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PowerShares Emerging Markets Sovereign Debt Portfolio ETF

5/24/2013, 7:43 PM ET

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Tuesday, May 14, 11:33 AM Vanguard sets an early June start for the launch of its Emerging Markets Government Bond Fund (VWOB), The fund will track the Barclays Dollar EM Government RIC Capped Index with the expense ratio to be 0.3-0.5%. The iShares Emerging Markets Dollar Bond ETF (EMB) has an expense ratio of 0.59%. PowerShares' PCY has a ratio of 0.5%. 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]
Friday, May 3, 7:04 AM Emerging Global Advisors files (I, II) to launch 12 new funds, including 6 bond funds - its first totally in-house fixed income strategies. Included in the equity offerings is the EM Dividend High Income ETF (possible competitors include: IDV, DEM), the EM Asia Consumer ETF, and the EM Equal Weight Sector ETF. Among the fixed income offerings are Investment Grade - short, intermediate, and long term ETFs (possible competitors include: EMB, LEMB, PCY). No ticker symbols or expense ratios are yet known, and it's possible not all 12 will make it to actual launch status. Comment!
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]
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]
Monday, April 18, 2011, 3:12 PM The IMF shoots back at emerging economies, warning of a hard landing if more is not done to slow capital inflows into their countries. No criticism is made of developed countries printing the currency which is finding its way into the emerging markets. (earlier) 2 Comments [Global & FX]
Thursday, April 7, 2011, 5:05 PM GE Asset Management, following "very, very aggressive run-ups" in credit markets, is unloading its CMBS, junk bonds, and emerging market debt in favor of longer term Treasuries. CIO Paul Colonna sees not a recession, but an economic slowdown enough to "impact asset prices." 1 Comment [Global & FX]
Monday, February 14, 2011, 12:10 PM Low food stocks, surging demand, zero interest rates, and bad weather combine to create a subprime crisis for emerging markets. If governments don't want to get "Egypted," they should stop worrying about their credit rating and take steps to ease the burden of surging food prices on their citizens. 2 Comments [Global & FX]
Monday, January 31, 2011, 11:06 AM The Lex column also reminds that Egypt, accounting for 0.3% of world GDP, isn't the problem, it's the possible spread to the rest of the region. Saudi Arabia may find that helping its citizens with food purchases will not be enough to hold back the forces spreading through North Africa. EGPT +2.3%. Comment! [Global & FX]