Tue, Nov. 1, 3:32 AM
- A surge of blockbuster takeovers and buyouts has provided renewed ammunition for the corporate bond market, supplying fresh kindling in what is already set to be a record year of debt issuance.
- The backlog of M&A that had yet to be financed slid to $246B at the end of September from more than $900B in late 2015, according to BofA Merrill Lynch, but that figure has climbed 87% to $460B following the recent string of deal announcements.
- ETFs: LQD, VCSH, VCIT, VCLT, CORP, CSJ, CIU, CSI, CRED, IGI, LWC, SCPB, CLY, ITR, BSCH, IGHG, QLTA, BSCG, BSCI, BSCK, BSCJ, IBCE, SLQD, LQDH, COBO, FCOR, IBCC, IBDC, CBND, BSCL, BSCO, IBDD, IBDF, IBDB, IBDH, LDRI, IBDQ, SKOR, BSCM, BSCN, BSCP, IBCD, IBDN, IGIH, BSCQ, IBDK, IBDM, CLYH, IBDJ, IBDL, IBDO, IBDP, IBDR, SFIG, WFIG
May 4, 2015, 4:46 AM
- U.S. companies have issued a record $39B of bonds in 2015 that mature in more than three decades, more than five times the amount sold in the same period last year, according to data compiled by Bloomberg.
- Oracle joined the fold this past Tuesday, selling $1.25B of securities due in 2055. Another notable is Microsoft, which sold its first 40-year bond in February.
- Treasurers are embracing what may be their last opportunity to lock in cheap long-term funding costs before the Fed raises rates, while investors are snapping up the longer-dated securities because they offer a higher yield over shorter-term debt.
- ETFs: HYG, JNK, LQD, HYLD, HYS, VCSH, SJNK, VCIT, VCLT, CWB, CORP, SJB, CSJ, BSJF, CIU, ANGL, BSJG, HYHG, CRED, LWC, BSJI, HYLS, CLY, SCPB, UJB, ITR, BSCF, BSCH, IGHG, WYDE, XOVR, BSJH, QLTA, THHY, HYZD, QLTC, BSCI, BSCG, SHYG, BSJJ, HYND, HYGH, BSJK, IBCE, FCOR, TYTE, IGS, COBO, BSCK, LQDH, SLQD, QLTB, IBCB, BSCJ, CBND, IBCC, BSCL, IBDB, LDRI, IBDD, IBDF, IGU, BSCM, IBDA, IBCD, IBDC, IBDH, SKOR, BSCO, BSCN, BSJM, IBDK, BSJL, IBDO, IBDN, IBDP, IBDQ, IBDM, IBDJ
Dec. 2, 2014, 5:09 AM
- With a $17B issuance from Medtronic (NYSE:MDT), U.S. corporate bond sales broke an annual record yesterday, pushing offerings for 2014 past the $1.5T mark.
- The surge in sales has been boosted by record-low borrowing costs, prompting companies to lock in on the low rates.
- ETFs: HYG, JNK, LQD, HYLD, HYS, VCSH, SJNK, VCIT, VCLT, CORP, CSJ, SJB, BSJF, CIU, HYHG, BSJE, BSJG, CRED, ANGL, LWC, BSJI, HYLS, SCPB, CLY, WYDE, BSCF, BSCE, ITR, BSCH, UJB, HYZD, XOVR, IGHG, QLTA, THHY, BSCG, BSJH, BSCI, QLTC, SHYG, BSJJ, HYGH, HYND, TYTE, BSJK, IBCE, COBO, IGS, SLQD, BSCK, CBND, FCOR, LQDH, IBCB, LDRI, QLTB, BSCJ, IBCC, BSCM, IBDH, IBDF, BSCL, IBDD, IGU, IBDC, BSCN, IBDA, IBDB, IBCD, BSCO, SKOR, BSJL, BSJM
Sep. 18, 2014, 12:49 PM
- The Guggenheim BulletShares 2023 Corporate Bond ETF (NYSEARCA:BSCN) and the Guggenheim BulletShares 2024 Corporate Bond ETF (NYSEARCA:BSCO) will track portfolios of investment grade corporate funds.
- The Guggenheim BulletShares 2021 High Yield Corporate Bond ETF (NYSEARCA:BSJL) and the Guggenheim BulletShares 2022 High Yield Corporate Bond ETF (NYSEARCA:BSJM) will cover portfolios of high yield corporate bond funds.
- Other BulletShares ETFs: BSJF, BSJE, BSJG, BSJI, BSCE, BSCF, BSCH, BSJH, BSCG, BSCI, BSJK, BSJJ, IBCE, BSCK, IBCB, BSCJ, BSCM, BSCL
May 28, 2014, 11:53 AM
- The iShares Interest Rate Hedged Corporate Bond ETF (LQDH) is an active ETF which will invest primarily in the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) while mitigating the fund's interest rate risk exposure.
- The iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is an active ETF which will invest primarily in the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) while mitigating the fund's interest rate risk exposure.
- Two target maturity date ETFs will also launch on the 29th: the iSharesBond Dec 2016 Corporate Term ETF (IBDF) and the iSharesBond Dec 2018 Corporate Term ETF (IBDH).
- Other high yield corporate bond ETFs: JNK, HYLD, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, QLTC
- Other corporate bond ETFs: CORP, CFT, QLTA, IGHG, COBO, IGS, CBND, IGU, QLTB
- Other target date corporate bond ETFs: BSCE, BSCF, BSCH, BSCG, BSCI, IBCE, IBCB, BSCK, IBCC, IBDC, BSCJ, BSCM, IBCD, IBDA, IBDB, BSCL, IBDD
Apr. 17, 2014, 1:19 PM
- The iShares MSCI UAE Capped ETF (UAE) and Qatar Capped ETF (QAT) were filed yesterday, a month before both countries will be reclassified from frontier markets to emerging by MSCI; the ETFs will track the equity markets of each.
