Analyse: iShares Barclays Capital Euro Corporate Bond ex-Financials 1-5 (DE)

Bitte keine Banken: Anleger, denen Finanztitel zu riskant sind, vermeiden mit diesem ETF Banken-Anleihen. Gleichzeitig gehen sie aber eine konzentrierte Wette auf Industrie-Bonds ein.

Lee Davidson 08.03.2013
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The iShares Barclays Capital Euro Corporate Bond ex-Financials 1-5 ETF offers investors exposure to EUR-denominated investment-grade corporate bonds with a 1-5y maturity issued by industrial and utility companies. Investors typically choose to invest in corporate bonds for their propensity to generate steady income streams at higher yields than government-issued debt and to be less volatile than equities. Within the corporate bond market, this ETF leans towards less risky offerings by limiting its duration and excluding financials, which tend to carry higher risk than industrial or utility companies.

Given the current low yield environment, particularly for shorter-dated maturities from top-rated issuers, investors looking to equitise their cash may find this short-dated corporate debt ETF a less suitable investment than medium-dated debt due to the latter's potential for higher returns. Going out further in the maturity spectrum poses additional risks in the form of greater duration and interest rate sensitivity, but also more possibility for upside appreciation if rates drop. This ETF tracks an index with an average maturity of around 2.85 and a modified duration of 2.6%.

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Über den Autor

Lee Davidson  is an ETF analyst with Morningstar Europe.

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