.
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ANGL, ARDC, VLT, CIF, AIF, MPV, MHY, PCF, DHG, IVH, HYLS, JSD, UJB, GGM, CJNK, QLTC
    • Now read: Pessimism Recedes (April 21)
    | Fri, Apr. 22, 11:30 AM | 5 Comments
  • Tue, Apr. 12, 12:48 PM
    | Tue, Apr. 12, 12:48 PM | 1 Comment
  • Mon, Apr. 11, 3:23 PM
    • "Simply put, clients were not being compensated for credit risk," says the team of Matthew Mish and Stephen Caprio.
    • A slowdown in U.S. growth could be the catalyst that pricks the bubble, they say as speculative credits find it even more expensive to borrow.
    • It could be happening now as high-yield issuance is lower by 53% this year, and the lowest-grade paper (CCC ratings) yields 15.2% even after the big rally of the past couple of months.
    • If they're correct, the two say spreads to Treasurys could more than double to 16.4%. "Investors were herded into lower-quality credit risk for a yield pick-up of a couple hundred basis points ... But the fundamental problem is that the default risk is exponential, not linear in these securities."
    • ETFs: HYG, JNK, HIX, DHY, HYLD, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, NHS, ACP, PHF, MCI, FHY, KIO, ANGL, ARDC, VLT, CIF, AIF, MPV, MHY, PCF, DHG, IVH, HYLS, JSD, UJB, GGM, CJNK, QLTC
    | Mon, Apr. 11, 3:23 PM | 18 Comments
  • Fri, Apr. 1, 4:02 PM
    • Market Vectors Intermediate Municipal Index ETF (NYSEARCA:ITM) - $0.0469; 30-Day Sec yield: 1.82%.
    • Market Vectors Long Municipal Index ETF (NYSEARCA:MLN) - $0.0533; 30-Day Sec yield: 2.75%.
    • Market Vectors Short Municipal Index ETF (NYSEARCA:SMB) - $0.0168; 30-Day Sec yield: 0.93%.
    • Market Vectors Short High-Yield Municipal Index ETF (NYSEARCA:SHYD) - $0.0679; 30-Day Sec yield: 3.42%.
    • Market Vectors High-Yield Municipal Index ETF (NYSEARCA:HYD) - $0.1148; 30-Day Sec yield: 4.21%.
    • Market Vectors Pre-Refunded Municipal Index ETF (NYSEARCA:PRB) - $0.0180; 30-Day Sec yield: 0.74%.
    • Market Vectors Emerging Markets Local Currency Bond ETF (NYSEARCA:EMLC) - $0.0724; 30-Day Sec yield: 5.54%.
    • Market Vectors Investment Grade Floating Rate ETF (NYSEARCA:FLTR) - $0.0219; 30-Day Sec yield: 1.34%.
    • Market Vectors Emerging Markets Aggregate Bond ETF (NYSEARCA:EMAG) - $0.0830; 30-Day Sec yield: 4.81%.
    • Market Vectors CEF Municipal Income ETF (NYSEARCA:XMPT) - $0.1015; 30-Day Sec yield: 4.92%.
    • Market Vectors International High Yield Bond ETF (NYSEARCA:IHY) - $0.1120; 30-Day Sec yield: 6.83%.
    • Market Vectors Fallen Angel High Yield Bond ETF (NYSEARCA:ANGL) - $0.1444; 30-Day Sec yield: 7.44%.
    • Market Vectors Emerging Markets High Yield Bond ETF (NYSEARCA:HYEM) - $0.1394; 30-Day Sec yield: 9.33%.
    • Market Vectors Preferred Securities Ex Financials ETF (NYSEARCA:PFXF) - $0.1100; 30-Day Sec yield: 5.99%.
    • Market Vectors Treasury-Hedged High Yield Bond ETF (NYSEARCA:THHY) - $0.0830; 30-Day Sec yield: 6.01%.
    • Market Vectors ChinaAMC China Bond ETF (NYSEARCA:CBON) - $0.0550; 30-Day Sec yield: 1.94%.
    • All are payable Apr. 7; for shareholders of record Apr. 5; ex-div Apr. 1. 30-Day Sec yield as of 3/31/2016
    | Fri, Apr. 1, 4:02 PM
  • Wed, Mar. 23, 9:10 AM
    • There's typically very little relationship between the returns on non-energy junk bonds and the price of oil, but the correlation between the two has soared of late to an all-time high of nearly 0.65 (with 1.00 being an exact match), according to Deutsche Bank.
    • Non-energy junk bonds make up about 88% of the high-yield market, according to BAML, which says the tight linkage today means investors aren't paying enough attention to growing risks among junk issuers. Among them: As the price of oil rises, junk bond prices improve even as costs high-yield issuers like manufacturers and transportation companies.
    • ETFs: HYG, JNK, HIX, HYLD, DHY, PHT, EAD, HYT, JQC, CIK, DSU, HHY, SJB, PHF, NHS, FHY, ACP, MCI, KIO, VLT, ARDC, ANGL, CIF, AIF, MHY, PCF, MPV, DHG, HYLS, IVH, JSD, UJB, GGM, CJNK, QLTC
    | Wed, Mar. 23, 9:10 AM | 6 Comments
ANGL Description
The VanEck Vectors Fallen Angel High Yield Bond ETF (ANGL) seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the BofA Merrill Lynch US Fallen Angel High Yield Index (H0FA), which is comprised of below investment grade corporate bonds denominated in U.S. dollars, issued in the U.S. domestic market and that were rated investment grade at the time of issuance.
See more details on sponsor's website
Country: United States
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