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Investment Researcher Picks Best Active ETFs
Tom Lydon • Fri, Mar 1
ETF Stats For January 2013: Fewest Launches In 41 Months
Ron Rowland • Sun, Feb 10 • 3 Comments
WisdomTree Launches Active Global Corporate Debt ETF
Tom Lydon • Wed, Feb 6 • 1 Comment

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WisdomTree Launches Active Global Corporate Debt ETF
Tom Lydon • Wed, Feb 6 • 1 Comment

Investment Researcher Picks Best Active ETFs
Tom Lydon • Fri, Mar 1
ETF Stats For January 2013: Fewest Launches In 41 Months
Ron Rowland • Sun, Feb 10 • 3 Comments

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GLCB vs. ETF Alternatives

GLCB Description

WisdomTree Global Corporate Bond Fund seeks to provide a high level of total return consisting of both income and capital appreciation through investments in the debt of corporate issuers from countries throughout the world.
See more details on sponsor's website

Key Info

In Your Portfolio: A Guide to International and Emerging Market Government Bond ETFs
Asset Class Performance: Bonds, Global & Regions

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| Earnings
| Dividends
| M&A
| On the move

Monday, May 20, 12:30 PM The hot market for corporate junk (HYG, JNK) has pushed the yield on high-yield corporates (4.88%) well below that of high-yield municipals (5.22% nominally, over 8% on a tax-equivalent basis). The nominal spread of 34 bps is down from 56 bps a week ago as investors take notice of the anomaly. High-yield muni ETFs: HYD, HYMB, XMPT. 3 Comments
Monday, May 20, 9:47 AM UBS' 5 "suspected" asset bubbles: 1) Risk-free rates - specifically Treasurys (TLT), Bunds (BUND, BUNL), JGBs (JGBL, JGBT, JGBD, JGBS) 2) Credit (HYG, JNK) 3) Real estate in Asia (WPS) 4) Certain EM equity markets (EIDO, IDXJ, EPHE, THD, EWW) 5) Australian banks (WBK, NABZY.PK, ANZBY.PK, CMWAY.PK). Comment!
Friday, May 10, 5:57 AM Don't panic, Moody's says, there's "no strong evidence that recent [corporate debt] issuance levels presage a damaging correction." The notion that a bubble is building in the corporate bond market isn't reflected in credit spreads which, for both investment grade (LQD) and high yield (HYG, JNK), are closer to long-run averages than they are to alarmingly tight. Furthermore, the ratings agency says a surge in issuance reflects the "disintermediation of the banking sector" and notes that the proportion of total corporate liabilities comprised of debt securities hasn't significantly increased over the past two years." We can all rest easy now. (previous) 2 Comments
Wednesday, May 8, 11:38 AM The 5% yield barrier on junk bonds (HYG, JNK) is broken for the first time ever, the Barclays U.S. High Yield Index sliding to 4.97% (prior to Jan., the yield had never fallen below 6%). Spreads to Treasurys remain at a not-unreasonable 406 bps, far wider than the record-tight 223 points reached just as the gates of financial heck were about to open in 2007. In the meantime, the equity of highly non-wobbly companies like RDS.A, VOD, and GSK yields in the area of 5%. "We don't want to question the market," writes the FT's David Keohane, "but: what the (heck)?" 7 Comments
Monday, May 6, 1:04 PM It's an easy market to hate, but junk bond prices (HYG, JNK) keep going higher, the yield on the benchmark BAML index hitting an all-time low of 5.084%. The spread to Treasurys - treading water for awhile at 475 bps - has broken through that resistance, and is now at 4.33%. The Fed's role here is well-documented, but the latest meme has the BOJ's easing efforts as forcing a fresh wave of cash into the sector. 8 Comments
Friday, April 12, 12:28 PM Fixed-income may not be being given away as it was in 2010, but there's still value, says Jeff Gundlach, scoffing at talk of a bond bubble. "Raise your hand" if you own Treasurys for yourself or a client, he asked a room full of advisors (none went up). Bonds are not "over-owned" in the U.S., he says, showing cash and fixed income make up a higher percentage of household financial assets in other countries. 5 Comments [U.S. Economy]
Wednesday, March 20, 10:11 AM The term "high-yield" doesn't quite cut it anymore as the 30-day SEC yield on the High-Yield Corporate Bond ETF (HYG) threatens to drop below 5%. 4 Comments [Financials]
Monday, March 4, 9:23 AM The growing consensus against junk bonds in a picture shows soaring short interest in HYG. (via Stifel, h/t ukarlewitz) Comment!
Thursday, February 28, 8:25 AM Dan Fuss - a bond king even if that title is usually reserved for someone else - takes junk bond (HYG, JNK) exposure in his Loomis Sayles Bond Fund down to 24% of AUM, its lowest level ever. "The 'don't fight the Fed' mentality ... will have to reconcile at some point with the macroeconomic reality that there's more risk in the world than the market is choosing to acknowledge," says DoubleLine's Bonnie Baha, nodding in agreement with Fuss. Comment! [Financials]
Wednesday, February 27, 11:10 AM Leading off his latest outlook with Alan Greenspan's "irrational exuberance" line, Bill Gross (BOND) ponders its application to credit markets (LQD, HYG, JNK) today. Conclusion: Not yet. Labeling credit irrationality a 6 on a scale of 1-10, Gross suggests not selling, but instead lowering expectations.
1 Comment [U.S. Economy]
Tuesday, February 5, 2:02 AM UBS (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) Comment! [Financials]
Thursday, January 31, 2:50 PM WisdomTree 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. Comment! [Global & FX]
Thursday, January 31, 2:14 PM WisdomTree's (WETF) latest (pdf) is the actively managed Global Corporate Bond ETF (GLCB). Unique in that it can invest in any corporate bond listed anywhere in the globally, GLCB charges 0.45%. Competing ETFs: Passive IBND (ER 0.55%) has significantly less emerging market and high yield exposure but has a similar intermediate duration. Active FWDB (ER 1.26%) is more similar geographically and credit grade-wise but mixes in non-corporate fixed income. RAVI (ER 0.25%) and MINT (ER 0.35%) are both actively managed but have much shorter durations and minimal high yield exposure. RAVI has no emerging exposure. Comment!

GLCB WisdomTree Global Corporate Bond ETF

GLCB

WisdomTree Global Corporate Bond ETF