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Senior Loan ETFs Yielding 6% Face New Actively Managed Rival
Tom Lydon • Fri, Apr 5 • 6 Comments
Blackstone Teams With State Street For Senior Loan ETF
Tom Lydon • Thu, May 3, 2012

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ETF Stats For April 2013 - Launch Activity Resumes
Ron Rowland • Thu, May 2
Bank Loan, Floating Rate ETFs For Rising Interest Rates
Tom Lydon • Wed, May 1 • 1 Comment
Bank Loan ETFs: More Competition In Red-Hot Sector
Tom Lydon • Mon, Apr 29 • 1 Comment
Is It Time For Floating-Rate Bank Loans?
Morningstar • Fri, Apr 19 • 10 Comments
The High-Yield Corporate Bond Conundrum
Ploutos • Tue, Oct 2, 2012 • 35 Comments

There are no Transcripts on SRLN.

Blackstone, State Street Unveil New Loan ETF

at Fox Business (Apr 4, 2013)

SRLN vs. ETF Alternatives

SRLN Description

The SPDR Blackstone / GSO Senior Loan ETF (the "Fund") seeks to provide current income consistent with the preservation of capital. The Fund invests substantially all of its assets in the Blackstone / GSO Senior Loan Portfolio, a separate series of the SSgA Master Trust with an identical investment objective as the Fund. As a result, the Fund invests indirectly through the Portfolio. In pursuing its investment objective, the Portfolio seeks to outperform the Markit iBoxx USD Leveraged Loan Index (the "Primary Index") and the S&P/LSTA U.S. Leveraged Loan 100 Index (the "Secondary Index") by normally investing at least 80% of its net assets (plus any borrowings for investment purposes) in Senior Loans. For purposes of this 80% test, "Senior Loans" are first lien senior secured floating rate bank loans.
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Country: United States

Key Info

In Your Portfolio: A Guide to U.S. Corporate Bond ETFs
Asset Class Performance: Bonds

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

Tuesday, June 18, 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. Comment!
Saturday, June 1, 8:48 AM YTD junk bond issuance hits $254B globally, up 53% Y/Y. In the U.S., issuance is up 24% at $130.6B in the first five months of the year and some say the frothy market (see: 5% yield barrier broken) is ripe for a correction. In fact, data suggest cracks are already starting to show in the secondary market: investors pulled a combined $660M from HYG and JNK last week, as fears mount regarding the dreaded "taper". (Previously: Lousy month for high yield; anomalous high yield/ muni spread tightens) 1 Comment
Friday, May 31, 3:04 PM A nasty close is in store for a lousy month for high yield (HYG -1%) as it loses some appeal amid now-visible Treasury rates. The yield spread over Treasurys was nearly 500 bps a year ago, but just 400 now. Through yesterday, investors have pulled about $1.5B from HYG and JNK according to IndexUniverse. Not falling as far as the index funds and actually seeing inflows this month is AdvisorShares' actively-managed high yield ETF (HYLD). 1 Comment
Friday, May 24, 11:54 AM A bit of selling by investors in high-yield ETFs (HYG, JNK) has Wall Street banks stepping in - their holdings of junk paper rising 37% to $7.7B in the last 2 weeks. Also at work suggests JPMorgan's team is banks' - used to being cautious the past few years - becoming a little more comfortable with trading activity. Comment! [Financials]
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. 4 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
Thursday, May 2, 4:18 PM Thursday saw the launch of the First Trust Senior Loan ETF (FTSL), an actively managed alternative to funds like BKLN, SRLN and SNLN. Volume topped out at over 50,000 shares - a relatively strong first day of trading for a new ETF. Sr. Loan funds have seen massive inflows YTD with BKLN gathering the 6th most assets of any ETF according to IndexUniverse and SRLN gathering $155M in AUM in the month since it debuted. FTSL charges 0.85% - slightly less than actively managed counterpart SRLN (0.90%). Passively managed BKLN is the asset leader in the space with nearly $3.8B in AUM and charges 0.66% while SNLN ($77M AUM) is the cheapest of the group with expenses of just 0.55%. Comment!
Friday, April 12, 12:46 PM More from Gundlach: Bond indexing has been a wonderful strategy for many years, but now the well-followed indexes (BND, AGG) have too short of a duration and are overloaded with Treasurys. The value is in non-traditional sectors like emerging markets (EMB), non-agency MBS, bank loans (BKLN), and global high yield (GHYG). 4 Comments [U.S. Economy, Financials]
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]
Thursday, April 4, 3:37 PM State Street lists the SPDR Blackstone/GSO Senior Loan ETF (SRLN). SRLN will invest primarily in loans made to N. American businesses and charge a fee of 0.90%, higher than direct competitors BKLN 0.83% and SNLN 0.55%. BKLN has gathered $3B in AUM since launching 2 years ago while SNLN has gathered nearly $61M in 5 months. Comment!

SRLN SPDR Blackstone/GSO Senior Loan ETF

SRLN

SPDR Blackstone/GSO Senior Loan ETF