SPDR Barclays International Treasury Bond ETF (BWX) - NYSEARCA
  • Wed, Jul. 6, 10:32 AM
    • With investors prioritizing return of their money over return on money, not to mention the ECB's massive bond-buying program, yields on more than 50% of the euro-area's $6.39T in sovereign bonds yield less than zero.
    • “It’s starting to feel like 2008,” says a portfolio manager. “Something’s got to give. Government bond yields are telling you something very nasty is about to happen."
    • Back to the ECB's QE ... even that program has its limits. The bank won't purchase any debt yielding below its negative 0.4% deposit rate, making nearly $2B (and counting) of Europe's sovereign debt ineligible for buys.
    • ETFs: GIM, BNDX, BWX, IGOV
    | Wed, Jul. 6, 10:32 AM
  • Mon, Jun. 13, 11:01 AM
    | Mon, Jun. 13, 11:01 AM | 1 Comment
  • Sep. 18, 2015, 3:41 AM
    • Government bond yields across the globe are in party mode after the U.S. Federal Reserve kept interest rates unchanged in a nod to concerns about a weak global economy.
    • The German 10-year yield - the eurozone benchmark - is down 8 bps to 0.69%, mirroring a similar move in U.S. Treasuries overnight.
    • Equivalents in France, Spain, Italy and the U.K. fell even further, dropping 9-11 basis points, following Asian yields lower.
    • ETFs: FAX, GIM, EU, BNDX, JGBS, JGBD, DSUM, BWX, AUNZ, ALD, IGOV, BUNL, JGBL, CBON, GGOV, BUNT, JGBT, JGBB, CHNB
    | Sep. 18, 2015, 3:41 AM | 6 Comments
  • Jul. 6, 2015, 6:24 AM
    • So where are bonds going following the referendum? Investors are still selling off riskier assets, although the declines are muted compared with a week ago on increased hopes for a deal with Varoufakis gone.
    • As expected, money is flowing into the U.S. and Germany's fixed-income markets, and out of Spain, Italy, Portugal and Greece.
    • 10-year bond yields: U.S. -0.8% to 2.3%; Germany -6 bps to 0.73%; Spain +10 bps to 2.31%; Italy +10 bps to 2.34%; Portugal +11 bps to 3.02%; Greece +48 to 14.82%.
    • ETFs: GIM, EU, BNDX, BWX, IGOV, BUNL, BUNT, GGOV
    | Jul. 6, 2015, 6:24 AM
  • Jun. 29, 2015, 4:44 AM
    • With a Greek default on the horizon, a divergence in the direction of bond yields is at work today, with money flowing into Germany's fixed-income market, and out of Spain, Italy, Portugal and Greece.
    • The turbulence is in contrast to last week, when benchmark German bunds fell and Spanish securities advanced amid optimism a deal would be reached.
    • 10-year bond yields: Germany -18 bps to 0.74%; Spain +24 bps to 2.34%; Italy +24 bps to 2.39%; Portugal +30 bps to 2.99%.
    • The yield on Greek 10-year securities jumped the highest since December 2012, shooting up 379 basis points to 14.63%.
    • ETFs: GIM, EU, BNDX, BWX, IGOV, BUNL, BUNT, GGOV
    | Jun. 29, 2015, 4:44 AM | 7 Comments
  • Jun. 10, 2015, 4:39 AM
    • The yield on 10-year German government bunds broke above 1% overnight for the first time since September 2014 amid a broader global bond selloff that's been deepening since late April. The U.S. 10-year yield jumped 6 bps to 2.48%.
    • The renewed ascent for German yields started last week when ECB President Mario Draghi said investors should get used to periods of higher bond market volatility and stated the central bank wouldn't do anything about it.
    • ETFs: GIM, EU, BNDX, BWX, IGOV, BUNL, BUNT, GGOV
    | Jun. 10, 2015, 4:39 AM
  • Jun. 4, 2015, 3:23 AM
    • Bond yields across global markets continued their sell-off into Thursday as a six-week-long bond rout rumbled on.
    • Yesterday, ECB President Mario Draghi said asset prices tend to be more volatile in a low interest rate environment and policymakers were prepared to look through the sharp rise in yields.
    • With the ECB seeing no reason to adjust its stance on monetary policy, German 10-year Bund yields rose to fresh 2015 highs today at 0.95% (up from near zero in mid-April). U.S. 10-year yield +1 to 2.38%.
    • European stocks: FTSE 100 -1.3%; DAX -1.6%; CAC 40 -1.9%; Euro Stoxx 50 -1.6%
    • ETFs: GIM, EU, BNDX, BWX, IGOV, BUNL, BUNT, GGOV
    | Jun. 4, 2015, 3:23 AM | 2 Comments
  • May 13, 2015, 4:22 AM
    • Global bond yields will start to stabilize despite a selloff that has sent yields soaring in recent sessions, Pimco chief investment officer Scott Mather told CNBC in a Closing Bell interview.
    • Yesterday, the benchmark U.S. 10-year Treasury note yield hit a six-month high of 2.36% before reversing, while sovereign yields across Europe broadly moved higher.
    • Despite those moves, the bond selloff's "worst phase" has likely ended, said Mather, pointing to a higher-than-expected supply of corporate debt and an "unusual" supply month in Europe as possible explanations for rising yields.
    • Ten-year Bund yields -2 bps to 0.65%; U.S. 10-year yield -3 to 2.23%.
    • ETFs: GIM, EU, BNDX, BWX, IGOV, BUNL, BUNT, GGOV
    | May 13, 2015, 4:22 AM | 2 Comments
  • May 7, 2015, 11:18 AM
    • The German 10-year Bund yield soared to as high as 0.70% earlier, but has since retreated to 0.60%, up one basis point on the day. 10-year yields in Spain and Italy flew to above 2%, but are now sharply lower on the session at 1.73% and 1.78%, respectively.
