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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's going on with swap spreads

Australian swap spreads are at their widest level since mid-2015, so what's going on? And what even is a swap spread for that matter? Matthew Johnson from Coolabah...
Matthew Johnson
Matthew Johnson
Coolabah Capital
Fixed Income
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Generating alpha from fixed income today

It has been a challenging year for fixed income. The asset class has historically been a go-to option for risk-averse investors or investors seeking an additional...
Philip Ryan
Trilogy Funds
Fixed Income

Lending for commercial real estate provides welcome alternative to bond markets

Times are tough for investors or advisers looking to add value through a defensive portfolio. Defensive, or income assets, aim to provide income rather than capital...
Andrew Schwartz
Qualitas
Fixed Income

How to keep the lights on (before you shoot them out)

Loose monetary policy has created a generation of ‘financial consumers’ gorging on cheap debt. Yet promises that the feasting can continue into perpetuity, simply...
Daniel Siluk
Kapstream
Fixed Income

Post results, updated bank debt issuance and HQLA buying forecasts

Following the banks' latest results, we have updated our estimates of: (1) the quantum of debt they have to issue to replace the $139bn Committed Liquidity Facility...
Christopher Joye
Coolabah Capital
Rapid Fire

Flexible, liquid assets ideally suited to a rising rate environment

Liquidity is something we all value very highly. If you need cash, knowing you’ve got a few thousand in your kitty – but which you can’t access for a decade – is not...
Glenn Freeman
Livewire Markets
Fixed Income

"Unbelievable!" KKR says M&A momentum is not just a stock market story

Stocks have soared on the back of the more than US$3.6 trillion of M&A deals inked in 2021 so far. But private debt has also done well, as Jeremiah Lane, a partner in...
Glenn Freeman
Livewire Markets
Fixed Income

Is everything OK with the RBA? (Clue: No)

The recent RBA backflip has eroded confidence in the Australian bond market and left fixed-income managers fuming. Just to remind folks, the last week of October gave...
Matt Buchanan
Matt Buchanan
Fixed Income

Where the "smart money" is buying in corporate bonds

As global economies start to normalise, themes around travel, tourism and retail commercial property have been lucrative trades for equity investors but have...
MME
PPC
+2
Livewire Exclusive
Livewire Markets
Rapid Fire

A $400bn market with huge growth ahead

Buying niche opportunities before they hit the big-time is every investor’s dream. And we’re not talking about speculative tech or wildcat miners, but fixed income....
Glenn Freeman
Livewire Markets
Fixed Income

The credit story of the year

The demise of Chinese property developers is likely to be the credit story of the year. But as Jonathan Rochford writes, without government intervention it could also...
Jonathan Rochford
Narrow Road Capital
Fixed Income

The ice gets thinner

We believe there are growing risks to the credit spreads of financials, despite what market sentiment might suggest. This is technical in nature rather than...
Charlie Callan
BondAdviser
Income Series

Trading risk and reward to earn a premium from a $130 trillion market

Things are changing quickly in the $130 trillion global bond market, and with change comes opportunity. For the better part of the past two years, investors have...
James Marlay
Livewire Markets
Fixed Income

Australia’s bond yield eruption

The race that stops a nation didn’t stop our fixed interest team’s active bond trading and portfolio management right across Melbourne Cup day and long into the night...
Jay Sivapalan
Janus Henderson
Fixed Income

Market loses confidence in RBA and bond investors get torched as a result

After days of speculation that saw the RBA hold Australian bond investors to the flame, only to come out with a far less “hawkish” hint rates would likely not rise...
Darren Langer
Yarra Capital Management
Fixed Income

Nightmare on Wall Street averted as market ponders 'transitory' inflation

Earlier this year we experienced a steepening yield curve, where fixed-rate bonds — those most sensitive to interest rate and inflation movements — sold off to reflect...
Jesse Imer
Jesse Imer
Fixed Income

NSW announces unprecedented $11 billion bond buy-back

Following Premier Dominic Perrottet's sensational announcement in late September that NSW would use the $26 billion that had accumulated in his Debt Retirement Fund to...
Christopher Joye
Coolabah Capital
Fixed Income

R-star: How useful is it in practice?

The nature of how r-star (r*) is calculated makes it a useful concept for evaluating the stance of monetary policy and assessing longer-term asset values. The only...
Clive Smith
Russell Investments
Fixed Income

Beating APRA's performance test for super funds' fixed-income exposures

Under the hotly contested Your Future, Your Super rules recently introduced by the government, super funds' default products are now subject to an annual performance...
Christopher Joye
Coolabah Capital
Fixed Income

Asset prices that sizzle

There's nothing quite like the sizzling of a snag on the Bunnings BBQ. That is unless you own the asset Bunnings and can sell it at a premium in this hot market. ...
Livewire Exclusive
Livewire Markets
Fixed Income

Inflation is in the "I" of the beholder

Economy-wide measures of inflation come with inherent flaws. This is through no fault of the agencies charged with measuring inflation (domestically it’s the...
Adam Scully
Adam Scully
Alexander Funds Management
Fixed Income

NSW shocks bond markets by slashing $22 billion in debt

In the AFR today, John Kehoe reports on another huge shock for bond markets with the NSW government sensationally announcing late Friday afternoon that it will be...
Christopher Joye
Coolabah Capital
Fixed Income

The RBA’s tango with the Fed can’t last

The RBA’s expected cash path has marched to quite a different tune to the Fed but something changed from late last year, writes Realm Investment House's Ken Liow, when...
Ken Liow
Realm Investment House
Income Series

How Neuberger Berman is capitalising on the high yield upgrade cycle

What do Ford Motors, Rolls Royce, Carnival Cruises and Royal Caribbean have in common? They’re all examples of issuers in the high-yield bond market whose operations...
James Marlay
Livewire Markets
Rapid Fire

A $120 trillion market that’s more diverse than equities

Misguided assumptions plague the fixed income universe. Many investors avoid the space because they believe it either doesn’t offer attractive returns or because some...
Glenn Freeman
Livewire Markets
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