Van Eck Global has launched the Market Vectors ChinaAMC China Bond ETF (CBON), a US-listed ETF designed to provide investors with direct access to China’s onshore bond market.
CBON seeks to invest in all major segments of the Chinese fixed income markets, including sovereigns, policy banks, and high rated corporate bonds.
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CBON is the newest addition to Van Eck’s family of emerging markets bond ETFs which include the largest local-currency bond ETF in the US, Market Vectors Emerging Markets Local Currency Bond ETF (EMLC), and the largest emerging markets corporate bond ETF in the US, Market Vectors Emerging Markets High Yield Bond ETF (HYEM), by assets under management as of October 31, 2014.
CBON seeks to replicate as closely as possible, before fees and expenses, the price and yield performance of the ChinaBond China High Quality Bond Index (CDHATRID).
The Index is comprised of fixed-rate, Renminbi (RMB)-denominated bonds issued in the People’s Republic of China by Chinese credit, governmental and quasi-governmental issuers.
As of November 10, 2014, the yield to maturity for the Index was 4.1%.
ChinaAMC will serve as sub-adviser to CBON using a Renminbi-Qualified Foreign Institutional Investor (RQFII) quota that it has received in order to gain access to this market on behalf of foreign investors.
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