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The PowerShares International Corporate Bond Portfolio (Fund) is based on the S&P International Corporate Bond Index (Index). The Fund will normally invest at least 80% of its total assets in the securities that comprise the Index. The Index measures the performance of investment-grade corporate bonds issued by non-U.S. issuers in the following currencies: Australian Dollar (AUD), British Pound (GBP), Canadian Dollar (CAD), Euro (EUR), Japanese Yen (JPY), Swiss Franc (CHF), Danish Krone (DKK), New Zealand Dollar (NZD), Norwegian Krone (NOK) and Swedish Krona (SEK).
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- In Your Portfolio: A Guide to International and Emerging Market Government Bond ETFs
- Asset Class Performance: Bonds, Global & Regions
Wednesday, Sep 257:06 AM
Wednesday, Sep 257:06 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.
Monday, Aug 2610:05 AM
Monday, Aug 2610:05 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.
Wednesday, Feb 63:58 AMSoftbank (SFTBF.PK) reportedly intends to issue $3.2B worth of four-year bonds to help finance its acquisition of a 70% stake in Sprint (S) for $20.1B. "Softbank is well-known and popular among individuals," says analyst Mana Nakazora. "There isn’t concern about the bonds remaining unsold." |Wednesday, Feb 63:58 AM| Comment!
Tuesday, Feb 52:02 AMUBS (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) |Tuesday, Feb 52:02 AM| Comment!
Wednesday, Sep 52012, 10:55 AM"The complacency is staggering," says an asset manager of the corporate bond market (specifically Europe). When France is able to sell debt at negative rates, just about any corporate issue with a plus sign in front of the yield is going to look good to fund managers. "We are facing quite binary outcomes; investors should be concerned." |Wednesday, Sep 52012, 10:55 AM| 1 Comment
Friday, Aug 102012, 9:05 AMWhat crisis? Europe's corporate bond market is cruising, investment-grade euro-denominated bonds returning 8.9% YTD. Spreads remain wide - more than 200 bps to sovereign bonds vs. 50 bps pre-crisis - but there are good reasons for this. The search for yield continues, but how much upside is left? |Friday, Aug 102012, 9:05 AM| Comment!
Saturday, Aug 42012, 9:44 AMFocused on what ECB action may be on sovereign debt, markets are underpricing the chance the central bank steps into corporate bonds, opine two Goldman strategists. Measures could include direct purchases of corporate paper or a "funding for lending" scheme (a la the BOE). The moves would allow the ECB to provide market support without violating its mandate against financing of governments. |Saturday, Aug 42012, 9:44 AM| 9 Comments
Tuesday, Jun 122012, 3:58 AMChina’s 4.2T yuan ($666B) corporate bond market is just 9% of its GDP and the government wants to change that, giving corporate bonds a bigger role in boosting growth and diverting risk from the state-owned banking system. Chinese regulators are positioning themselves to grow the sector. |Tuesday, Jun 122012, 3:58 AM| Comment!
Thursday, Jun 72012, 2:36 PMWhen life deals you lemons ... banks (particularly European ones) cutting back lending activity in Asia is leading to a ramp in the development of the corporate bond market there. Companies (ex-Japan) issued $398B in bonds last year, up 29% Y/Y as syndicated bank loans dove 44%. |Thursday, Jun 72012, 2:36 PM| Comment!
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