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CEMB vs. ETF Alternatives
The iShares Emerging Markets Corporate Bond Fund seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Morningstar Emerging Markets Corporate Bond Index.
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- In Your Portfolio: A Guide to International and Emerging Market Government Bond ETFs
- Asset Class Performance: Emerging Markets, Bonds
Wednesday, Feb 63:58 AMSoftbank (SFTBF.PK) reportedly intends to issue $3.2B worth of four-year bonds to help finance its acquisition of a 70% stake in Sprint (S) for $20.1B. "Softbank is well-known and popular among individuals," says analyst Mana Nakazora. "There isn’t concern about the bonds remaining unsold." |Wednesday, Feb 63:58 AM| Comment!
Tuesday, Feb 52:02 AMUBS (UBS) offers to buy back 5B francs ($5.5B) in senior debt after the massive downsizing of its investment bank cut its liquidity and funding requirements. While the move will "lower interest expense in the future," UBS says it could also bring "significant" Q1 own credit charges due to a possible tightening of its credit spreads. (Q4 earnings) (PR) |Tuesday, Feb 52:02 AM| Comment!
Thursday, Jan 312:50 PMWisdomTree rolls out its Global Corporate Bond ETF (GLCB), an actively-managed ETF blending developed and emerging market corporate debt. There are global corporate bond funds, there are emerging corporate bond funds, but there are none combining the two and adding in active management. Competitors: GHYG, CEMB. |Thursday, Jan 312:50 PM| Comment!
Thursday, Nov 12012, 3:34 PMYield-starved investors are moving assets into emerging-market corporate debt ETFs, and the industry responds by upping the number of products offered to 10 from just 3 at the end of 2011. There's still plenty of room for growth - in total, such ETFs (a selection here) have about $1B AUM with the size of the EM corporate debt market at $776B. The largest U.S. corporate debt ETF, LQD alone has about $25B AUM. |Thursday, Nov 12012, 3:34 PM| Comment!
Monday, Aug 132012, 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." |Monday, Aug 132012, 12:15 PM| 1 Comment
Tuesday, Jun 122012, 3:58 AMChina’s 4.2T yuan ($666B) corporate bond market is just 9% of its GDP and the government wants to change that, giving corporate bonds a bigger role in boosting growth and diverting risk from the state-owned banking system. Chinese regulators are positioning themselves to grow the sector. |Tuesday, Jun 122012, 3:58 AM| Comment!
Thursday, Jun 72012, 2:36 PMWhen life deals you lemons ... banks (particularly European ones) cutting back lending activity in Asia is leading to a ramp in the development of the corporate bond market there. Companies (ex-Japan) issued $398B in bonds last year, up 29% Y/Y as syndicated bank loans dove 44%. |Thursday, Jun 72012, 2:36 PM| Comment!
Thursday, May 102012, 3:18 PMA new asset class - emerging market corporate debt (as opposed to sovereign) - is in the process of working its way into portfolios. "If we own corporate bonds and Treasury(s) in our fixed asset allocations here ... why not do the same abroad," says Josh Brown. Among the ETF offerings launched this year: EMCB, EMHY, HYEM, CEMB. |Thursday, May 102012, 3:18 PM| 1 Comment