SPLB: Short And Long-Term Rates Rising In A Crisis-Led Yield Curve

The State Street SPDR Portfolio Long Term Corp Bd ETF targets investment-grade, long-duration corporate bonds. Duration is an issue for this ETF as the crisis concerns both long-term and short-term YTMs, all going up due to a combination of terminal inflation assumptions and spreads. Our primary note is that the impact on oil logistics could be longer lasting than the war, which itself could be longer lasting than expected.