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Fixed Income

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

Fixed Income

Value in contrarian credit

While it’s fair to say that 2019 was a forgettable year for Australia’s Major Banks, investors holding their debt had a much better time of it. Amidst the chase for...
Phil Strano
Yarra Capital Management
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4 key market risks to watch for

Despite a range of negative macro risks, Vivek Bommi, from US$355 billion investment firm Neuberger Berman, argues here that markets still look constructive, and that...
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Livewire Markets
Fixed Income

Yield In Non-Bank Lending

2019 in ReviewMacro ViewAs we noted in the 2018 review of the fund, we came into 2019 with concerns in relation to the soft macroeconomic environment in Australia, and...
Brett Craig
Aura Group
Fixed Income

Anecdotes of Yield Chasing

There’s a common question being asked of economists, money managers and financial commentators these days; are we mid-cycle or late-cycle? The honest answer is that we...
Jonathan Rochford
Narrow Road Capital
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Where to find value in the high yield market

While the entire ASX is worth around $2 trillion today, the global high yield bond market is worth around A$3 trillion and is a market that Australian investors can...
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Three sectors that look good today

Vivek Bommi is a senior portfolio manager with Neuberger Berman, a US-based investment management firm with over US$355 billion under management. When we caught up...
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Livewire Markets
Fixed Income

Where to look for global credit opportunities in 2020

Credit spreads narrowed quite sharply during 2019, boosting returns from corporate bonds. But with spreads now close to their lowest levels in two years, some...
Craig Morabito
First Sentier Investors
Fixed Income

Why you should care about an obscure funding market in 2020

Has it really been 20 years since Y2K fears gripped global markets? To combat the turn of the century and fears around potential technology issues (as computers...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

Liquidity in Corporate Bonds May Prove Increasingly Illusive When Most Needed

There have been growing concerns over the decline in the bond inventories held by dealers and the liquidity implications within bond markets. Though some of the...
Clive Smith
Russell Investments
Fixed Income

Managing income expectations in a low yield environment

Just five years ago, the level of negative yielding global debt was zero. At that time, at least 40% of the bond market offered investors more than 5% yield. Today,...
Shan Kwee
Janus Henderson
Fixed Income

European Banks and Regulators are Ignoring the Warning Signs

If you want to search for weaknesses that could lead to another financial crisis, banks are a very good place to start. The last financial crisis saw banks around the...
Jonathan Rochford
Narrow Road Capital
Fixed Income

Dodging potholes on the road to recovery

2019 has been a very strong year for fixed income returns. Only one year ago the consensus was for higher interest rates, with the concern that higher bond yields...
Stuart Dear
Schroders
Fixed Income

SEEK and you shall yield

Debt issuance from Australian corporates has been running hot in recent months, with some $5.5bn of credit issued into the public and private markets since September...
Phil Strano
Yarra Capital Management
Fixed Income

The future of the (non) banking sector

Investors, of all types, can no longer ignore that they need to refine their income investments. With the major banks under continued regulatory pressure, the...
Andrew Lockhart
Metrics Credit Partners
Fixed Income

Don’t trip on a fat tail

In our baseline forecast for 2020, the low-growth period of vulnerability from 2019 gives way to a moderate recovery in global growth. However, our conviction in this...
Adam Bowe
PIMCO
Fixed Income

Growing liquidity risk in fixed income portfolios

Liquidity, like the plumbing in your house, gets little attention until something goes wrong. Across the fixed income asset class, core government bonds sit at the...
Gopi Karunakaran
Ardea Investment Management
Fixed Income

Another Big UK Fund Locks Up

This week the £341 billion fund manager M&G Investments announced it would block redemptions on its flagship property fund. As at 31 October, the fund had £2.5 billion...
Jonathan Rochford
Narrow Road Capital
Fixed Income
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The right time for a debt fund?

On the anniversary of listing our first retail fund, I reflected on some of the lessons learned and the opportunities ahead for the Qualitas Real Estate Income Fund...
Tim Johansen
Qualitas
Expert Insights

Increase your income, not your risk

It’s not hard to find investments ‘advertising’ income above the miserly returns on standard income-oriented investments. While the temptation is to replace falling...
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Livewire Markets
Fixed Income

The global economy is fragile

Looking ahead to 2020, the one thing investors cannot ignore is just how fragile the world economy actually is. While we are not forecasting an imminent global...
Paul Chin
Jamieson Coote Bonds
Fixed Income

Targeting risk-free assets − implications for investors

RBA Governor Lowe has detailed his preference for a possible RBA Quantitative Easing (QE) program after further possible RBA rates cuts. Lowe suggests ‘’if’’ the RBA...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

Argentina and Lebanon are Broke, so let’s Lend to Angola

The travails of Argentina are well known, they’ve defaulted on their debt yet again with bondholders now fretting over how big a haircut the country will try to impose...
Jonathan Rochford
Narrow Road Capital
Expert Insights

What every investor should know about hybrids

Hybrids are just a single component of the much broader fixed income universe, which itself is bigger than the entire global equities market. And while hybrids can...
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Livewire Markets
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Go global or go home

It’s no secret Australians tend to stay local when investing. And, compared to our offshore counterparts, our investment portfolios are significantly underexposed to...
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Livewire Markets
Fixed Income

US Subprime is Back – this Time it’s Auto Loans

It’s no great secret that global automakers are having a tough time, sales are falling leading to inventory building and furloughs or shutdowns of production...
Jonathan Rochford
Narrow Road Capital
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