The Tel Aviv Stock Exchange (TASE) has expanded its Tel-Bond range of corporate bond index family with a further six new indices. Four of the indices are ratings-based and two are sector-based.
TASE launches six new bond indices
The new indices may serve as underlying references for investment products, including ETFs.
This expansion takes the number of Tel-Bond index launches to 16 in less than one year.
The new indices have more ratings segmentation, which will enable investors to segment their portfolios according to risk level.
Tel-Bond CPI Linked A Index
The index includes those bonds from the Tel-Bond CPI Linked Index which have been given a Midroog rating in range between A3 and A1, or a Maalot rating in a range between A- and A+.
Tel-Bond CPI Linked AA-AAA Index
The index includes those bonds from the Tel-Bond CPI Linked Index which have been given a minimum Midroog rating of Aa3, or a minimum Maalot rating of AA-.
Tel-Bond Shekel A Index
The index includes those bonds from the Tel-Bond Shekel Index which have been given a Midroog rating of between A3 and A1, or a Maalot rating between A- and A+.
Tel-Bond Shekel AA-AAA Index
The index includes those bonds from the Tel-Bond Shekel Index which have been given a minimum Midroog rating of Aa3, or a minimum Maalot rating of AA-.
Tel Bond-Shekel Banks & Insurance Index
The index consists of those corporate bonds from banking and insurance which are included in the Tel-Bond Shekel and meet the index criteria (have ratings of at least A- by Maalot, or A3 by Midroog).
Tel Bond-CPI Linked Real Estate Index
The index consists of those corporate bonds from the Real Estate industry which are included in the Tel-Bond CPI Linked and meet the index criteria (at least A- by Maalot, or A3 by Midroog).
The Tel-Bond CPI-Linked Index launched on May 2012. It consists of CPI-linked bonds, which are included in the Tel-Bond Universe and meet the index criteria. The Tel-Bond Shekel Index includes locally denominated corporate bonds, with a fixed coupon, which are included in the Tel-Bond Universe. The Tel-Bond Universe includes over 300 corporate bonds.
In February 2013, TASE launched the Tel Bond-Yields Index, which includes CPI-linked bonds, with a ratings segmentation of between BBB- and A.
Just over two years later, TASE then launched the Tel Bond-Yield Shekel Index, which includes Shekel bonds, with an identical rating segmentation to the Tel Bond-Yields Index.