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
Optimize your corporate bond hedging strategy with our suite of U.S. Credit Index futures. Trade the contracts on our electronic order book or bilaterally in both total return and duration-hedged strategies, all with market-leading margin offsets that are only available from the world’s largest derivatives exchange.
Quick links
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
Manage your risk with eight listings across the USD credit market, including IG, HY and EM Sovereign for pinpoint exposure.
Increased trading possibilities
Spread trade total return contracts against duration-hedged futures, isolate aspects of the investment grade credit universe in a tactical play or use as part of an ICS strategy.
Choices for managing credit exposure in the futures market
| Investment Grade | High Yield | Duration Hedged Investment Grade | Duration Hedged High Yield | Emerging Market | 1-5 Year Maturity Investment Grade | 5-10 Year Maturity Investment Grade | 10+ Year Maturity Investment Grade | ||
|---|---|---|---|---|---|---|---|---|---|
| Product code |
Outright: IQB |
Outright: HYB |
Outright: DHB |
Outright: DHY |
Outright: DLB | Outright: IQS | Outright: IQY | Outright: IQL | |
| 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 | Bloomberg U.S. Corporate High Yield Very Liquid Duration Hedged Index | Bloomberg Emerging Market USD Sovereign and Sovereign Owned Index | Bloomberg 1-5 Year Maturity Investment Grade Corporate Credit Index | Bloomberg 5-10 Year Maturity Investment Grade Corporate Credit Index | Bloomberg 10+ Year Maturity Investment Grade Corporate Credit Index | |
| Contract unit | 30 x Index points | 150 x Index points | 500 x Index points | 750 x Index points | 200 x index points | 200 x index points | 300 x index points | 150 x index points | |
| Minimum Price Fluctuation | CME Globex | Outright: 0.50 index points = $15.00 BTIC: 0.25 index points = $7.50 Calendar Spread: 0.25 index points = $7.50 |
Outright: 0.10 index points = $15.00 BTIC: 0.05 index points = $7.50 Calendar Spread: 0.05 index points = $7.50 |
Outright: 0.05 index points = $25.00 Calendar Spread: 0.025 index points = $12.50 |
Outright: 0.02 index points = $15 Calendar spread: 0.01 index points = $7.50 |
Outright: 0.02 index points = $4.00 | Outright: 0.05 index points = $10.00 | Outright: 0.05 index points = $15.00 | Outright: 0.05 index points = $7.50 |
| CME ClearPort | Outright & Calendar Spread: 0.01 index points = $0.30 BTIC: 0.25 index points = $7.50 |
Outright & Calendar Spread: 0.01 index points = $1.50 BTIC: 0.05 index points = $7.50 |
Outright & Calendar Spread: 0.01 index points = $5.00 | Outright: 0.01 index points = $7.50 | Outright: 0.01 index points = $2.00 | Outright: 0.01 index points = $2.00 | Outright: 0.01 index points = $3.00 | Outright: 0.01 index points = $1.50 | |
| Settlement | Daily Settle: 0.50 Final Settle: 0.0001 index points = $0.0030 |
Daily Settle: 0.10 Final Settle: 0.0001 index points = $0.015 |
Daily Settle: 0.05 Final Settle: 0.0001 index points = $0.05 |
Daily: 0.02 index points Final: 0.0001 index points = $0.075 |
Daily: 0.02 index points Final: 0.0001 index points = $0.02 |
Daily: 0.02 index points Final: 0.0001 index points = $0.02 |
Daily: 0.03 index points Final: 0.0001 index points = $0.03 |
Daily: 0.015 index points Final: 0.0001 index points = $0.015 |
|
| 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 largest 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 electronification and futurization across a number of credit markets, make now an ideal time for participants to deploy Credit futures.
*Source: Allianz/Bloomberg
Research and analysis
Get our experts' perspectives on current trends.
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
- Right-click on the link and select "Save link as...".
- Save the file as an .XML on your computer.
- In CME Direct, select import view in the main menu.
- Import the grid into CME Direct.
- Under Menu, click on Save Window Layout.
Vendor codes
| Investment Grade | High Yield | Duration Hedged - Investment Grade | Duration Hedged - High Yield | Emerging Markets | 1-5 Year Maturity Investment Grade | 5-10 Year Maturity Investment Grade | 10+ Year Maturity Investment Grade | |
|---|---|---|---|---|---|---|---|---|
| CME Globex | IQB | HYB | DHB | DHY | DLB | IQS | IQY | IQL |
| Bloomberg | Futures: IQBA Index Index: LUACTRUU |
Futures: HYBA Index Index: LHVLTRUU |
Futures: DHBA Index Index: I30287US |
Futures: DHYA Index Index: I39131US |
DLB | IQS | IQY | IQL |
| CQG | IQB | HYB | DHB | - | DLB | IQS | IQY | IQL |
| DTN | @IQB | @HYB | @DHB | - | @DLB | @IQS | @IQY | @IQL |
| Fidessa | IQB | HYB | DHB | DHY | DLB | IQS | IQY | IQL |
| FIS Global | IQB | HYB | DHB | DHY | DLB | IQS | IQY | IQL |
| ION Group | IQB | HYB | DHB | DHY | DLB | IQS | IQY | IQL |
| Itiviti | IQB | HYB | DHB | DHY | DLB | IQS | IQY | IQL |
| Refinitiv | QIB | BYH | DHB | DHY | Coming soon | Coming soon | Coming soon | Coming soon |
| TT | IQB | HYB | DHB | DHY | DLB | IQS | IQY | IQL |
| Vela | IQB | HYB | DHB | DHY | DLB | IQS | IQY | IQL |
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.
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