Credit Futures on Bloomberg Corporate Bond Indices

Precisely manage credit exposure using the efficiency and liquidity of futures markets.

Liquidity and efficiency, now in the corporate credit market

As the leading exchange for fixed income derivatives, CME Group is the natural home for U.S. Credit Index futures. You can use Investment Grade (IQB), High Yield (HYB) and Duration Hedged (DHB) contracts in a number of ways to better manage corporate bond portfolios, from liquidity management to relative value trading.

Why trade Credit futures?

More efficient exposure

Trade with all-to-all electronic liquidity, low tracking error and zero management fees or ISDA agreements.

Offerings for credit and rate risk

With three listings, choose between high yield, investment grade and duration hedged contracts (only the credit component of investment grade).

Increased trading possibilities

Explore new ICS opportunities along with margin offsets against Treasury futures and Equity Index futures.

Choices for managing credit exposure in the futures market

  Investment Grade High Yield Duration Hedged
Product code IQB HYB DHB
Underlying Index Bloomberg U.S. Corporate Investment Grade Index Bloomberg U.S. Corporate High Yield Very Liquid Index Bloomberg U.S. Corporate Investment Grade Duration Hedged Index
Contract unit 30 x Index Points 150 x Index Points 500 x Index Points
Minimum Price Fluctuation 1/2 of 1 Index Points (0.50 = $15.00) 1/10 of 1 Index Points (0.10 = $15.00) 1/20 of 1 Index Points (0.05 = $25.00)
Final Settlement Minimum Tick 0.0001
Price Quotation Index Points
Listing Schedule Nearest 3 March Quarterly Months

Explore multiple ways to navigate the corporate credit market

U.S. corporate credit is one of the largets fixed income markets in the world. With investment grade approaching $6 trillion in outstanding debt and high yield over $1 trillion,* both represent deep markets for companies seeking debt financing. This trend, coupled with ongoing elctronification and futurization across a number of credit markets, make now an ideal time for participants to deploy Credit futures.

*Allianz/Bloomberg

Reduce cash drag or deploy futures as a liquidity sleeve for better cash management.


Manage credit and interest rate risks, taking advantage of low tracking error and futures’ efficiency.


Quickly and efficiently employ a tactical overlay or dial in or out of a short-term position.


Explore new arbitrage opportunities across other derivatives or exploit bond mispricings.


Trade Credit futures on CME Direct

A fast, secure, and highly configurable trading front end, CME Direct offers a one-stop shop for accessing Credit futures liquidity. Not on CME Direct? Get started.

Download the Credit futures trading grid:

  1. Right-click on the link and select "Save link as...".
  2. Save the file as an .XML on your computer.
  3. In CME Direct, select import view in the main menu.
  4. Import the grid into CME Direct.
  5. Under Menu, click on Save Window Layout.

Vendor codes

  Investment Grade High Yield Duration Hedged IQB vs. ZN ICS
CME Globex IQB HYB DHB IQT
Bloomberg Futures: IQBA Index
Index: LUACTRUU
Futures: HYBA Index
Index: LHVLTRUU
Futures: DHBA Index
Index: I30287US
Futures: IQTA Index
CQG IQB HYB DHB IQT
DTN @IQB @HYB @DHB @IQT
Fidessa IQB HYB DHB IQT
FIS Global IQB HYB DHB IQT
ION Group IQB HYB DHB IQT
Itiviti IQB HYB DHB IQT
Refinitiv QIB BYH DHB QTI
TT Coming soon Coming soon Coming soon Coming soon
Vela IQB HYB DHB IQT

Bloomberg terminal analytics

FAIR <GO>
Calculate the future fair value price, implied funding cost, and premium/discount of credit futures or Bloomberg fixed income indices (e.g., IQBU4 Index, FAIR)

PORT <GO>
Analyze performance results, fundamental characteristics, tracking error, scenario analysis, and portfolio optimization.

FICM <GO>
View real-time performance of credit products (cash bonds, ETFs, CDX) and spreads to identify relative value opportunities.

IDRV <GO>
Compare an instrument's credit spread to historical levels, and those of comparable credit products.

Get updates on Credit futures

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