Download BLOOMBERG USD HIGH YIELD CORPORATE BOND INDEX

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FIXED INCOME
BLOOMBERG USD
HIGH YIELD CORPORATE
BOND INDEX
The Bloomberg USD High-Yield Corporate Bond Index is a rules-based, market-value-weighted index engineered to measure
publicly issued non-investment grade USD fixed-rate, taxable and corporate bonds. To be included in the index, a security must have
a minimum par amount of $250 million and have a minimum maturity of 1 year at rebalancing. Emerging market debt is excluded.
TOTAL RETURN
B
loomberg USD High Yield
Corporate Bond Index (BUHY)
B
loomberg Global High Yield
Corporate Bond Index (BHYC)
Normalized as of 12/31/2009
INDEX CHARACTERISTICS
As of 3/31/2014
Yield-to-Worst
OAS
5.56
405.65
Effective Duration
4.13
Effective Convexity
0.24
Par-Weighted Coupon
7.29
Quality
Number of Issues
Market Capitalization
($ in Trillions)
B+
2,078
1.37
BLOOMBERG USD HIGH YIELD
CORPORATE BOND INDEX
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CRITERIA
Quality
Minimum Amount Outstanding
> = C<BBBUSD 250 million
SECTOR INDEXES
Communications, Consumer Discretionary, Consumer
Staples, Energy, Financials, Health Care, Industrials,
Materials, Technology, Utilities
MATURITY INDEXES
1+, 1–3, 3–5, 5–7, 7–10, 10+
RATING INDEXES
BB, B, CCC <CCC
INDEX PRICING
Independent and transparent pricing is a key difference of
Bloomberg’s index family versus other index families that
rely on single-dealer pricing or composite pricing across a
small number of dealers. Prices of index constituent bonds in
Bloomberg’s indexes are received from BVAL, Bloomberg’s
securities valuation services. BVAL provides credible,
transparent and defensible valuations across a broad
spectrum of financial instruments, including fixed income,
derivatives and structured notes.
The prices are completely independent, drawing on market
data contributed by more than 4,000 market participants.
This broad global dataset of market observations is combined
with market-leading analytics and Bloomberg’s terms and
conditions databases to produce objective third-party pricing
with deep transparency in how the prices were derived.
BOND TYPES
The following bond types are excluded:
» Private Placements (except for emerging market indices)
» Convertible
» Perpetuals
» Bonds with Non-Fixed Coupon
(except Greece since 3/2012)
» Inflation-Linked Bonds
» Survivor Puts
CUSTOM INDEXES
The technology and deep dataset across reference and
pricing data underlying Bloomberg’s global index family
provide a rich tool set for custom index creation. Variables
for customization include:
» Traditional selection criteria such as currency, country of
risk, sectors, ratings or amount outstanding.
» Bloomberg’s proprietary variables such BVAL scores
related to pricing quality and depth or calculated variables
such as option adjusted spreads.
» Caps on issuers or sectors to satisfy diversification or
regulatory needs such as those of UCITS or IRS.
» Enhanced index-weighting methodologies based on
issuer-specific or algorithmic variables.
BLOOMBERG USD HIGH YIELD
CORPORATE BOND INDEX
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TABLE 1 – BLOOMBERG GLOBAL BOND INDEX FAMILY
USD Investment-Grade Composite
U.S. Government
U.S. Treasury
Government-Related
U.S. Agency
Non-U.S.
Sovereign
Regional
& Local
U.S. Corporate
MBS
Developed
Banks & Supra
FNMA GNMA
FHLMC
USD Emerging Market Composite
Sovereign
InvestmentGrade
Global High-Yield Corporate Composite
Corporate
High-Yield
InvestmentGrade
U.S.
Non-USD
EUR
High-Yield
GBP
CAD
Covered
Global Investment-Grade Corporate Composite
U.S.
AUD
Europe
EUR
GBP
CHF
CAD
EUR
Scandinavia
NOK
GBP
JPY
SEK
Global Developed Sovereign Bond Composite
U.S.
Non-USD
Canada
Eurozone
Other Europe
Pacific Rim
Austria
Denmark
Australia
Belgium
Norway
Hong Kong
France
Switzerland
Japan
Germany
UK
New Zealand
Greece
Ireland
Italy
Luxembourg
Netherlands
Portugal
Slovakia
Slovenia
Spain
Singapore
SUB-INDEXES
BICS Sectors
All Corporate Indexes
» Communications
» Consumer Discretionary
» Consumer Staples
» Energy
» Financials
» Health Care
» Industrials
» Materials
» Technology
» Utilities
Maturity
»1
+, 1–3, 1–5, 1–10, 5–10, 10+
Quality
All indexes except MBS: AAA, AA, A,
BBB, BB, B, CCC, <CCC
BLOOMBERG USD HIGH YIELD
CORPORATE BOND INDEX
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TABLE 1 – BLOOMBERG GLOBAL BOND INDEX FAMILY (CONT.)
Emerging Market Local Currency Composite
EMEA
LATAM
ASIA
Bulgaria
Egypt
Brazil
China
Croatia
Israel
Chile
India
Czech Rep.
Kenya
Colombia
Indonesia
Hungary
Nigeria
Dominican Rep.
Malaysia
Latvia
S. Africa
Jamaica
Philippines
Lithuania
Mexico
S. Korea
Poland
Peru
Taiwan
Russia
Thailand
Romania
Serbia
Turkey
For additional information and licensing opportunities, please contact +1 212 617 5020
bloombergindexes.com
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BLOOMBERG and the Bloomberg USD High Yield Corporate Bond Index are trademarks or service marks of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates (“collectively, “Bloomberg”) or Bloomberg’s licensors
own all proprietary right in the Bloomberg USD High Yield Corporate Bond Index. Bloomberg does not guarantee the timeliness, accuracy or completeness of any data or information relating to the Bloomberg USD High Yield
Corporate Bond Index. Bloomberg makes no warranty, express or implied, as to the Bloomberg USD High Yield Corporate Bond Index or any data or values relating thereto or results to be obtained therefrom, and expressly disclaims
all warranties of merchantability and fitness for a particular purpose with respect thereto. To the maximum extent allowed by law, Bloomberg, its licensors, and its and their respective employees, contractors, agents, suppliers and
vendors shall have no liability or responsibility whatsoever for any injury or damages - whether direct, indirect, consequential, incidental, punitive or otherwise - arising in connection with the Bloomberg USD High Yield Corporate
Bond Index or any data or values relating thereto - whether arising from their negligence or otherwise. Nothing in the Bloomberg USD High Yield Corporate Bond Index shall constitute or be construed as an offering of financial
instruments or as investment advice or investment recommendations (i.e., recommendations as to whether or not to “buy”, “sell”, “hold”, or to enter or not to enter into any other transaction involving any specific interest or interests)
by Bloomberg or its affiliates or a recommendation as to an investment or other strategy by Bloomberg or its affiliates. Data and other information available via the Bloomberg USD High Yield Corporate Bond Index should not be
considered as information sufficient upon which to base an investment decision. Bloomberg and its affiliates do not express an opinion on the future or expected value of any security or other interest and do not explicitly or implicitly
recommend or suggest an investment strategy of any kind.
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The data included in these materials are for illustrative purposes only. ©2014 Bloomberg Finance L.P. All rights reserved. 57734438 DIG 0414