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Fixed Income

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

Fixed Income

Someone is wrong, and someone is right: Franklin Templeton's 2022 market outlook

2021 is likely to be a year many bond investors would choose to forget. The benchmark Bloomberg Global Aggregate Index declined around 4.7% for the year, its weakest...
Andrew Canobi
Franklin Templeton
Fixed Income

The outlook for swap spreads

One of the larger fixed-income anomalies observed in 2021 was the record increase in the spread between interest rate swaps and Commonwealth government bond yields,...
Matthew Johnson
Matthew Johnson
Coolabah Capital
Fixed Income

Fixed income is changing — and blending private and public credit makes good sense

As we noted in part one of our recent primer on private and public credit markets, Public and private — perfecting the blend, the asset class of fixed income has...
Pete Robinson
Challenger Investment Management
Fixed Income

You can try to kill inflation, but you might kill the economy too

Markets have a huge amount to deal with into 2022, with three major policy changes likely across the year. Individually, any one of these three policy changes would be...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

Aussie bank bond supply shock finally arrives

Australian banks are not simply going to repay the $188 billion they borrowed from the RBA, under the Term Funding Facility, when repayment falls due in 2023 and 2024....
Christopher Joye
Coolabah Capital
Fixed Income

NSW completes first $1 billion of $11 billion bond buy-back (QE) program

Last week NSW's investment and debt issuance agency, TCorp, announced that it had completed the first $1 billion of its proposed $11 billion of bond buy-backs using...
Christopher Joye
Coolabah Capital
Fixed Income

CBA prints monster $4bn bond, biggest Aussie credit issue ever

Commonwealth Bank's recent $4 billion bond is the first big issuance of 2022, and the largest of its type in Australian history. It dwarfs the previous record holder...
Christopher Joye
Coolabah Capital
Expert Insights

The good, bad and ugly of wholesale lending risk

Some forms of risk you want in your portfolio. Others, you should want no part of. When it comes to wholesale lending, bad risk generally means concentration, or...
Livewire Exclusive
Livewire Markets
Fixed Income

CBA mandates first 5 year senior major bank bond deal in A$ since the closure of CLF

One of my favourite bond issuers, CBA, has just announced a mandate for a new fixed-rate and floating-rate, benchmark 5-year senor bond issue in Aussie dollars. This...
Christopher Joye
Coolabah Capital
Fixed Income

A sustainable future demands more than greenwashing

Given the costs associated with moving to an environmentally sustainable future, the ability of entities to access appropriately priced capital to enact change becomes...
Clive Smith
Fixed Income

NSW shocks by pulling $20bn rabbit out of its hat

In the AFR I write that NSW premier Dominic Perrottet and new Treasurer Matt Kean have presided over one of the most extraordinary budget turnarounds in the history of...
Christopher Joye
Coolabah Capital
Expert Insights

Wholesale lending, a new frontier of income investing

Non-banks are turning the retail lending space on its head, and it’s not just consumers who are benefiting from the disruption. For Realm Investment House, this...
Livewire Exclusive
Livewire Markets
Fixed Income

When tailwinds turn: Headwinds to hit in 2022

Earlier this month, two-year bond yields rose by 10 basis points while 10-year yields fell by 16 basis points. Such a move has happened only once in the last 39 years,...
Charlie Jamieson
Jamieson Coote Bonds
Expert Insights

What are the alternatives to term deposits for risk averse investors?

Investors don't have to watch their savings go backwards as inflation and low-interest rates erode returns, says Andrew Papageorgiou from Realm Investment House. In...
Livewire Exclusive
Livewire Markets
Fixed Income

The single most important chart to watch in 2022

There is only one chart, and one chart alone, that Australian investors need to watch closely over the year ahead, says Janus Henderson's Jay Sivapalan. In this wire,...
Jay Sivapalan
Janus Henderson
Fixed Income

Public and private - perfecting the blend

The structure and valuations of fixed income markets have changed dramatically over the past decade or so. Most obviously, interest rates have decreased dramatically...
Pete Robinson
Challenger Investment Management
Fixed Income

Machines invading bond markets

In the AFR this weekend I write that there has been a bit of chatter about “credit”—otherwise known as the bank and corporate bond market—becoming “the next quant...
Christopher Joye
Coolabah Capital
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
Sponsored

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
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