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Monthly update - September 2020


new whitepaper from IHS Markit explores the benefits of the Tabula iTraxx IG Bond UCITS ETF ("TTRX")

Click the image below to find out why IHS Markit call TTRX a "one of a kind instrument in the EUR corporate investment grade ETF ecosystem."

The whitepaper discusses:

  • How TTRX's index mirrors the credit risk of iTraxx Europe
  • The benefits of focusing on liquidity 
  • TTRX's high overlap with the ECB bond-buying programme
  • The ECB's commitment to support the IG bond market
  IHS Whitepaper Link


Hotel group Accor and French car component manufacturer Valeo downgraded to high yield

The on-the-run iTraxx Europe index saw two downgrades last month, as hotel group Accor and car component manufacturer Valeo shifted to high yield. Accor posted a first half loss of €227m while plunging demand for cars drove Valeo's downgrade. These names remain in the CDS index until the semi-annual roll on 21 September. However, the monthly rebalance of the investment-grade only reference index for the Tabula IG Bond UCITS ETF saw both names become ineligible for inclusion.

Pandemic triggers wave of US bankruptcies

The FT reports that a record number of large companies in the US have filed for Chapter 11, despite trillions in government aid. Large US corporate bankruptcy filings are set to surpass levels reached during the 2009 global financial crisis.

US Bankruptcies-1Data: FT and as at 17 August 2020. 

The Tabula North American CDX High Yield Short ETF ("TABS") allows investors to take short exposure to North American high yield credit, providing an effective hedge without the need to become a forced seller.



How did our ETFs perform in August?

  Tabula iTraxx IG Bond (EUR) Dist1 +0.2% See the factsheet >  
  Tabula European Performance Credit (EUR) Acc +2.3% See the factsheet >  
  Tabula European iTraxx Crossover Credit  (EUR) Acc +2.5% See the factsheet >  
  Tabula European iTraxx Crossover Credit Short (EUR) Acc -3.0% See the factsheet >  
  Tabula North American CDX High Yield Credit Short (USD) Acc2 -2.0% See the factsheet >  
Tabula J.P. Morgan Global Credit Volatility Premium (EUR) Acc
+3.5% See the factsheet >  
1 Performance represents the iBoxx iTraxx Europe Bond Index. 2 Performance represents the CDX North American High Yield Credit Short Index.
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