CORRECTING and REPLACING State Street Global Advisors Launches IJNK, New SPDR International Bond ETF Broadens Global High Yield Exposure for Investors
Third graph, first sentence of release should read: The SPDR Barclays International High Yield Bond ETF seeks to track the performance of the Barclays Global HY ex-US Domiciled 350mn+ Cash Pay Index (sted The SPDR Barclays International High Yield Bond ETF seeks to track the performance of the Barclays Global ex-US Issuers High Yield Corporate Bond Index).
The corrected release reads:
STATE STREET GLOBAL ADVISORS LAUNCHES IJNK, NEW SPDR INTERNATIONAL BOND ETF BROADENS GLOBAL HIGH YIELD EXPOSURE FOR INVESTORS
State Street Global Advisors (SSgA), the asset management arm of State Street Corporation (NYSE:STT), today announced the launch of the SPDR Barclays International High Yield Bond ETF (Symbol: IJNK). It is designed to provide investors with access to high yield corporate bonds outside the US, which may have lower correlations and default rates to comparable domestic options. The newest SPDR ETF began trading on NYSE Arca on March 13, 2014.“Investors are unsure of how to replace the high-grade fixed income assets that were once the foundation of their portfolios,” said James Ross, executive vice president and global head of SPDR Exchange Traded Funds at SSgA. “The SPDR Barclays International High Yield Bond ETF provides investors with another opportunity to diversify their high yield exposure, and is an important addition to our existing suite, which includes the SPDR Barclays High Yield Bond ETF (JNK), the SPDR Barclays Short Term High Yield Bond ETF (SJNK) and the SPDR Nuveen S&P High Yield Municipal Bond ETF (HYMB).” The SPDR Barclays International High Yield Bond ETF seeks to track the performance of the Barclays Global HY ex-US Domiciled 350mn+ Cash Pay Index. The index is designed to be a measure of the international high yield, fixed rate, fixed income corporate markets outside the US. The securities in the index must have a minimum $350 million market capitalization outstanding in local currency terms and at least one year remaining to maturity. Additionally, securities must be rated high yield (Ba1/BB+/BB+ or below) using the middle rating of Moody’s Investors Service, Standard & Poor’s and Fitch. Excluded from the index are convertible securities, floating-rate notes, fixed-rate perpetuals, warrants, linked bonds and structured products. As of February 28, 2014, the index was comprised of 716 securities from 46 countries outside the US. The SPDR Barclays International High Yield Bond ETF’s expense ratio is 0.40 percent.
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