- iShare also filed for the iSharesBond Dec 2016 Corporate Term ETF (IBDF), a fund which will track U.S. investment grade corporate bonds maturing at the end of 2016.
- Other ETFs focused on the Middle East: GULF, GAF, MES, PMNA
- Other Investment Grade U.S. Target Date ETFs: BSCE, BSCF, BSCH, BSCG, BSCI, IBCE, BSCK, IBCB, IBCC, IBDC, BSCJ, BSCM, IBDA, IBDB, IBCD, BSCL, IBDD
Apr. 1, 2014, 3:27 PM
- Investment-grade corporate paper returned 2.7% in in Q1 vs. a 1.42% gain for the MSCI World Index of stocks, the first time debt beat equities since Q2 of 2012. This follows stock gains of 27% last year while bonds fell 1.45%, and a near-universal outlook at the start of the year to rotate out of fixed-income and into equity.
- Junk bonds returned 2.86% in Q1.
- Helping, of course, is the decline in benchmark Treasury yields, but corporate balance sheets have improved, with at least some of that related to the rollicking stock market narrowing pension fund deficits.
- ETFs: LQD, VCSH, VCIT, VCLT, CORP, CSJ, CIU, CFT, SCPB, LWC, BSCE, BSCF, CLY, ITR, QLTA, BSCH, BSCG, IGHG, BSCI, PFIG, SLQD, IBCE, IBCB, BSCK, IGS, IBCC, BSCJ, BSCM, CBND, IBDC, IBDA, QLTB, IBCD, IBDB, BSCL, IBDD, IGU
Feb. 25, 2014, 2:14 AM
- Cisco Systems (CSCO) has raised $8B in the largest corporate-bond sale so far this year and the biggest for investment-grade notes since Verizon sold $49B worth of debt in September.
- Cisco plans to use the money to finance stock buybacks and dividends, and to repay $3.75B of notes that mature this year.
- Cisco sold debt in seven parts with fixed- and floating-rate securities, with yields ranging from 1.1% to 3.625%.
- Moody's rates Cisco at A1 and S&P at AA-.
- While Cisco "hasn't had smooth sailing from the equity perspective," says money manager Thomas Chow, "there's overwhelming demand...for well-known issuers with strong fundamentals." Cisco "has a large cash balance and a dominant position in product lines that aren’t going to disappear overnight," Chow adds. (PR)
- ETFs: FLOT, BSCE, BSCF, FLTR, FLRN, BSCH, BSCG, BSCI, IBCE, IBCB, BSCK, IBCC, BSCJ, BSCM, IBDC, IBDA, IBDD, IBDB, IBCD, BSCL
Oct. 16, 2013, 1:56 PM
- The NASDAQ OMX Group (NDAQ) is rolling out eight new indexes this week to add to their popular BulletShares traditional bond ladder product line.
- Historically, Guggenheim has used the BulletShares Indexes as a starting point for their BulletShares ETFs; and while no plans have been made public yet, it is safe to assume these 8 new indexes will eventually lead to ETFs.
- Currently Trading BulletShares ETFs: BSCD, BSJD, BSCE, BSJE, BSCF, BSJF, BSCG, BSJG, BSCH, BSJH, BSCI, BSJI, BSCJ
Sep. 24, 2013, 3:39 PM
- Guggenheim adds to its target-date maturity fund lineup, launching the BulletShares 2019 High Yield Corporate ETF (BSJJ) and the BulletShares 2020 High Yield Corporate ETF (BSJK). Both have expense ratios of 0.42%.
- YTD the BulletShares product suite AUM has grown to $1.9B, an increase of 107%.
- The others: BSCD, BSCE, BSCF, BSCG, BSCH, BSCI, BSCJ, BSCK.
- iShares has its own line: IBCB, IBCC, IBCD, IBCE.
Jul. 16, 2013, 9:51 AMGuggenheim will launch in Wednesday two more target-date maturity corporate debt ETFs set to mature in 2021 and 2022 - the BulletShares 2021 Corporate Bond ETF (BSCL), and the BulletShares 2022 Corporate Bond ETF (BSCM). Like others in the BulletShares line, the funds have expenses of 0.24%. The others: BSCD, BSCE, BSCF, BSCG, BSCH, BSCI, BSCJ, BSCK. Ishares has its own line: IBCB, IBCC, IBCD, IBCE. | Jul. 16, 2013, 9:51 AM
Apr. 19, 2013, 10:28 AMiShares launches four target-date maturity corporate bond funds today, expanding into an area currently occupied by Guggenheim's BulletShares ETFs. The iShares offerings - IBCB (2015), IBCC (2018), IBCD (2020), IBCE (2023) - come with a 0.10% price tag vs. Guggenheim's BSCD, BSCE, BSCF, BSCG, BSCH, BSCI, BSCJ, and BSCK at an expense ratio of 0.24%. | Apr. 19, 2013, 10:28 AM
Jan. 25, 2013, 3:01 PM
Fans of target-date corporate bond ETFs look to soon get a wider - and cheaper - menu to choose from as iShares files to launch a series to compete with Guggenheim's BulletShares slate. The iShares fees are set to be priced at 0.10% vs. 0.24% for Guggenheim's.| Jan. 25, 2013, 3:01 PM