m**********r
发帖数: 887 | 1 Van Eck Files for Permission to Launch a Dim Sum Bond ETF
http://news.morningstar.com/articlenet/article.aspx?id=389308
On Wednesday, July 27, Van Eck filed paperwork with the Securities and
Exchange Commission seeking permission to launch an ETF offering exposure to
so-called "dim sum bonds," which are bonds denominated in Chinese yuan but
sold in Hong Kong.
If launched, the proposed Market Vectors Dim Sum Bond ETF would be the
latest entry in the marketplace of locally denominated, emerging-markets
bond ETFs, a field that has drawn considerable investor interest in recent
months as investors seek to benefit from potentially rising emerging-markets
currencies. Up to now, investors interested in Asian debt have been able to
consider WisdomTree Emerging Markets Local Debt (ELD) and Market Vectors
Emerging Markets Local Currency Bond ETF (EMLC), along with the Asian-only
WisdomTree Asia Local Debt (ALD) as well. Recently, however, a variety of
ETF providers has begun proposing more targeted ETFs, drawing up plans for
funds that would hold yuan-denominated government and corporate debt.
Now, Van Eck has filed for its own such offering, which would give United
States investors exposure to fixed-income securities from China only.
Because China restricts investors from investing in domestic Chinese debt,
investors can gain that exposure through dim sum bonds, which are named for
the Chinese cuisine that is popular in Hong Kong but available all around
the world. Because dim sum bonds are issued in Hong Kong, they help U.S.
investors get around those Chinese government restrictions.
The proposed dim sum bond ETF would hold yuan-denominated debt issued
outside of mainland China (but largely issued in Hong Kong) by Chinese or
non-Chinese issuers, including corporations, governments, and government and
supranational agencies. Debt obligations could be either unrated or rated,
and if the debt is rated, it would be permitted to be either investment
grade or below investment grade.
The proposed ETF would use a sampling methodology, allowing it to purchase a
portion of the bonds in the index with the same risk and return
characteristics of the entire index.
Van Eck did not detail a ticker symbol or an expense ratio for the proposed
ETF. | S**C
发帖数: 2964 | | m**********r
发帖数: 887 | 3 haha, you posted that one first! |
|
