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Defined-Maturity Bond ETFs For Higher Interest RatesTom Lydon • May. 9, 2013
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IBCC vs. ETF Alternatives
The iShares 2018 Investment Grade Corporate Bond ETF, doing business as the iSharesBond 2018 Corporate ex-Financials Term ETF, (the “Fund”) seeks investment results that correspond generally to the price and yield performance, before fees and expenses, of the Barclays 2018 Maturity High Quality Corporate Index (the “Underlying Index”). The Fund does not seek to return any predetermined amount at maturity or in periodic distributions.
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Tuesday, Feb 252:14 AM
Tuesday, Feb 252:14 AM| 2 Comments
- Cisco Systems (CSCO) has raised $8B in the largest corporate-bond sale so far this year and the biggest for investment-grade notes since Verizon sold $49B worth of debt in September.
- Cisco plans to use the money to finance stock buybacks and dividends, and to repay $3.75B of notes that mature this year.
- Cisco sold debt in seven parts with fixed- and floating-rate securities, with yields ranging from 1.1% to 3.625%.
- Moody's rates Cisco at A1 and S&P at AA-.
- While Cisco "hasn't had smooth sailing from the equity perspective," says money manager Thomas Chow, "there's overwhelming demand...for well-known issuers with strong fundamentals." Cisco "has a large cash balance and a dominant position in product lines that aren’t going to disappear overnight," Chow adds. (PR)
- ETFs: FLOT, BSCE, BSCF, FLTR, FLRN, BSCH, BSCG, BSCI, IBCE, IBCB, BSCK, IBCC, BSCJ, BSCM, IBDC, IBDA, IBDD, IBDB, IBCD, BSCL
Wednesday, Sep 252013, 7:06 AM
Wednesday, Sep 252013, 7:06 AM| Comment!
- Simon Property Group (SPG) is the latest in a string of issuers raising money in European debt markets as the yield discount to U.S. paper nears its widest in 4.5 years. Simon is selling €750M of seven-year notes yielding 75 bps over swaps, about 122 bps better than it could get in the States.
- Behind the widening is monetary policy - the Fed is making noises about pulling back from stimulus, while the ECB isn't yet close to that point.
- U.S. high yield ETFs: HYG, JNK, PHB, HYLD, HYS, SJB, UJB, SJNK, ANGL, BSJG, BSJH, BSJI, QLTC, XOVR.
- Int'l high yield: IHY, HYXU, PGHY.
- U.S. investment grade ETFs: U.S.: LQD, CBND, CORP, FLTR, FLRN, ITR, LWC, SCPB, VCIT, VCLT, VCSH, IGU, IGS, CSJ, QLTA, QLTB, BSCI, BSCJ, BSCK, BSCL, BSCM.
- International investment grade: PICB, IBND, IBCB, IBCC, IBCD, IBCE, IBDA, IBDB, IBDC, IBDD.
Tuesday, Sep 242013, 3:39 PM
Tuesday, Sep 242013, 3:39 PM| Comment!
- Guggenheim adds to its target-date maturity fund lineup, launching the BulletShares 2019 High Yield Corporate ETF (BSJJ) and the BulletShares 2020 High Yield Corporate ETF (BSJK). Both have expense ratios of 0.42%.
- YTD the BulletShares product suite AUM has grown to $1.9B, an increase of 107%.
- The others: BSCD, BSCE, BSCF, BSCG, BSCH, BSCI, BSCJ, BSCK.
- iShares has its own line: IBCB, IBCC, IBCD, IBCE.
Monday, Aug 262013, 10:05 AM
Monday, Aug 262013, 10:05 AM| Comment!
- With interest rates on the rise, corporate treasurers are shelving plans to raise money, with just $61B in corporate debt issued globally thus far in August - on course for the weakest month since 2008, according to Dealogic. In August 2012, $121B was raised.
- Corporate bond issuance was running at a fast pace earlier this year, but Apple's $17B April offering in hindsight looks very much like a bell-ringer.
- Bankers are hopeful going forward, with one noting a backup in the pipeline. "The market has generally re-priced on the back of higher yields and we fully expect investors to have appetite at new levels."
- U.S. corporate bond ETFs: LQD, CBND, CORP, FLTR, FLRN, ITR, LWC, SCPB, VCIT, VCLT, VCSH, IGU, IGS, CSJ, QLTA, QLTB, BSCI, BSCJ, BSCK, BSCL, BSCM.
- International corporate bond ETFs: PICB, IBND, IBCB, IBCC, IBCD, IBCE, IBDA, IBDB, IBDC, IBDD.
Tuesday, Jul 162013, 9:51 AMGuggenheim will launch in Wednesday two more target-date maturity corporate debt ETFs set to mature in 2021 and 2022 - the BulletShares 2021 Corporate Bond ETF (BSCL), and the BulletShares 2022 Corporate Bond ETF (BSCM). Like others in the BulletShares line, the funds have expenses of 0.24%. The others: BSCD, BSCE, BSCF, BSCG, BSCH, BSCI, BSCJ, BSCK. Ishares has its own line: IBCB, IBCC, IBCD, IBCE. |Tuesday, Jul 162013, 9:51 AM| Comment!
Wednesday, Jul 102013, 9:44 AMBlackRock expands its offerings of defined maturity corporate bond ETFs, launching the iShares 2016 (IBDA), 2018 (IBDB), 2020 (IBDC), and 2023 (IBDD) Corporate Term ETFs. The company in April launched 4 corporate ex-financial term ETFs (IBCB, IBCD, IBCC, IBCE), and they've seen 30% growth in AUM. (PR) |Wednesday, Jul 102013, 9:44 AM| Comment!
Tuesday, Jul 92013, 9:23 AMThere are more losses ahead for corporate paper (LQD), says JPMorgan's Jan Loeys, noting corporates replaced Treasurys as the favored way to get exposure to duration. "Potential buyers don't have the same capacity to absorb credit risk." Credit spreads didn't protect against higher rates during the recent bond bust - corporates lost 3.4% since May 22 vs. a 2.6% decline in Treasurys, according to Bloomberg's Lisa Abramowicz. |Tuesday, Jul 92013, 9:23 AM| Comment!
Tuesday, Jun 182013, 3:30 PM"Actively managed" and fixed income are the themes for the top new ETF asset gatherers this year. Leading the way is the SPDR Blackstone/GSO Senior Loan Fund (SRLN) - 2 months old and with $279M AUM. There's very little duration risk since yields on senior loans rise alongside interest rates. Number two is the Barclays Select MLP ETN (ATMP) with $136.5M AUM. Rounding out the top 7: IBCC, MINC, FPE, SYLD, VWOB. |Tuesday, Jun 182013, 3:30 PM| Comment!
Friday, Apr 192013, 10:28 AMiShares launches four target-date maturity corporate bond funds today, expanding into an area currently occupied by Guggenheim's BulletShares ETFs. The iShares offerings - IBCB (2015), IBCC (2018), IBCD (2020), IBCE (2023) - come with a 0.10% price tag vs. Guggenheim's BSCD, BSCE, BSCF, BSCG, BSCH, BSCI, BSCJ, and BSCK at an expense ratio of 0.24%. |Friday, Apr 192013, 10:28 AM| Comment!