WisdomTree Launches Locally Denominated Asian Bond ETFMorningstar • Mar. 18, 2011
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Sep. 28, 2013, 1:30 PM
- "Sovereign emerging-market yields today are consistent with their averages between 2003 and 2007, but U.S. Treasury rates are only about half as high," writes Shuli Ren, in a bullish piece on emerging-market debt.
- The premise is simple: 17 consecutive weeks of EM bond fund outflows has "flooded out irrational exuberance that had piled up over the winter and spring" and brought the market back down to earth, even as institutional demand has remained strong, suggesting retail investors have overreacted to taper talk.
- With the Fed still striking a highly accommodative tone, emerging-market debt could rally as investors discover the relatively attractive valuations.
- ETFs - EMB, LEMB, PCY, EMLC, ELD, PFEM, EBND, VWOB; Asia: ALD; Latin America: BONO
May. 20, 2013, 8:22 AMGuggenheim announces the closing of its Chinese Yuan bond ETF (RMB), effective June 14 as the fund failed to generate significant investor interest since its 2011 launch. The fund’s May dividend distribution will be suspended which should maximize the amount shareholders will receive at liquidation on or about June 21st. | Comment!
Aug. 13, 2012, 12:15 PMEmerging debt remains remains frothy despite growing economic headwinds, writes Mike Riddell, noting an issue of long-term Peruvian debt last week hit a yield spread to Treasurys of just 109 bps. Given the bid-ask on this illiquid paper is 100 bps, it is pricing in almost no credit risk. It's pre-2008 territory. "Bubbletastic." | 1 Comment
Jun. 7, 2012, 2:36 PM
Apr. 5, 2012, 12:32 PMA new offering of ETFs offers high yield investors greater international - both developed and emerging - exposure. EMHY is designed to track the Morningstar Emerging High Yield Bond Index, the HYXU sticks to developed countries, and the GHYG adds international (developed) exposure to the popular HYG. (PR) | 1 Comment
Feb. 27, 2012, 3:51 AMOpinions are diverging among big bond funds about emerging-market debt, with some funds piling in as others pull out, and both sides unsure of the ultimate impact Europe's debt crisis will have on global growth. Investors, meanwhile, poured a net $2B into emerging-market debt in January, up 72% from Jan. 2011 and up 167% from Jan. 2009. | Comment!
Jan. 6, 2012, 1:42 PMFollow the Shanghai Composite as it's been an excellent leading indicator for U.S. stocks, says Jeff Gundlach in his 2012 outlook. Turning to the bond market, he's bullish on the greenback, putting most of his funds in dollar-denominated assets, but also nibbling at emerging market credit (EMB). As for high yield (HYG), he doesn't believe it's yet cheap enough. | Comment!
Dec. 13, 2011, 11:04 AMMike Riddell returns from a trip to Asia with video diary actually feeling a bit better about Chinese property where he says there is no evidence of a bubble in the tier 2 and tier 3 cities. One story we may start hearing more about is Asian reliance on trade finance provided by European banks who are certain to be pulling back from the business as they deleverage. | Comment!
Dec. 6, 2011, 2:53 AMAsia is facing "much greater downside risks" because of the possibility of new recessions in the U.S. and EU, and the threat of destabilizing capital flows, says the Asian Development Bank. The possibility of another global financial crisis means Asian countries must have "sufficient flexibility" to rapidly adjust policies. | 5 Comments
Nov. 29, 2011, 9:04 AMEurope's issues are secular and global, writes Bill Gross, "reflecting worldwide delevering and growth dynamics that began in 2008." In this environment, 5% long term portfolio growth will put investors near the top of the class. Focus on the "cleanest dirty shirts" - U.S., Canada, U.K., and Oz - as well as a resource-rich EMs like Brazil. | Comment!
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ALD vs. ETF Alternatives
WisdomTree Asia Local Debt Fund seeks a high level of total returns consisting of both income and capital appreciation. The fund attempts to achieve its investment objective through investment in local debt denominated in the currencies of Asia Pacific ex-Japan countries.
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