Insights


Worried Index-Based Strategies Are Distorting the Bond Market? The Data Says You Shouldn't Be


Matthew J. Bartolini, CFA
Head of SPDR Americas Research, State Street Global Advisors

Source: State Street Global Advisors, Morningstar, Bank of International Settlements, as of 12/31/2018.

Source: State Street Global Advisors, Morningstar, Bloomberg Finance L.P., as of 12/31/2018.

Source: Bank of America Merrill Lynch, as of 12/28/2018. Basket rules: on ETF side, we take 50 bonds with the heaviest ETF ownership. On non-ETF side, we take bonds issued by the same issuers as above, same legal box in cap structure, same seniority, rating, and similar maturities (within 2 yrs).

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