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Fixed Income

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

Expert Insights

The investment manager that pays no mind to rising rates

Rising rates are like the plague for fixed income portfolios. That is, unless you're Ardea.  When rates go up, so do yields. But when yields rise, the value of bonds...
David Thornton
Livewire Markets
Fixed Income

Why rising interest rates are good news for some

Everything we're hearing from central banks around the world continues to emphasise their focus on getting on top of inflation. Here in Australia, the Reserve Bank has...
Robert Mead
PIMCO
Fixed Income

No sign of a pause as mortgage stress intensifies

Australia’s central bank has now raised interest rates five months in a row. It’s the most aggressive tightening cycle since 1994. With more hikes expected, and...
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

Australian credit spreads provide great opportunities but maintain quality

The patience of investors in more credit oriented fixed income funds has been sorely tested over the last 12 months. For such investors returns have been challenged...
Clive Smith
Fixed Income

The age of negative real yields

Over the past two years, investors have become (sometimes unwillingly) acquainted with the mechanics of the bond market, with all eyes on the US and the actions of...
Max Pacella
Rest Super
Fixed Income

Why investors should remain defensive over the months ahead

The recent US Federal Reserve (US Fed) meeting has elicited discussion about a possible US Fed 'pivot' in interest rate policy and how that might support asset...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

Investing in global credit and fixed income

After the largest bond market sell-off in 30 years, and with risk markets pricing in a higher probability of recession, global fixed interest and credit markets offer...
Richard Quin
Bentham
Fixed Income

Good news for credit investors despite the looming threat of recession

The last month has seen a rally in global bond markets, after a protracted period of repricing, US 10-year yields down around 32 points to 2.76% as of 9 August. This...
Aaditya Thakur
PIMCO
Fixed Income

What happened to my distribution?

The recent major selloff in bond markets has highlighted the potential issues associated with managing distributions. More specifically issues can arise in fixed...
Clive Smith
Fixed Income

The certainty of a maturity date on longer-dated fixed rate bonds

As global markets brace for ongoing uncertainty caused by higher inflation and rising interest rates, bonds offer investors certainty through regular coupon payments...
Jessica Rusit
FIIG Securities
Fixed Income

The elegantly simple way to protect your capital in this asset class

Let's not sugar coat it, fixed income has been through the wars. It's gotten so bad that some pundits have even dismissed the traditional 60/40 portfolio as being...
David Thornton
Livewire Markets
The Rules of Investing

Is a golden era for income investors coming?

Fixed income has had a torrid time of it the last year – in fact, by some measures it’s been the worst year on record – with US treasuries losing about a tenth of...
The Rules of Investing
Livewire Markets
Fixed Income

The global factor driving Aussie swap spreads

Our fundamental model of Australian swap spreads that we released in December 2021 started the new year well, predicting the early tightening of 10-year swap spreads...
Matthew Johnson
Matthew Johnson
Coolabah Capital
Fixed Income

What rising rates mean for bond yields and mortgages in Australia

Inflationary pressures have been stubbornly persistent in most economies this year given COVID-19 supply chain disruptions, labour shortages and energy price...
Adam Bowe
PIMCO
Fixed Income

How investors should prepare for rising recession risks

A global recession is increasingly a concern for all investors. To combat rampant inflation, central banks are having to engineer the impossible - raise interest rates...
Adam Bowe
PIMCO
Fixed Income

Leading indicators warn of global recession

Central banks state they are not seeing signs of a recession as they continue hiking rates to curb spiralling inflation. But with forward indicators flashing red...
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

How the market is navigating the five stages of grief

As the second quarter ends, investors are licking their wounds from negative asset returns as policy withdrawal corrodes asset values around the world. Investor...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

Victoria raises $7.9bn from VicRoads sale for COVID debt repayments

There are media reports abound that Victoria has raised $7.9 billion from the partial sale of VicRoads. Treasurer Tim Pallas, confirms the funds will go to the...
Jason Lindeman
Jason Lindeman
Coolabah Capital
Fixed Income

The recent change in the Australian credit cycle may only be temporary

One of the interrelationships often utilised by investors in more credit heavy portfolios is that interest rates will provide a level of protection against ‘risk off...
Clive Smith
Fixed Income

Bonds: The cool kids again

A year ago, investors were questioning the prudence of the 60-40 blend and no one was predicting that, entering the 2022/23 financial year, they would be increasing...
Cameron McCormack
VanEck
Fixed Income

State debt issuance in FY23 reduced from original $86bn estimate to $68bn

We have now received the big five state budgets and can assess proposed debt issuance relative to what they projected for this coming FY23. The short story is the...
Jason Lindeman
Jason Lindeman
Coolabah Capital
Fund in Focus

Floating rate notes could be the answer to bruised fixed income portfolios

Positioning your defensive allocation to absorb inflation is easier said than done. As inflation rises, the fixed-rate bonds that typically dominate defensive...
Simon Mullumby
State Street Investment Management
Fixed Income

Super-sized rate hikes, super-sized credit risk, super-size problems. Follow the dominoes.

The change of policy in 2022 has set off a series of dominoes for asset markets. Government Bonds were first to fall in quarter one, with other assets also following...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

Banks are net buying government bonds

The quarterly banking statistics from APRA make for interesting reading, and are very easy to misunderstand. Superficially, it appears as if the Aussie banking...
Jason Lindeman
Jason Lindeman
Coolabah Capital
Fixed Income
Sponsored

One asset class floating above the market volatility

With equity and fixed income markets both in turmoil, floating rate credit has once again delivered exceptional results for investors. Absolute returns of the...
Michael Korber
Perpetual Asset Management (Australia)
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