The Future of Credit is Here
Cboe Credit Index Futures
Easy to Short
Enter a short position as easily as a long position, free from securities shorting regulation.
Mitigate Counterparty Risk
Trade with confidence using exchange traded, centrally cleared products. No complex ISDA or bilateral agreements.
Broad Exposure
Quickly add or remove exposure to the credit bond market.
Products at a Glance
| High Yield | Investment Grade | |
|---|---|---|
| Contract Specifications | High Yield OOF | Investment Grade OOF |
| Ticker Symbol | IBYO | IBGO |
| Underlying Exposure | Cboe® iBoxx® iShares® $ High Yield Corporate Bond Index Futures (IBHY) | Cboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index Futures (IBIG) |
| Expiration Cycle | Monthly | |
| Settlement | Physically-settled into underlying futures | |
| Contract Size | One underlying Corporate Bond Index Futures contract | |
|
IBHY
High Yield
Monthly and Quarterly
(Mar, Jun, Sep, Dec)
$1000
|
|
IBIG
Investment Grade
Monthly and Quarterly
(Mar, Jun, Sep, Dec)
$1000
|
|
IEMD
Emerging Market Debt
Monthly and Quarterly(Mar, Jun, Sep, Dec)
$100
|
|
IBYO
High Yield
|
|
IBGO
Investment Grade
|
Portfolio Use Cases
Tactically adjust credit risk exposure without disrupting underlying holdings
Quickly adjust credit allocations in response to inflows, outflows, or changing market conditions.
Maintain targeted credit exposure while awaiting investment opportunities or managing fund flows.
Efficiently manage credit risk exposure and protect against adverse market moves
Capitalize on discrepancies between credit market segments or specific issuers
Generate additional income by writing options on credit futures, potentially boosting returns
Portfolio Overlay
Tactically adjust credit risk exposure without disrupting underlying holdings
Liquidity Management
Quickly adjust credit allocations in response to inflows, outflows, or changing market conditions.
Cash Equitization
Maintain targeted credit exposure while awaiting investment opportunities or managing fund flows.
Hedging
Efficiently manage credit risk exposure and protect against adverse market moves
Relative Value
Capitalize on discrepancies between credit market segments or specific issuers
Yield Enhancement
Generate additional income by writing options on credit futures, potentially boosting returns
Which Credit Product is Right for You?
Navigating the diverse landscape of credit products can be challenging for portfolio managers. Let's explore how these products compare across key dimensions to help you determine the best fit for your investment strategy and operational requirements.
| Feature | Cboe Credit Derivatives | ETFs | Total Return Swaps | CDX |
|---|---|---|---|---|
| Unfunded | ✓ | X | ✓ | ✓ |
| Interest Rate Risk | ✓ | ✓ | ✓ | X |
| Expiration Cycle | ✓ | Borrow must be located; | ✓ | ✓ |
| Contract Multiplier | ✓ | ✓ | X | X |
|
Cboe Credit Derivatives
✓
✓
✓
✓
|
|
ETF
X
✓
Borrow must be located;
✓
|
|
Total Return Swaps
✓
✓
✓
X
|
|
CDX
✓
X
✓
X
|