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Fixed Income

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

Fixed Income

Where to for credit spreads following APRA's decision to shutter $139bn Committed Liquidity Facility?

As the AFR's Cecile Lefort reports, there was quite extraordinary demand for a new bond issue (actually, dual-tranche 2026 and 2028 issues) from the NSW government on...
Christopher Joye
Coolabah Capital
Fixed Income
Sponsored

Seeking a better income outcome?

The decline in dividends and other traditional sources of investment income has made it hard for investors to find the income they need without taking on too much...
PIMCO .
PIMCO
Fixed Income

Bank capital matters more than liquidity

The announcement on Friday that APRA is winding down the ability of banks to rely on the RBA’s Committed Liquidity Facility (CLF) to meet their Liquidity Coverage...
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Jonathan Rochford
Narrow Road Capital
Fixed Income

Big news for government and bank bond markets: APRA shuts down $139 billion Committed Liquidity Facility, forcing banks to buy government bonds

There has been very big news today for both the government and bank bond markets in what would have come as a significant shock to the banking system and almost all...
Christopher Joye
Coolabah Capital
Fund in Focus
Sponsored

Where to find monthly income and healthy returns without ratcheting up your risk

The risk of your fixed-income portfolio is currently around double what it was 10 years ago, at the same time as bond yields remain depressed – not a good combination....
Simon Mullumby
State Street Investment Management
Fixed Income

How can the RBA be so sure?

The RBA’s announcement yesterday had me asking one question: Am I meant to buy, or am I meant to sell?As I discussed with my colleague Darren Langer, co-head of...
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

The RBA to remain dovish

On 23 March this year, the RBA published an academic discussion paper titled Financial Conditions and Downside Risk to Economic Activity in Australia that detailed...
Jesse Imer
Jesse Imer
Expert Insights

This is how markets will put rate rises out of reach

The RBA has steadfastly maintained its intentions to keep the cash rate at its current level until 2024, even in the face of high property prices, rallying share...
Livewire Exclusive
Livewire Markets
Fixed Income
Sponsored

Why fixed income still matters

Diversification as an investing principle never goes out of style. But in today’s low-rate environment, do bonds still provide effective diversification in a...
Livewire Exclusive
Livewire Markets
Fixed Income

The case for China bonds comes down to fundamentals

As was highlighted in last month's paper the case for allocating funds to Chinese fixed income markets based on low historical correlations to other global bond...
Clive Smith
Fixed Income

NSW to use $28bn Debt Retirement Fund to help reduce COVID-induced debt issuance

There are several recent developments in this important story, which I originally covered here. On Friday I wrote in the AFR that the NSW Treasurer, Dominic Perrottet,...
Christopher Joye
Coolabah Capital
Rapid Fire

An all-weather asset class for risk-averse investors

Having slipped under the radar of many investors so far, private debt is a relatively small but fast-growing asset class in Australia and New Zealand. Ideally suited...
Glenn Freeman
Livewire Markets
Fixed Income

More fiscal, less monetary stimulus: What this means for your portfolio

With sweeping lockdowns and a rampant Delta strain, the optimism that was slowly bubbling in June soon dwindled. Economic activity is set to contract, yet in...
Adam Bowe
PIMCO
Fixed Income

Looking past the peak: Opportunities for Australian portfolios

Following the release of our June Cyclical Outlook, Adam Bowe and I held a livestreamed webcast for Australian clients to discuss the outlook for Australia’s growth,...
Robert Mead
PIMCO
Fixed Income

NAB launches first 5-year major bank senior bond issue since January 2020

NAB has launched the first benchmark 5-year major bank senior bond issue since January 2020 (ie, prior to the advent of the COVID-19 crisis). This was consistent with...
Christopher Joye
Coolabah Capital
Fixed Income

No boom to come: Savings will remain high

The price of money or rate of interest in a market-determined framework is a function of supply and demand which pertains to savings and investment (borrowing). ...
Andrew Canobi
Franklin Templeton
Fixed Income

COVID presents survival of the fittest for credit issuers

Strong underlying fundamentals and a favourable outlook for 2022 and beyond are apparent across non-investment grade (IG) credit. Within such markets, issuer default...
Joseph Lind
Neuberger
Expert Insights

Spotting unscrupulous spruikers and other credit market potholes

March of 2020 put the blow torch on credit-related funds. When ‘defensive’ allocations needed to step up, some funds melted with investors unable to redeem units or...
Livewire Exclusive
Livewire Markets
Fixed Income

Global capital securities – an income alternative and complement to local hybrids

With interest rates near all-time lows, ASX-listed bank hybrids have become an increasingly popular source of regular and stable income for clients alongside the...
Richard Quin
Bentham
Fixed Income

Is the Australian economy alive; is housing a protected species?

We may not know the answer to this first question for years to come – at least until the “artificial supports” from the government and broader public sector are...
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

Finding income in a low-interest environment

Looking at fixed income as an asset class in isolation, there are three key benefits required to make an investment allocation. These are: The expected income or...
Jesse Imer
Jesse Imer
Fixed Income

Chinese bonds: Focus on fundamentals not historical correlations

One of the benefits often touted from adding Chinese exposures to global bond portfolios are the diversification benefits arising from the lower global bond...
Clive Smith
Fixed Income

Wesfarmers breaks green bond ground

Australia’s sustainable bond universe blew past $15 billion in 2020, but still lags the European market by four or five times on a relative basis, says Realm...
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Glenn Freeman
Livewire Markets
Expert Insights

How much risk is your fund manager really taking?

A simple maxim in investing is that to generate a higher return you must take on more risk. This fundamental rule applies across asset classes, from equities through...
Livewire Exclusive
Livewire Markets
Fixed Income

Shred it for credit

Despite writing this from a Sydney that is still in lockdown (and expected to remain that way for a while longer) and noting a surge in COVID-19 Delta variant cases...
Mark Bayley
Kapstream
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