Analyse: iShares Barclays Capital Euro Corporate Bond ex-Financials

Dieser Euro-Corporate-Bond-ETF schließt Bankanleihen per se aus, was das Risiko mindert. Es bleiben nur noch Industrie- und Versorger-Titel übrig, was den Diversifikationsnutzen schmälert.

Jose Garcia Zarate 16.11.2012

Rolle im Portfolio

The iShares Barclays Capital Euro Corporate Bond ex-Financials ETF offers investors exposure to the market of EUR-denominated investment grade corporate bonds issued by industrial and utility companies. Investors have been traditionally attracted to investment-grade corporate bonds for the expected steady income at higher vis-à-vis government bonds of similar rating and an assumed lower risk profile vis-à-vis equity. Within the corporate bond market, non-financial issuers usually carry lower risk than financials.

The combination of yield pick-up and relative security vs. equity makes this ETF a candidate to work as a satellite component of a fixed income investment portfolio, affording investors the means to enhancing overall returns. But it can also be used as a tactical bet to overweight exposure to the non-financials segment of the corporate bond market. In this latter case, the likely investment objective could be one of risk-minimisation. It must be noted that amongst sectors within the corporate debt market, financial debt usually has the highest credit spreads, followed by industrial and utility.

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Über den Autor

Jose Garcia Zarate  ist Senior ETF Analyst bei Morningstar

Audience Bestätigung


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