Notable ETP News
Bond ETFs Help Melt Illiquid Fixed-Income Markets
When Leighton Shantz, director of fixed income for the Employees Retirement System of Texas (ERS), wanted
to get out of a $1.4 billion position in investment-grade corporate bonds two years ago, he didn’t tell his
traders to start calling Wall Street to sell individual securitie s. “Even in 2013 we were worried about Street
liquidity,” says. Instead, Shantz used fixed-income exchange-traded funds, baskets of individual bonds, to
reposition $26 billion ERS’s bond portfolio.
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