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Fixed Income

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

Fixed Income

Income investing: Get set for the biggest challenge of 2021

The end of JobKeeper on 28 March will leave Australian business owners with an $85 billion funding hole, as the tablecloth is yanked out from underneath them. But what...
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Glenn Freeman
Livewire Markets
Fixed Income
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Superior returns without duration risk

The driver of a large amount of fixed-income performance over the last decade has been the secular decline in long-term interest rates. In Australia, the 10-year...
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Livewire Markets
Fixed Income

Is this the RBA's "whatever it takes" moment?

In February, Australia had the worst performing government bond market in the developed world. The Australian 10-year government bond posted a -7% total return, while...
Anthony Doyle
Anthony Doyle
Firetrail Investments
Fixed Income

The story of Average Jane

We’re feeling pretty queasy about 2021. Now to be fair, us fixed income managers are rarely the glass-half-full types. We spend our days focusing on the downside, the...
Pete Robinson
Challenger Investment Management
Fixed Income

The rise and fall of LIBOR

The use of the London Interbank Offer Rate (LIBOR) as a reference rate for financial contracts has been a ‘lynch pin’ of the financial system for over a generation....
Clive Smith
Fixed Income

Worst bond blood bath since 1994

In the AFR today I write that it is one of the worst bloodbaths “long duration” bond lovers have endured since the great crash of 1994, ramming home the interest rate...
Christopher Joye
Coolabah Capital
Fixed Income

New CBA hybrid Perls XIII offers a new issue concession

In contrast to Macquarie's new 6.5 year, sub-investment-grade hybrid security, which (unusually) priced with a negative new issue concession inside the prevailing...
Christopher Joye
Coolabah Capital
Fixed Income

How will the recovery influence risk and returns?

As the macro risks associated with COVID-19 have loomed over global markets and economies for almost a year now, changing expectations of the shape and strength of the...
Charlie Jamieson
Jamieson Coote Bonds
Rapid Fire

PIMCO: It’s time to embrace lower rates

For some, the RBA’s most recent policy move, pegging rates at 0.1%, was a tipping point in their realisation that low rates are here to stay. For Robert Mead, who...
James Marlay
Livewire Markets
Fixed Income

The race between infections and injections

The furore of the Australian Open outbreak highlighted the reality that COVID-19 may be here to stay, despite the widespread preparation for an uninterrupted 2021. In...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

The secret to sourcing yield without duration risk

At the risk of stating the obvious, 2020 was a year marked by the challenges of COVID-19. In the first part of the year, we saw large drawdowns in risk market, as well...
Neuberger .
Neuberger
Fixed Income

Could housing be the good news story for 2021?

Everyone loves a good housing story and it’s looking like 2021 could become a best seller. But at what cost? According to the numbers, we’re still in an economic hole,...
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

The 3 most important interest rate indicators

Typically when creating our fixed income outlook for the year we focus on the most likely scenarios to determine how interest rates could move. This year, however, the...
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

Chinese state-owned enterprises: Not all are equal

Traditionally, bonds issued by state-owned enterprises (SOEs) in China were viewed as effectively risk-free given the implicit backing by the central government....
Clive Smith
Fixed Income

2021 Credit Outlook

The health crisis that combined elements of the Spanish flu pandemic, the Great Depression and the GFC helped redefine what fiscal and monetary policies can achieve....
Thomas Jacquot
Thomas Jacquot
FIIG Securities
Fixed Income

Riding the blue wave

The consensus is that emerging markets are a potential beneficiary from the US ‘blue wave’ after the Democratic Party won control of all three houses of government...
Arian Neiron
VanEck
Fixed Income

The one critical message for 2021

In December, markets drifted to slightly higher yields as the broader risk complex pushed higher in expectation of continued economic recovery into 2021. This capped...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

NAB announces it will repay $2 billion NABHA hybrid in February as expected...

NAB has announced that it will repay its long-outstanding $2 billion National Income Securities (ASX: NABHA) on 15 February 2021 at full face value (ie, $100 plus the...
Christopher Joye
Coolabah Capital
Fixed Income

Credit where credit's due - Richard Quin of Bentham Asset Management

Richard Quin of Bentham joins David to discuss the history of Bentham Asset Management, including its spin-off from Credit Suisse, along with the various credit...
David Clark
Koda Capital
Fixed Income

Why you should own Bonds in 2021, with Kate Samranvedhya | Webinar & Podcast

Government bonds have long been a mainstay in a properly balanced portfolio but need to be employed with caution. As we have seen over the last few years, the...
Damien Klassen
Nucleus Wealth
Fixed Income

The biggest opportunities we see today

As we look to the year ahead, we expect the impact of the global pandemic to recede and perhaps even surprise on the upside in terms of economic activity. Coupled with...
Jay Sivapalan
Janus Henderson
Rapid Fire

Unless we get more RBA QE, Aussie dollar could go to parity with US dollar

Exploiting inefficiencies and finding real alpha in bond markets during an era of low yields is possible says Ying Yi Ann Cheng, Portfolio Management Director at...
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Active management is key to fixed income alpha

Smart active managers in high-grade credit can find and exploit bond mispricings to generate alpha (or capital gains) that is as big, if not bigger, than the yield...
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Livewire Markets
Fixed Income

Why NAB's new hybrid could jump on Friday

Friday will bring the last of the recent hybrid listings in the form of NAB's circa $2 billion plus* Capital Notes 5 security (ASX: NABPH). The big question is where...
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Christopher Joye
Coolabah Capital
Fixed Income

The major battle ahead for markets

November delivered a lot of reasons to be optimistic for the future ahead, with multiple vaccines announced, a settled US election and a democratic-republican spit...
Charlie Jamieson
Jamieson Coote Bonds
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