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ELD

WisdomTree Emerging Market Local Debt ETF

5/23/2013, 5:39 AM ET

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Monday, May 20, 8:22 AM Guggenheim 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!
Thursday, May 9, 11:14 AM PowerShares adds another to the emerging market debt ETF space, prepping the launch of the Fundamental Emerging Markets Local Debt Portfolio (PFEM), with annual cost of 0.50%. The fund will join a space anchored by PowerShares' own PCY, WisdomTree's ELD, and iShares' EMB. Others: LEMB, EMLC. Comment! [Global & FX]
Wednesday, February 27, 5:08 AM Argentina is due to appear in a New York Appeals Court today, when it will try to persuade the judge to reverse a ruling that it pay $1.3B to investors that refused to accept the country's debt restructuring after it defaulted 2001. The case could "create unrest in the credit markets and result in cascades of litigation," says Bank of New York Mellon (BK). 3 Comments [Financials, Global & FX, Top Stories]
Wednesday, February 6, 5:04 PM Vanguard plans the launch of an international aggregate bond ETF - the Vanguard Total International Bond Index Fund - by the end of Q2. More enticing, the fund will have a 0.20% expense ratio - less than the originally slated 0.30% - and a planned 0.25% purchase fee has been eliminated. Comment!
Friday, December 21, 2012, 1:17 PM Headed into the year's final sessions, the iShares Emerging Markets ETF (EEM) - +13.7% - has caught up to and barely passed the S&P 500. Next year's excitement in emerging markets, writes Josh Brown, could be in their government debt (see ELD), where the fiscal metrics look far better than those of developed nations. 1 Comment [Global & FX]
Thursday, November 29, 2012, 11:24 AM The hunt for yield moves to Mongolia, where the oft-rescued country pulls off a sale of $1.5B in 5 and 10-year notes at rates in the 4%-5% area. At nearly 20% of Mongolia's GDP, $1.5B is the equivalent of the U.S. borrowing $2.5T. A hot spot a couple of years ago, sliding commodity prices have hit the country hard, and the government finds itself borrowing from the central bank (called QE in the U.S.) to pay its bills. Comment! [Global & FX]
Thursday, November 1, 2012, 3:34 PM Yield-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. Comment! [Global & FX]
Monday, August 13, 2012, 12:15 PM Emerging 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 [Global & FX]
Wednesday, July 25, 2012, 1:05 PM Stable or shrinking yield premiums to Treasurys suggest some emerging market sovereign debt is emerging as a safe-haven play. Of note are Mexico, Brazil, and Colombia, but the Philippines and Indonesia are also on the list of those not necessarily selling off every time markets go into "risk off" mode. Comment! [Global & FX]
Thursday, April 5, 2012, 12:32 PM A 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
Tuesday, March 27, 2012, 8:07 AM In a "mildly reflating" world where deleveraging continues, Bill Gross suggests shorter-duration inflation protected bonds, dividend vs. growth stocks (also developing world vs. developed), and supply constrained commodities. Most of all, beware of levered strategies promising "double-digit returns that are difficult in a delevering world." 2 Comments
Monday, February 27, 2012, 3:51 AM Opinions 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! [Global & FX]
Friday, January 6, 2012, 1:42 PM Follow 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! [Global & FX, U.S. Economy]
Tuesday, December 14, 2010, 11:11 AM Morningstar's Timothy Strauts assembles an all-ETF bond portfolio for those looking for relatively safe fixed-income exposure. Asset classes covered include: Treasurys (IEI, TIP), corporates (CFT, JNK), emerging-market debt (ELD) and mortgage-backed securities (MBB). Notably absent: muni bond ETFs. 1 Comment
Friday, September 3, 2010, 11:41 AM Michael Johnston highlights the top categories for ETF inflows for August, including physical gold (GLD, IAU, SGOL) - $1.1 billion, junk bonds (HYG, JNK, PHB - $900 million, and the brand new WisdomTree Emerging Markets Local Debt Fund ELD - nearly $200 million (despite being launched mid-month). The common denominator: a flight to safety amid unsteady equity markets. Comment!