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Fixed Income

The core of any good portfolio, learn about the key themes and opportunities in fixed interest.

Fixed Income

What about Ukraine?

Federal Treasurer Josh Frydenberg and Minister for Superannuation Jane Hume released a joint statement earlier in the month that called on the $3.5 trillion super...
Arian Neiron
VanEck
Fixed Income

State bonds increasingly becoming a safe haven asset and credit hedge

Bank traders have frequently reported AA to AAA rated State government bonds (or semis) have been increasingly behaving like a "safe-haven" asset as the spreads they...
Christopher Joye
Coolabah Capital
Fixed Income

Putin, inflation, rate hikes: How to weather the volatility ahead

We cautioned investors that 2022 would likely see increased volatility thanks to the removal of three key policy accommodations over the year, including the end to QE,...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

Flight to safety - where to find value in defensive assets

Caution rules the day in our current macro environment. And of course, investing in fixed income is lower risk than stocks, particularly if you’re getting nearer to...
Glenn Freeman
Livewire Markets
Fixed Income

Swap spreads to tighten as the bond-premium fades

Swap spreads are being driven by expensive bonds In advance of next week’s roll, Aussie swap spreads have widened to extremes last seen just prior to the December...
Matthew Johnson
Matthew Johnson
Coolabah Capital
Fixed Income

Policy normalisation presents "tremendous opportunity" for income investors

A few weeks ago, it would have been fair to say that we were probably set for a number of interest rate increases this year. Fast forward to where we are now and a...
Robert Mead
PIMCO
Fixed Income

RBA remains patient on rate hikes

The RBA continued to keep rates on hold this month even though Inflation picked up more quickly than they expected. The length of time it took to resolve supply chain...
Chris Rands
Chris Rands
Yarra Capital Management
Rapid Fire

What you can expect as rates rise

The market is projecting the Australian cash rate to rise to 1.20% by the end of the year, this implies that the RBA hikes 4.5 times on current numbers. Interestingly,...
Livewire Exclusive
Livewire Markets
Fixed Income

New CBA hybrid launched paying 2.84% pa, about 0.15% pa more than market

CBA has launched a new investment-grade hybrid (ASX: CBAPK) to replace the maturing $1.64 billion CBAPF security, the latter of which will be repaid on 31 March 2021....
Christopher Joye
Coolabah Capital
Fixed Income

The dominance of Active (versus Passive) fixed income – the Australian listed sector

This is not about the tired old Active versus Passive equities debate. In the world of fixed income (FI), Active versus Passive matters considerably more and in FI,...
Rodney Lay
Rodney Lay
Risk Return Metrics
Fixed Income

Rates are finally rising – here come the bond market doomsayers

For the first time in over a decade, it looks like overnight cash rates are finally going to rise at some stage in 2022.This is the moment the bond doomsayers have...
Jonathan Sheridan
Jonathan Sheridan
FIIG Securities
Fixed Income
Sponsored

Metrics Income Opportunities Trust (MOT) Entitlement Offer Open

MOT aims to provide monthly cash income, preserve investor capital, and manage investment risks while seeking to provide potential for upside gains through investments...
Livewire Exclusive
Livewire Markets
Fixed Income

Macro and policy trends remain key drivers of fixed income volatility

With inflation top-of-mind for investors, we believe the Federal Reserve’s reaction function will likely be a key driver of real yields, the dollar and risk markets...
Adam Grotzinger
Neuberger Berman
Fixed Income

New 2.78% pa ANZ hybrid (ANZPJ) looks to be paying a 15-22bps new issue concession

So ANZ have launched a new 7 year hybrid (ASX: ANZPJ) to replace their maturing $1.61bn existing hybrid (ASX: ANZPE), which it has announced will be repaid on 24 March...
Christopher Joye
Coolabah Capital
Fixed Income

The strong case for 50 basis point hikes

Jamieson Coote Bonds expects the Federal Open Market Committee (FOMC) to hike by 50 basis points to begin their hiking cycle at the March FOMC meeting on March 17th...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

A top down guide to the HQLA-gap

We’ve previously published bottom-up technical notes on Aussie bank demand for government bonds, which is akin to a new form of quantitative easing or QE (replacing...
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Matthew Johnson
Matthew Johnson
Coolabah Capital
Fixed Income

The RBA’s window to hike interest rates

The Reserve Bank of Australia’s (RBA) balance sheet tightening in 2023 may frame its window to hike rates, since it gives a natural pause to see the effect of...
Kate Samranvedhya
Kate Samranvedhya
Jamieson Coote Bonds
Fixed Income

Powell Giveth, Powell Taketh

In 2022 we expect volatility to increase as a function of central bank liquidity draining from the system. In parallel, we expect inflation to remain persistent, as we...
Charlie Callan
BondAdviser
Fixed Income

Another new puzzle: bank senior spreads vs government bonds

Back in August and September 2021 we noted a very odd anomaly: for the first time, 5-year major bank senior unsecured bond spreads were trading in line with, or at...
Dr Stephen Parker
Coolabah Capital
Fixed Income

RBA ends QE and pushes back on rate hike

The RBA announced an end of QE and kept interest rates on hold as they wait to see stronger wage growth. If inflation continues to rise faster than forecast, and the...
Darren Langer
Yarra Capital Management
Fixed Income

Bank balance sheets expanding faster than expected with implications for liquidity needs

Yesterday, APRA released data for the banking system that revealed that balance sheets are growing very rapidly. Specifically, total bank resident loans/leases grew at...
Dr Stephen Parker
Coolabah Capital
Fixed Income

Holding Bonds Can Still Make Sense Even With Negative Yields

It is almost taken for granted by investors that one should be paid for lending money to a third party. Yet as central banks around the world struggle to ’normalise’...
Clive Smith
Fixed Income

Layer cake anyone? Just like that, corporate bonds look attractive again.

Can it be that parts of the credit market look attractive again? Firstly, daring to suggest any aspect of fixed income looks cheap at the moment is about as popular...
Andrew Canobi
Franklin Templeton
Fixed Income

5 experts demystify the 10-year bond yield

The U.S. 10-year Treasury note is arguably the most important bellwether of global financial markets, especially when it comes to inflation. If the market expects...
David Thornton
Livewire Markets
Fixed Income

State government bonds transition from RBA QE to bank QE in 2022 and beyond...

Since 2014, banks have typically bought a large chunk of all new State government bond ("semi") issuance, with a peak of 49% in 2020. Our analysis suggests that as a...
Dr Stephen Parker
Coolabah Capital
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