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| BondsOnline.com: instant access to and extensive coverage of over 3.5 million stocks, bonds, indexes and other securities covering major and emerging markets and exchanges across the globe. |
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| Bonds Online |
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| 5/10/2013Market Performance |
| Municipal Bonds |
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S&P National Bond Index
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3.00% |
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S&P California Bond Index
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2.96% |
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S&P New York Bond Index
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3.13% |
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S&P National 0-5 Year Municipal Bond Index
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0.70% |
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| S&P/BGCantor US Treasury Bond |
400.09 |
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| Income Equities: |
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| Preferred Stocks |
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S&P U.S. Preferred Stock Index
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848.03 |
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S&P U.S. Preferred Stock Index (CAD)
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636.26 |
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S&P U.S. Preferred Stock Index (TR)
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1,701.05 |
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S&P U.S. Preferred Stock Index (TR) (CAD)
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1,276.26 |
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| REITs |
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S&P REIT Index
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174.07 |
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S&P REIT Index (TR)
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425.30 |
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| MLPs |
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S&P MLP Index
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2,469.58 |
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S&P MLP Index (TR)
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5,428.50 |
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See Data
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State Street Launches Fundamental Corporate Bond ETF (CBND) |
Business Insider - April 7, 2011 - ETF Database
Innovation continues to be a defining characteristic of the quickly growing fixed income ETF space, as evidenced by the launch of the SPDR Barclays Capital Issuer Scored Corporate Bond ETF (CBND) on Thursday by State Street. The new ETF will seek to replicate the performance of the Barclays Capital Issuer Scored Corporate Index, a benchmark that includes U.S. dollar denominated corporate issues that are rated investment grade (Baa3/BBB- or higher) by at least two of the big three ratings agencies.
CBND will be unique from existing products in the Corporate Bonds ETFdb Category because of the manner in which the underlying index is constructed. That methodology involves both determining the weightings attributed first to individual issuers and then to security weights. Individual issuers in the related benchmark are weighted based on three fundamental financial ratios (only debt issued by companies with publicly-traded stock are eligible for inclusion). Those ratios include:
Return on Assets: Equal to net income divided by total assets
Interest Coverage: Equal to EBIT (earnings before interest and taxes) divided by interest expense
Current Ratio: Current assets divided by current liabilities
By determining the allocation to individual issuers based on these factors, CBND’s holdings will be tilted away from companies that are losing money (i.e., those with negative net income or EBIT) and towards debt issuers with solid balance sheets and cash flows. Since all of the metrics considered are determined as percentages of a balance sheet or income statement item, size of the firm won’t be a determining factor. The largest individual securities in the portfolio at launch included debt issued by HSBC, Walgreens, Deutsche Telekom, and Altria Group [also see Advanced Bond ETF Investing].
Individual security weights are then calculated by the relative market value of each eligible security issued by the issuer. At the end of February, there were about 3,500 securities in the underlying portfolio and the modified adjusted duration of the index was slightly greater than six years.
Stiff Competition
CBND is the 22nd ETF in the Corporate Bonds ETFdb Category, a lineup of products that has aggregate assets in excess of $25 billion. The largest of those ETFs is the iShares iBoxx $ Investment Grade Corporate Bond Fund (LQD), which seeks to replicate an index comprised of about 750 investment grade corporate bonds. LQD charges an expense ratio of just 15 basis points, a metric CBND (0.16%) will come close to matching [try our new Free Head To Head ETF Comparison Tool].
Read more: http://www.businessinsider.com/state-street-launches-fundamental-corporate-bond-etf-cbnd-2011-4#ixzz1IxSBt1BR
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| BondsOnline Advisor |
Income Security Recommendation January 2013 Issue.
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