    • The U.S. 10-year yield hit 2.30% during this period, and has now also pulled back to 2.22%, off two bps on the session.
    • "This Bund [yield] rally has caused a great deal of dislocation for fixed income investors," says the team at Barclays, noting a rise in yields of this size (here's a chart) has occurred just two other times in the past 15 years, and pointing to only 5% in a recent survey saw bond yields higher than 50 bps by the end of June.
    • The moves in Germany and elsewhere are classic "pain trades," says HSBC's Steven Major. "The pain trade is a steeper curve, so given what happened in the past few weeks, this pain could have been excruciating."
    • Source: Bloomberg
    • ETFs: EU, BNDX, BWX, PLW, STPP, IGOV, GOVT, FLAT, BUNL, ITLY, ITLT, GGOV, BUNT, TAPR
    | May 7, 2015, 11:18 AM | 1 Comment
  • May 6, 2015, 4:36 AM
    | May 6, 2015, 4:36 AM | 5 Comments
  • Apr. 16, 2015, 9:40 AM
    • The Big Short was Michael Lewis' classic about how some made billions shorting subprime mortgage-backed securities ahead of the financial collapse. Now hedge funder Paul Singer says he's found a bigger short in plain old bonds.
    • Speaking at the Grant's Spring Conference, Singer wonders "why bondholders persist in trusting that the central banks will be capable of creating just enough inflation and not a farthing more."
    • Further, why do bondholders believe - as the former Fed chair, now citizen blogger (and now with Ken Griffin's Citadel) has said - that central bankers can cure an inflation overshoot in "ten minutes."
    • Inflation, says Singer, is already perky if you hang around the same circles he does. "The roaring markets for financial assets, high-end real estate and art, and other things that investors and the rich own or use, should be seen for what it is: a modern and peculiar form of inflation which is sectorial and emerges from a modern and peculiar policy mix. And this is the coming attraction for a more generalized inflation of the future.."
    • ETFs: AGG, BND, BOND, BNDX, BWX, SCHZ, PLW, LAG, IGOV, GOVT, DI, FBND, RIGS, SAGG, GBF, IUSB, LDUR, TAPR, FWDB, VBND
    | Apr. 16, 2015, 9:40 AM | 2 Comments
  • Jan. 22, 2015, 9:38 AM
    • It's an all-time low for Spain's 10-year note, which falls 14 basis points to 1.41% after the ECB launches a €60B per month asset purchase program. Italy's 10-year is down 12 bps to 1.56%.
    • German 10-year Bund yields are down eight basis points at 1.40%, and the U.S. 10-year Treasury yield has undergone a major reversal, now lower by four basis points to 1.84% after rising as high as 1.94% after the ECB announcement. TLT goes green by 0.45% after being down more than 1.5%.
    • ETFs: EU, BNDX, BWX, IGOV, BUNL, ITLY, ITLT, GGOV, BUNT
    • Previously: ECB launches €60B per month QE (Jan. 22)
    • Previously: Futures add to gains after ECB goes bigger than expected (Jan. 22)
    | Jan. 22, 2015, 9:38 AM
  • Jan. 13, 2015, 5:20 PM
    • The WisdomTree Euro Debt ETF's (NYSEARCA:EU) final trading day will be February 11th.
    • Of the nearly 300 bond ETFs trading in the U.S., EU is the only fund currently trading that provides investors specifically with broad European government bond exposure.
    • Broad global government ETFs: BNDX, BWX, IGOV
    | Jan. 13, 2015, 5:20 PM
  • Jan. 6, 2015, 7:16 AM
    • The improbable (to most) rally in long-dated U.S. government paper continued overnight, with the 10-year yield dipping down all the way to 1.98%. It's bounced since, and currently stands at 2.00%, off three basis points on the session.
    • It's a global rally, with bonds in the BAML Global Broad Market Sovereign Plus Index having an effective yield of just 1.28% - an all-time low (data is from 1996 on). A sampling: Japan 10-years 0.29%, German 10-years 0.47%, Spain 1.55%, U.K. 1.62%, Italy 1.77%, Australia 2.7%.
    • TLT +0.5%, TBT -1%
    • ETFs: TBT, TLT, TMV, TBF, EDV, TMF, TTT, JGBS, JGBD, BNDX, ZROZ, BWX, SBND, TLH, VGLT, DLBS, UBT, TLO, IGOV, BUNL, JGBL, ITLY, TENZ, LBND, ITLT, JGBT, GGOV, TYBS, DLBL, BUNT, JGBB
    | Jan. 6, 2015, 7:16 AM | 5 Comments
  • Dec. 29, 2014, 1:51 PM
    • SPDR Barclays International Treasury Bond (NYSEARCA:BWX) announces monthly distribution of $0.457.
    • 30-Day Sec yield of 0.84% (as of 12/24/2014).
    • Payable Jan 7; for shareholders of record Dec 31; ex-Div. Dec 29.
    | Dec. 29, 2014, 1:51 PM
  • Nov. 3, 2014, 1:45 PM
    • SPDR Barclays International Treasury Bond ETF (NYSEARCA:BWX) announces monthly distribution of $0.0209.
    • 30-day SEC yield of 0.97% (as of 10/30/2014).
    • Payable Nov 12; for shareholders of record Nov 5; ex-Div. Nov 3.
    | Nov. 3, 2014, 1:45 PM
BWX Description
The SPDR® Barclays Capital International Treasury Bond ETF is to provide investment results that, before fees and expenses, correspond generally to the price and yield performance of the Barclays Capital Global Treasury ex-US Capped Index. Our approach is designed to provide portfolios with low portfolio turnover, accurate tracking, and lower costs.
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