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VCSH vs. ETF Alternatives
Vanguard Short Term Corporate Bond ETF seeks to track the performance of a market-weighted corporate bond index with a short-term dollar-weighted average maturity.
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Country: United States
Thursday, Apr 1010:39 AM
Thursday, Apr 1010:39 AM| Comment!
- "The good ole' days are gone," says UBS, cutting its recommendation for U.S. corporate bonds to "small underweight" ahead of what's expected to be the beginning of a rate hike cycle in about a year.
- With spreads already so tight, any further gains from spread tightening will be marginal at best and not enough to make up for rate increases, says the team, which is bearish on both investment-grade and high-yield corporate debt.
- ETFs: HYG, JNK, LQD, HYLD, HYS, VCSH, SJNK, VCIT, VCLT, CORP, PHB, CSJ, CIU, SJB, CFT, HYHG, SCPB, LWC, ANGL, CLY, ITR, QLTA, HYLS, UJB, XOVR, THHY, IGHG, SHYG, QLTC, PFIG, SLQD, HYZD, IGS, HYND, CBND, QLTB, IGU
Tuesday, Apr 13:27 PM
Tuesday, Apr 13:27 PM| Comment!
- 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
Monday, Mar 311:38 PM|Monday, Mar 311:38 PM| Comment!
Friday, Mar 72:14 AM
Friday, Mar 72:14 AM| 4 Comments
- General Electric (GE) has taken advantage of continued low rates with a $3B bond sale comprising $2.25B of 30-year notes and $750M in 10-year paper.
- The auction attracted strong demand, mainly due to the not-so-common opportunity to buy debt from the parent company rather than GE Capital. The last time the parent sold bonds was in October 2012.
- GE is rate at AA+ at S&P.
- Meanwhile, following shareholder feedback, GE will end dividend payments to senior management on new stock that has yet to vest.
- ETFs: LQD, VCSH, VCIT, CORP, VCLT, CSJ, CIU, CFT, SCPB, LWC, CLY, ITR, QLTA, IGHG, PFIG, SLQD, ENGN, IGS, CBND, QLTB, IGU
Monday, Mar 34:32 PM
Monday, Mar 34:32 PM| Comment!
- Eyeing better growth and sustained low interest rates, Moody's projects the global default rate to drop to 2.2% this year or 61 companies globally, from 2.9% or 66 companies in 2012.
- "Additional factors that support our view of a low default rate in 2014 are the continuous accommodative monetary environment together with ample liquidity, which has and will continue to allow distressed companies to access the capital market and reduce refinancing risk in the near future."
- For perspective, the average default rate since 1983 is 4.7%. It is indeed a golden age for corporate borrowers.
- Related ETFs: LQD, VCSH, VCIT, CORP, VCLT, CSJ, EMCB, CIU, CFT, EMCD, SCPB, LWC, GHYG, CLY, IBND, ITR, CEMB, PICB, QLTA, GLCB, IGHG, SLQD, PFIG, IGS, CBND, IGU, QLTB
Monday, Mar 31:35 AM|Monday, Mar 31:35 AM| Comment!
Wednesday, Feb 124:50 PM
Wednesday, Feb 124:50 PM| 3 Comments
- "The default rate is non-existent," he says, agreeing that fundamentals in high-yield look good. "Instead of a default cycle, we've had a refinance cycle." The issue, however, is valuation. At the end of 2013, the 30-year Treasury yielded about 4%, while BB corporates "unbelievably" yielded just 4.5% - a "remarkably low incremental yield."
- His feelings about overvaluation extend to the investment grade corporate market (LQD) as well.
- Most curious to Gundlach is how universally the long bond is hated at 4%, while junk yielding 4.5% gets so much love.
- Besides Treasurys, Gundlach sees value in emerging market bonds. The risk is in the currency, but this can be eliminated by buying dollar-denominated paper.
- High yield ETFs: HYG, JNK, HYLD, HYS, SJNK, PHB, BSJF, SJB, BSJE, HYHG, BSJG, BSJI, ANGL, BSJH, HYLS, XOVR, THHY, UJB, QLTC, SHYG, BSJK, HYZD, BSJJ, HYND
- Investment grade ETFs: LQD, VCSH, VCIT, CORP, VCLT, CSJ, CIU, CFT, SCPB, LWC, CLY, ITR, QLTA, IGHG, PFIG, SLQD, IGS, CBND, IGU, QLTB
- EM bond ETFs: EMB, PCY, ELD, EMLC, EMCB, VWOB, EMCD, ILB, HYEM, EMHY, LEMB, ITIP, EMAG, EBND, GTIP, PFEM, EMSH, SEMF, IEMF, LEMF
Monday, Feb 31:44 PM
Monday, Feb 31:44 PM| Comment!
- Vanguard Short-Term Corporate Bond ETF (VCSH) announces monthly distribution of $0.115.
- 30-Day Sec yield of 1.38% (as of 01/31/2014).
- For shareholders of record 05 Feb; Payable 07 Feb; Ex-Div. date 03 Feb.
Wednesday, Jan 224:02 PM
Wednesday, Jan 224:02 PM| Comment!
- The Pimco Diversified Income Exchange Traded Fund (DI) will replicate a portfolio of global bonds with maturities between 3 to 8 years.
- The Pimco Low-Duration Exchange Traded Fund (LDUR) will feature a portfolio of investment-grade debt with duration of 1 to 3 years.
- Both funds will launch on January 23rd, almost 2 years after Pimco's first successful mutual fund replication, the Pimco Total Return ETF (BOND).
