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Fri, Aug. 15, 8:59 AM
- U.S. high-yield bond funds booked $680M of inflows in the week ended August 13, according to Lipper, their first weekly inflow in a month. A record $7.1B was pulled the prior week, and for the month ended August 6, a total of $12.6B was withdrawn.
- “When we saw these big outflows we were looking to buy stuff,” says one fund manager, though he notes the big withdrawal numbers did little damage to prices.
- Alongside the outflows has been a slowdown in borrowing, with leveraged-loan issuance of $9.7B and junk-bond sales of $2.9B this month, the lowest for the period since 201.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, BSJG, HYHG, BSJI, ANGL, HYLS, UJB, BSJH, XOVR, THHY, WYDE, SHYG, QLTC, BSJK, HYGH, BSJJ, HYND, HYZD, TYTE
Tue, Aug. 5, 12:55 PM
- The high-yield market lost about 2% in July, with the average spread to Treasurys rising to 424 basis points from 353. Fridson's estimate of fair value is 467, meaning the overvaluation level has shrunk to just 43 bps from nearly 200 in late June.
- Also of note, says Fridson, is a "substantial improvement" in credit availability which is a key part of his fair value calculation. The Fed Survey of Senior Loan Officers shows a net easing of credit standards read of 21.3%, nearly double that of the previous print - "the most favorable credit environment since September 2011," says Fridson.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, BSJG, HYHG, BSJI, ANGL, HYLS, UJB, BSJH, XOVR, THHY, QLTC, SHYG, BSJK, HYGH, BSJJ, HYND, HYZD
Tue, Jul. 15, 10:46 AM
- A combined $620M was pulled from the two largest high-yield ETFs (HYG, JNK) last week, making them the least popular in the fixed-income ETF universe during that period, according to data put together by Bloomberg.
- The move comes with yields on the BAML U.S. Index right around their record lows, and strategists suggest investors are cashing in some chips after a near straight-line rally over the past few months, if not years. While these ETFs are aimed at individual investors, they're increasingly being used by institutions to adjust exposure in a relatively low liquidity sector.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, HYHG, BSJG, ANGL, BSJI, HYLS, UJB, BSJH, XOVR, THHY, QLTC, SHYG, BSJK, HYGH, HYND, HYZD, BSJJ
Tue, Jul. 8, 11:25 AM
- It definitely feels like investors are getting overexuberant, and you can stay in overexuberant conditions for a while,” says Key Private Bank's Fred Senft. "But when it turns it will turn quickly and it will turn very ugly.”
- First half high-yield corporate bond issuance of $331B blew away the already perky levels of the last three years (2013's was about $250B) as yields on the BAML Global High Yield Index plumb new record lows. Even Japan's notoriously risk-averse Government Pension Investment Fund is considering scrapping its practice of only buying investment-grade paper and venturing into junk.
- Senft's day of reckoning could be coming near, with junk-rated borrowers having $737B in debt needing to be refinanced or paid off in the next five years. "It's about as extreme as it gets," says Marty Fridson, who estimates spreads are about 200 basis points too tight.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, HYHG, BSJG, ANGL, BSJI, HYLS, UJB, BSJH, XOVR, THHY, QLTC, SHYG, BSJK, HYND, HYGH, HYZD, BSJJ
Tue, Jun. 17, 11:53 AM
- At just 4.94%, the yield on the BAML U.S. high-yield index slipped below its record-low level set 13 months ago, Maybe more importantly, underlying Treasury yields are about 75 basis points higher today than they were when the record was set in May 2013, meaning spreads are way narrower today - just 3.43% vs. 4.23% last year.
- The all-time low spread of 2.4% was set in June 2007, meaning there's plenty of room for junk yields to fall further as long as there's no upset in the Treasury market.
- Junk bonds have now gained 5.36% YTD, not bad for a class yielding just 5.67% at the start of 2014.
- ETFs: HYG, JNK, HYLD, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, QLTC, HYGH
Mon, Jun. 16, 1:29 PM
- High-yield debt funds raised their allocations to stocks to 3.2% at the end of March, up from 3.1% at the end of 2013 and just 2.1% one year earlier.
- JPMorgan suggests investors do more of the same: “We see credit as relatively over-owned and valued versus other risk assets,” says JPMorgan. “Investors are beginning to worry about how the eventual exit will fare in a world of reduced market making by banks.”
- The move comes as junk bond yields scrape record absolute lows, and on a relative basis, junk buyers are earning 346 basis points more than benchmark rates, the lowest since 2007 and 241 basis points less than the two-decade average. “We prefer to take more risk in equities and we now cut the size of our U.S. high-yield spread trade by one-third," says JPMorgan.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, BSJF, SJB, BSJE, HYHG, BSJG, BSJI, ANGL, HYLS, UJB, XOVR, BSJH, THHY, SHYG, QLTC, BSJK, HYZD, HYND, HYGH, BSJJ
Tue, Jun. 10, 11:46 AM
- It was May 2013 when the yield on BAML's benchmark index slipped below 5% for the first time ever, after four months earlier falling below 6% for the first time ever. What happened next was a bear market in fixed income which sent yields on all instruments sharply higher.
- This year's big bull run for fixed-income has brought 5% back into play, with the yield on the BAML index sliding to 5.002% this morning. Junk bonds (HYG, JNK) have already delivered a return of 5.16% YTD, and now yield just 350 basis points more than comparable Treasurys.
- ETFs: HYG, JNK, HYLD, HYS, SJNK, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, SHYG, QLTC, HYGH, HYND, HYZD
Wed, May. 28, 11:53 AM
- The iShares Interest Rate Hedged Corporate Bond ETF (LQDH) is an active ETF which will invest primarily in the iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) while mitigating the fund's interest rate risk exposure.
- The iShares Interest Rate Hedged High Yield Bond ETF (HYGH) is an active ETF which will invest primarily in the iShares iBoxx $ High Yield Corporate Bond ETF (HYG) while mitigating the fund's interest rate risk exposure.
- Two target maturity date ETFs will also launch on the 29th: the iSharesBond Dec 2016 Corporate Term ETF (IBDF) and the iSharesBond Dec 2018 Corporate Term ETF (IBDH).
- Other high yield corporate bond ETFs: JNK, HYLD, SJB, HYHG, ANGL, HYLS, UJB, XOVR, THHY, QLTC
- Other corporate bond ETFs: CORP, CFT, QLTA, IGHG, COBO, IGS, CBND, IGU, QLTB
- Other target date corporate bond ETFs: BSCE, BSCF, BSCH, BSCG, BSCI, IBCE, IBCB, BSCK, IBCC, IBDC, BSCJ, BSCM, IBCD, IBDA, IBDB, BSCL, IBDD
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HYGH vs. ETF Alternatives
The iShares Interest Rate Hedged High Yield Bond ETF seeks to mitigate the interest rate risk of a portfolio composed of U.S. dollar-denominated, high yield corporate bonds. HYGH seeks to provide exposure to investment grade bonds while mitigating interest rate risk by holding HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and short positions in Treasury futures. HYG's performance and portfolio characteristics are concurrently displayed on this page so investors can easily assess the impact of the hedge and determine which version of the fund is more appropriate given their objectives.
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