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Bond market exposure, simplified.

Cboe iBoxx iShares Corporate Bond Futures deliver streamlined access to the broad U.S. corporate bond market through one capital-efficient, exchange-listed contract—eliminating the complexity of managing individual bonds or OTC instruments.

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Contract Specifications
Fact Sheet
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Overview

Cboe Corporate Bond Index Futures transform credit market access by converting fragmented, illiquid bond portfolios into a single, transparent instrument with standardized terms and optimized capital requirements.

Benefits

Capital Efficiency

Access broad corporate bond exposure with lower margin requirements compared to cash bonds or OTC instruments.

Mitigate Counterparty Risk

Trade with confidence using exchange traded, centrally cleared products. No complex ISDA or bilateral agreements.

Price Discovery

See real-time prices and source liquidity on- and off- screen via central limit order books, block trades, and ECRP.

Operational Simplicity

Eliminate complex bond settlement processes, custody arrangements, and coupon management through futures settlement.

Easy to Short

Enter a short position as easily as a long position, free from securities shorting regulation.

UCITS Eligible

Unlike most U.S.-listed ETFs, corporate bond futures and options may be UCITS eligible.

Why Portfolio Managers Are Making the Switch

How Institutions Are Utilizing Corporate Bond Futures and Options

From capital-efficient hedging to yield optimization and seamless liquidity management, Cboe Corporate Bond futures and options are purpose-built to help unlock the potential of your fixed income portfolios.

Client:
International Asset Manager
Challenge:
Non-US based fund looking for hedged exposure to US Corporate Bonds.
Background:
Corporate bond portfolios are vulnerable to both interest rate risk as well as default risk. This use case explores how a US high yield bond portfolio manager may be able to hedge these risks with corporate bond futures compared to trading credit default swaps or ETFs.

Read the full case study

Product Insights

Similar Beta, Distinct Underlyings: Explore the Index Construction

IBHY futures and the HYG ETF have similar economic exposure and high correlation. This is also the case for IBIG futures and the LQD ETF. It’s by design. At the heart of the innovative index construction methodology is interrelation with the ETF—enabling easier market access to a broader range of investors.

Contract Highlights

Explore our suite of tools to gain exposure to U.S. high yield and investment grade corporate debt market.

Contract NameCboe® iBoxx® iShares® $ High Yield Corporate Bond Index FuturesCboe® iBoxx® iShares® $ Investment Grade Corporate Bond Index Futures
Ticker SymbolsIBHYIBIG
Contract Multiplier$1000
Contract ExpirationsThe Exchange may list for trading up to four near-term serial months ("serial" contracts) and four months on the March quarterly cycle ("quarterly" contracts) for each CB Index futures product.
Trading HoursMonday - Friday
Extended 5:00 p.m. (previous day) – 8:30 a.m.
Regular 8:30 a.m. – 3:00 p.m.
Extended 3:00 p.m. – 4:00 p.m.

All times referenced are Chicago time.
Trading PlatformCFE
Settlement TypeCash-settled
Minimum Price Intervals0.01 index points (equal to $10.00 per contract)
View full contract specifications

Key Resources

Explore specifications, strategy briefs, and other materials for optimal use of Cboe corporate bond futures.

Cboe® iBoxx® iShares® Bond Index Futures Contract Specifications

Options on Cboe® iBoxx® iShares® Bond Index Futures Contract Specifications

Fact Sheet

Block/ECRP Trades

Website Release/Consent Form

Block/ECRP Trade Participants

Revised Block Trade/ECRP Authorized Reporter Criteria

Options on Cboe iBoxx iShares Bond Index Futures FAQ

Cboe iBoxx iShares Bond Index Futures FAQ

Latest Market Insights

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