PICB: Another International Corporate Bond ETF

Today (6/3/10) Invesco PowerShares brought out an International Corporate Bond Portfolio under the ticker PICB.  Yield-hungry investors who are willing to accept currency risk may want to take a look. PICB will attempt to reflect the performance of the S&P International Corporate Bond Index.  This index is composed of investment-grade corporate debt from non-U.S. issuers in the G-10 currencies.  This includes the Australian, New Zealand and Canadian Dollars; the Euro; the Norwegian, Danish and Swedish Krone; the British Pound, Japanese Yen, and Swiss Franc. The index is constructed with a methodology that removes the lower-yielding bonds at each monthly rebalance.  The aggregate weight of any one currency cannot exceed 50% as of each rebalancing.  All holdings must be rated investment-grade by either Standard & Poors or Moody’s. According to the…