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PowerShares DB U.S. Deflation ETN (DEFL)

- NYSEARCA
DEFL is defunct since February 25, 2015. Delisted due to lack of assets
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  • Nov. 21, 2012, 11:47 AM
    The Treasury sells $13B in 10-year TIPS priced to yield -0.72% vs. a when-issued yield of -0.76%. Bid-to-cover ratio of 2.53 vs. a recent 2.35; indirect bidders take down 48% vs. a recent 43.8%, direct bidders 10.3%. TIP -0.3%.
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  • Oct. 17, 2012, 9:12 AM
    TIPS investors have another fund to choose from as Vanguard's Short-Term Inflation Protected Securities ETF (VTIP) traded 30K shares on its launch yesterday. The fund's fee is 0.10% vs. similar funds STIP and STPZ which charge 0.20%.
    | 1 Comment
  • Sep. 20, 2012, 1:23 PM
    Investors grudgingly pay up for inflation protection, the Treasury selling $13B in 56-month TIPS at -0.75% - the 5th consecutive auction of negative yields. Bid-to-cover ratio of 2.35 vs. a recent average of 2.78; direct bidders took down 7.6% vs a recent 15.6%, indirect bidders 43.8% vs. a recent 39%. On-the-run TIPS take a bit of a tumble after the weakish results. TIP -0.2%.
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  • Sep. 14, 2012, 3:23 PM
    Deflation risk? As Treasurys plummet (TLT -2.4%), inflation-protected bonds (TIP +0.5%) move in the opposite direction. Michael Gayed tracks the ratio of TIP to the 7-10 year Treasury ETF (IEF) as a way to gauge inflation expectations, and it's spiked higher of late, suggesting far higher inflation fears.
    | 12 Comments
  • Aug. 23, 2012, 5:09 PM
    Noting the FOMC minutes said additional ease is coming fairly soon unless the economy sees "sustainable strengthening," Bill Gross says QE3 is a "done deal." He expects an open-ended program in which neither the size nor ending date of asset purchases is fixed. How to play it? Buy TIPs and buy mortgages (or buy the companies that buy mortgages).
    | 4 Comments
  • Jul. 10, 2012, 9:42 AM
    Merrill Lynch quietly tells its clients to prepare for a fundamental geopolitical shift in which western (mostly American) dominance crumbles with nothing ready to take its place. Ideas: Buy ETFs to guard against inflation and higher taxes set to be unleashed by desperate governments. Abandon the idea Treasurys are a special risk-free asset class, and look at the paper of places like Australia and Singapore.
    | 7 Comments
  • Jun. 5, 2012, 5:12 PM
    Interesting stuff - the TIPS curve has inverted, the 1-year yield moving from -2.5% to zero in 4 months, meaning the market is now pricing in 0% inflation over the next year vs. 2.5% just weeks ago. Inflation expectations haven't collapsed like this since 2009. Might this chart be making the rounds with the Fed staff?
    | 8 Comments
  • Apr. 24, 2012, 12:06 PM
    Pimco next week will launch The Global Advantage Inflation-Linked Bond Strategy Fund - ticker ILB - which will have 70% of the portfolio in developed markets, and 30% in emerging. It will be "actively managed," i.e. designed to blend the trading ease of ETFs with the bond-picking ability of the manager.
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  • Apr. 16, 2012, 10:51 AM
    China continued to be Uncle Sam's largest foreign creditor in February, boosting its net purchases of long-term Treasurys by $14.3B to $1.18T. However, second-placed Japan is catching up, increasing its holdings by $13B to a record $1.1T. Still, the largest overall owner of Treasurys remains Uncle Ben's Fed with $1.665T.
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DEFL Description
"The PowerShares DB US Inflation Exchange Traded Notes (Symbol:INFL)(the ""Inflation ETNs"") and PowerShares DB US Deflation Exchange Traded Notes (Symbol: DEFL) (the ""Deflation ETNs,"" together with the Inflation ETNs the ""ETNs"") are the first exchange-traded products to provide investors with direct exposure to US inflation or deflation expectations. The Inflation ETNs and Deflation ETNs are based on the DBIQ Duration-Adjusted Inflation Index (the ""long inflation index"") and the DBIQ Duration-Adjusted Deflation Index (the ""short inflation index"", together with the long inflation index, the ""inflation indexes""), respectively, which are intended to capture movements, whether up or down, in US inflation expectations or deflation expectations, as applicable. The ETNs are senior unsecured obligations issued by Deutsche Bank AG, London Branch that are linked to the month-over-month returns, whether positive or negative, on the DBIQ Duration-Adjusted Inflation Index and the DBIQ Duration-Adjusted Deflation Index."
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