It makes sense for the investment-grade bond index to do better once its worst credit has dropped out.
The Barclays Capital U.S. Aggregate Bond Index is an investment-grade domestic bond index.
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That said, the Bank of American Merrill Lynch High-Grade Bond Master Index is up 3.75% through April 30 as a result of spread compression across the credit markets from the more lofty levels of the fourth quarter.
The Barclays Capital U.S. Aggregate Bond Market Index and the newer U.S. Aggregate Float Adjusted Index are composed of investment grade U.S. bonds.
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Carlson has delivered a 13% compound annual return since then, a percentage point better than the emerging market index and better than double what you would have earned from the collection of high-grade U.S. paper in the Vanguard Total Bond Market Index Fund .
The JPMorgan Domestic High Yield Index is an index composed of non-investment-grade corporate bonds.
The collapse in the commodities markets, while steeper in grade than most, mirrored just about every market index around the globe.
The average yield for nonfinancial company bonds in the iBoxx Euro corporate index, which measures the performance of investment-grade debt issued in euros, is around 2.35%, Markit said.
The current interest rate on investment grade bonds, as measured by the Barclays Capital Aggregate Bond Market index is 2.0 percent.
Brazil joined the investment grade club in April and May 2008, sending the local Bovespa stock index to an all time high before profit taking took it lower in the summer of 2008.
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As an aside, I find it ironic that investment grade foreign bonds issued in the U.S. are included in the index.
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Emerging market and investment grade bonds have sold off in the last few days, and the dollar high-yield index has plateaued, but European high-yield has remained on course, edging higher.
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Consider that the Barclays Municipal Bond Index (the most popular industry benchmark) is comprised of predominantly longer-maturity, higher-grade debt.
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