May 12, 2020 / 1:50 PM / 14 days ago

Corporate bond ETFs jump ahead of Fed corporate credit purchases

May 12 (Reuters) - Benchmark corporate bond exchange traded funds (ETF) opened higher on Tuesday, the morning after the Federal Reserve announced it will start buying shares of exchange-traded funds that invest in bonds through its Secondary Market Corporate Credit Facility.

The Ishares iBoxx High Yield Corporate Bond fund was 0.71% higher in early trade, and the iBoxx Investment Grade Corporate Bond ETF was 0.55% higher ahead of the Fed’s initial SMCCF purchases later on Tuesday. (Reporting by Alden Bentley)

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