- Other intermediate term, total market ETFs: VCIT, CIU, ITR, PFIG, GVI
- Other short duration, total market ETFs: VCSH, CSJ, SCPB, BSV, BIV, HOLD, MINC, ISTB
Wednesday, Nov 272013, 7:05 AM
Wednesday, Nov 272013, 7:05 AM| Comment!
- Vanguard Short-Term Corporate Bond ETF (VCSH) announces monthly distribution of $0.119.
- 30-Day Sec yield of 1.38% (as of 11/26/2013).
- For shareholders of record 03 Dec; Payable 05 Dec; Ex-Div. date 29 Nov.
Thursday, Nov 72013, 1:28 PM
Thursday, Nov 72013, 1:28 PM| 1 Comment
- Open for trade today is the ProShares Investment Grade Interest Rate Hedged ETF (IGHG) whose underlying index tries to achieve a duration of zero by offseting corporate debt holdings with a short position in Treasurys.
- ProShares this summer launched a similarly hedged fund, but one aimed at high yield, the ProShares HighYield Interest Rate Hedged ETF (HYHG).
- IG corporate bond ETFs: LQD, VCSH, VCIT, VCLT, CORP, CSJ, CIU, CFT, SCPB, LWC, CLY, ITR, QLTA, PFIG, IGS, SLQD, CBND, QLTB, IGU
Wednesday, Oct 302013, 1:13 PM|Wednesday, Oct 302013, 1:13 PM| Comment!
Monday, Oct 282013, 3:38 PM
Monday, Oct 282013, 3:38 PM| Comment!
- Municipals (MUB) aren't just trading cheap relative to Treasurys (TLT), but also to corporates (LQD), argues JPMorgan.
- The observation isn't a huge surprise, but the team notes continued light supply of municipals as a supporting factor - there's been an average of $5.6B per week in issuance since rates turned higher in May vs. and average of $7.2B per week from January to April. It turns out the refinance market for local governments has slowed along side that of homeowners.
- JPMorgan doesn't expect a "sustained uptick" through the end of the year, but what about this fall's big drop in rates?
- Muni ETFs: MUB, SUB, MUNI, PVI, PZA, SHM, TFI, VRD, HYD, ITM, MLN, PRB, SMB, GMMB, SMMU, RVNU, NY.
- IG Corporate ETFs: LQD, CBND, CORP, FLTR, FLRN, ITR, LWC, SCPB, VCIT, VCLT, VCSH, IGU, IGS, CSJ, QLTA, QLTB, BSCI, BSCJ, BSCK, BSCL, BSCM.
Friday, Oct 252013, 4:44 AM
Friday, Oct 252013, 4:44 AM| Comment!
- Bristol-Myers Squibb (BMY) was among a number of highly rated issuers to sell a total of $12.7B of bonds yesterday as those raising debt took advantage of falling rates and strong demand.
- The pharmaceuticals company sold $1.5B in debt, Bank of Nova Scotia (BNS) $1.5B, railway operator Kansas City Southern (KSU) $450M, and the World Bank $6B - a record for the institution.
- Investment-grade firms have auctioned $21B in debt this week, while $884.3B of highly rated corporate bonds had been sold in 2013 through Wednesday. This year is on course to top the record $1.01T that was raised in 2012.
- ETFs: LQD, CBND, CORP, FLTR, FLRN, ITR, LWC, SCPB, VCIT, VCLT, VCSH, IGU, IGS, CSJ, QLTA, QLTB, BSCI, BSCJ, BSCK, BSCL, BSCM
Wednesday, Oct 92013, 9:59 AM
Wednesday, Oct 92013, 9:59 AM| Comment!
- The 0-5 Year High Yield Corporate Bond ETF (SHYG) - with expense ratio of 0.5% - will cherry-pick the shorter-duration picks of the High Yield Corporate Bond ETF (HYG).
- The 0-5 Year Investment Grade Corporate Bond ETF (SLQD) - with expense ratio of 0.15% - will hold the shorter-maturity paper of the Investment Grade Corporate Bond ETF (LQD).
- State Street has existing junk and IG short-duration ETFs, respectively the SJNK and SCPB.
- Other high-yield ETFs: JNK, PHB, HYLD, HYS, SJB, UJB, SJNK, ANGL, BSJG, BSJH, BSJI, QLTC, XOVR.
- Other IG ETFs: CBND, CORP, FLTR, FLRN, ITR, LWC, SCPB, VCIT, VCLT, VCSH, IGU, IGS, CSJ, QLTA, QLTB, BSCI, BSCJ, BSCK, BSCL, BSCM.
Monday, Sep 302013, 6:45 PM
Monday, Sep 302013, 6:45 PM| Comment!
- Buoyed by the largest corporate bond deal ever - Verizon's $49B sale - investment-grade companies sold more debt in September than any other month in the 18 years records have been kept - $145.7B - as companies scrambled to issue bonds before any further increase in rates made borrowing more expensive.
- Interest rates fell late in September after the Fed said it would keep stimulus in place, so companies' urgency to sell bonds before rates rise may not remain quite as strong; D.C. budget wrangling also could cause companies to hold off on new bond sales until the uncertainty clears.
- Still, if rates stay relatively low and investors continue to search for yield, new corporate bond sales could hum along at a solid pace.
- ETFs: LQD, CBND, CORP, FLTR, FLRN, ITR, LWC, SCPB, VCIT, VCLT, VCSH, IGU, IGS, CSJ, QLTA, QLTB, BSCI, BSCJ, BSCK, BSCL, BSCM.
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lt1948:: VWITX for me, avoids uncle sam :-)