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Fixed Income

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

Rapid Fire

Why patience is a virtue for yield hungry investors

Investing in private markets can present opportunities that aren't often available to investors. With a far longer timeline than is typical in listed equities, private...
Livewire Exclusive
Livewire Markets
Fixed Income

Macquarie hybrid soars, Genworth pulls bond issue, and housing bears run for hills

As we had projected here days ago, Macquarie's new hybrid security (ASX: MLBPC - it was initially marketed as MBLPB) listed on the ASX at a massive premium to face...
Christopher Joye
Coolabah Capital
Fixed Income

Commercial Real Estate Debt: Bridging the income gap

I have recently met many investors who have shared one common concern: their challenge in finding a stable and dependable income stream. I empathise with their...
Andrew Schwartz
Qualitas
Fixed Income

Is the RBA out of step with the rest of the world?

Despite the RBA’s recent monetary and fiscal intervention, a recession still seems to be on the cards. Why is the RBA so unwilling to follow along with more...
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

Storms will come: Get your defences ready

In our previous Collections piece, our quartet of fixed income managers discussed 10 risks that could wreck markets. To recap their views: While US$18 trillion of...
Vishal Teckchandani
Livewire Markets
Fixed Income

Hope is not a strategy

The recent risk market rally reflects hope for a sharp recovery as economies slowly reopen. However, bond markets are once again diverging from equities and predicting...
Asmita Kulkarni
Asmita Kulkarni
FIIG Securities
Fixed Income

Hero or Zero: $500m Macquarie hybrid lists on Wednesday...

The $500 million Macquarie Bank Capital Notes 2 (ASX: MBLPB) hybrid begins trading on Wednesday, and it will be fascinating to see how it performs. This new deal was...
MQG
Christopher Joye
Coolabah Capital
Fixed Income

Residential Mortgage Obligations in New Zealand – A new investment opportunity for investors

The existence of Residential Mortgage Obligations (RMO) isn’t new. It was only in 2017 the Reserve Bank of New Zealand started taking steps to develop a private...
Clive Smith
Rapid Fire

Reliable income amid the dividend cuts

So far in 2020, investors have seen circa $26b worth of dividend income disappear. For some investors, the loss of income is no great concern, but for investors that...
Patrick Poke
A Rich Life
Fixed Income

Bonds vulnerable to a sell-off

“Do not be misled by expert bravado or by an expert’s own sense of how he or she is doing. Evidence is a much better guide than an impressive self-presentation.” Cass...
Scott Haslem
LGT Crestone
Fixed Income

Interview on where hybrids sit in a portfolio

In this interview with Pinnacle's Gerald Willeston I discuss the role bank-issued hybrids can play in a portfolio relative to (1) global high yield bonds and (2)...
Christopher Joye
Coolabah Capital
Fixed Income

Fed to go negative?

Before I dive into this, it’s important to understand why people are starting to think about the idea. The Fed Funds 12 contract (FF12), which is the market’s...
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

Who will pay?

As everyone ponders how all economies move into the next phase of Covid-19 - some in the financial markets are starting to think about, how are the shutdowns going...
Mark Todd
Mark Todd
Bank of China
Fixed Income

Catching the credit reset

While the ongoing COVID-19 pandemic is tragic and has been incredibly disruptive to billions of people around the globe, it has provided credit investors with a speedy...
Phil Strano
Yarra Capital Management
Fixed Income

Australian Credit is strapped to a 60% V-Shaped Rocket

The Australian Treasury expects that 60% of the economy can be recovered once we achieve Stage 3 of National Cabinet’s re-opening plan. This correlates with the RBA’s...
Ken Liow
Realm Investment House
Fixed Income

Credit is Normalising, But…

Credit securities, both in Australia and globally are getting back on their feet. The bookbuilds this week of $1 billion of corporate debt by Woolworths, $1.25 billion...
Jonathan Rochford
Narrow Road Capital
Fixed Income

Where hybrids sit in a portfolio (and hunting housing bears)...

In the AFR today I explain why ever since I have pulled out my empirical “shotty”, an intellectual 12-gauge, the housing bears have started running for the hills. In...
Christopher Joye
Coolabah Capital
Fixed Income

Non-financials scream value

SWINGS AND ROUNDABOUTS COVID-19 has caused significant swings in pricing among almost all asset classes. Much of the pricing action intuitively makes sense, some of...
COL
+3
David Gallagher
David Gallagher
Artesian
Fixed Income

Why capital protected, private debt makes sense right now

Defensive, capital-protected, private debt is becoming increasingly appealing to investors as a viable asset class as markets work through the impacts of the COVID-19...
Bob Sahota
Bob Sahota
Revolution Asset Management
Fixed Income

Woolworths' senior bond looks expensive

Woolworths (WOW) has launched new 5 year and 10 year senior bond issues, which are expected to be large in size given it has over $2 billion of debts maturing in 2020...
Christopher Joye
Coolabah Capital
Fixed Income

RBA Cash Rate: From Crowning Glory to Fight For Survival

The Reserve Bank of Australia’s cash rate, once its crowning glory, is at risk of becoming obsolete as a sharp surge in liquidity has resulted in interbank overnight...
Sophia Rodrigues
Sophia Rodrigues
Central Bank Intel
Fixed Income

Things have changed forever

While central banks have created a liquidity-driven rally in risk markets, we still think that the worst data is still ahead of us. Things have changed forever in...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

High-yield bond market blows (again)

In the AFR today I write that the global high-yield (or junk) bond market is blowing up once again, schooling investors on why the interest rates on these securities...
Christopher Joye
Coolabah Capital
Fixed Income

Financial resilience of businesses still to be tested

It’s been a wild ride for credit markets these past few weeks. And while the illiquidity is still quite poor outside of government bonds (<10-years), it hasn’t stopped...
TLS
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

The investment clock has turned to credit

COVID-19 has hit most investors’ portfolios hard and fast. With the initial impacts behind us, investors are turning their attention to the investment landscape...
Richard Quin
Bentham
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