Update: iShares Pfandbriefe UCITS ETF

Deutschen Pfandbriefe sind grundsolide. Das bedeutet, dass auch bei diesem Rentensegment die Performance-Bäume nicht in dem Himmel wachsen - zumal die Laufzeiten bei diesem ETF unter dem Schnitt der Neuemissionen liegen. 

Jose Garcia-Zarate 19.09.2014

Rolle im Portfolio

The iShares Pfandbriefe ETF offers investors exposure to an asset class regarded amongst the safest in the European fixed income market. German Pfandbriefe (i.e. covered bonds) are covered bonds issued by German financial institutions. Although generally top rated, they offer a yield pick-up over German government bonds. The Pfandbriefe market is segmented between non-Jumbo and Jumbo, with the latter made up of issues with a minimum size of EUR 1.5bn. Historically, the Jumbo segment has represented around 20-30% of the Pfandbriefe market total outstanding.

The combination of security and yield pick-up, as well as the depth and liquidity of the Pfandbriefe market, would make this ETF a prime candidate to complement core EUR-denominated fixed income holdings in a portfolio; offering investors a relatively cheap way to rump up yield without unduly increasing risk.

The index tracked by this iShares ETF covers the German Pfandbriefe market with maturity over one year. The bulk of Pfandbriefe new issuance has average maturity of 5-7 years, while the average duration of this ETF, stands around the 3-4 year mark. This could make this ETF a tool for duration-shortening tactical strategies of EUR-denominated fixed income portfolios at times of rising interest rates.

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Über den Autor

Jose Garcia-Zarate  is an ETF analyst with Morningstar UK.

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