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Marché
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COT Bloomberg HY Credit

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Credit · high yield · CBOT

What is the Bloomberg HY Credit futures contract?

Bloomberg High Yield Credit

A long means…

Exposure to a rise in the Bloomberg high-yield credit index — speculative-grade U.S. corporate bonds.

What is this?

Bloomberg high-yield credit is an index of speculative-grade U.S. corporate bonds in dollars — more than 500 issuers, only the more liquid names, not Treasuries. The rating sits below investment grade: more yield, more default risk. When the credit spread tightens versus Treasuries, bond prices rise and the index rises; when it widens, the reverse.

The CBOT future is used to take a view on that spread, or to hedge it, without buying the bonds. It is not the 10-year T-Note: this is speculative-grade corporate risk, not sovereign duration. At expiry there are no bonds.

Pitfalls

  • Not the T-Bond and not the US 10Y Note: HY credit, code 221605.
  • Not IG credit (221606 / IQB).
  • Not the S&P 500.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.