VCLT News and Press, Vanguard Long-Term Corporate Bond ETF From 04/10/21

REITs have strongly recovered over the past months and it's causing investors to pause. I think that we're still in the early stage of a multi-year repricing that will push REIT valuations to new historic highs. There's no other alternative for income-seeking investors in today's ...

The investment communities largest credit exchange traded fund saw its worst outflow of funds in a given month. In the past month, March 2021, iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) saw -$3.6B in outflows, per Bloomberg.Over the past three months, LQD has been bleeding...

Higher yields have so far left the credit market largely unscathed, but they have changed the balance of opportunity. Against this year's early-cycle background, we anticipate further tailwinds for the lower-rated, more economically sensitive part of the credit market. Right now, ...

Fundamentals are in place for a major EM crisis, and I see reasonable probabilities of an unfolding crisis in Turkey providing the catalyst. Meanwhile, complacency in "developed" markets remains formidable. Is systemic crisis even possible while the major central banks are running ful...

Holding bonds has been a most painful experience so far in 2021, although a few corners of fixed-income have escaped the damage, based on a set of proxy ETFs through yesterday’s close (Mar. 24). Although losses dominate bond returns this year, a few corners have bucked the tren...

Expectations for rising inflation and economic growth coming out of the pandemic has fueled surging stock prices and plummeting bond prices. But trillions of dollars of debt from unproductive spending has built up in the last year, which fundamentally impairs future economic growth. ...

One of the interesting things during the period when Treasury yields were rising was that all of the risk assets were compressing against Treasuries. There is virtually no spread in any of the credit indexes that pays the buyer for the credit risk. The spreads are just off historic lo...

Bond yields and inflation expectations keep climbing higher, and so are stocks, at least for now. There are a few crucial moving parts, but at the end of the day, it's always the same aspect - Fed. It surely looks as if stocks don't yet fully price in higher yields, higher commodi...

For credit markets, the returns just kept coming in 2020 once the Fed stepped in with its strong policy support in late March. With strong returns in the fourth quarter, both investment grade and high yield corporate markets in the U.S. ended the year with positive returns over equiva...

As COVID-19 has spread across the globe, wreaking havoc, a financial pandemic has likewise proliferated around the world. Zombie companies, weak firms persistently unable to cover their fixed expenses with operating profits, massively increased in number in 2020. But zombie compan...