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Fixed Income

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

Expert Insights

Australia vs USA: Where are the best income opportunities?

When looking at Australian and US investment-grade credit, they both offer similar risk premia, but when drilling down into each market, investors will discover stark...
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Fixed Income

No place like home (for fixed income)

With Australia’s superannuation assets currently totalling $2.9 trillion, there have been marked movements in super fund allocations from Australian assets towards...
Andrew Lockhart
Metrics Credit Partners
Fixed Income

Virgin Australia’s Very Junky Debt Raising

Virgin Australia is spending $700 million to buy back the 35% share of the Velocity frequent flyer program that it sold in 2014 for $336 million. It is funding the...
Jonathan Rochford
Narrow Road Capital
Expert Insights

Too much money and nowhere to go

The RBA cut the official cash rate to a record low of 0.75% in October. And unless you’ve been hiding under a rock, you’ll know the big 4 are showing reluctance to...
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Fixed Income

The ‘WeWork’ of the fixed income world

Liquid securities are those that can be readily bought or sold in sufficient volumes, at reliably transparent prices, without incurring punitive transaction costs....
Gopi Karunakaran
Ardea Investment Management
Fixed Income

The evolving Chinese onshore bond market: Be wary of additional risks

The recent inclusion of the Chinese onshore bond market within broader global bond indices has increased the level of investor attention to the market. Despite its...
Clive Smith
Russell Investments
Fixed Income

Credit Snapshots – October 2019

Shenanigans in Leveraged LoansThere’s something of an ongoing battle between journalists looking to write a sensational article about US high yield debt and fund...
Jonathan Rochford
Narrow Road Capital
Expert Insights

Politics over plain economic sense?

“Monetary policy cannot be the only game in town. It should be coupled with fiscal support,” said the IMF last week. The government is facing added pressure from the...
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Livewire Markets
Fixed Income

How we predicted S&P's shock upgrade of major bank hybrids to investment-grade

Today I explain why most global high yield bonds are really just equity risk, with similar volatility and maximum 40% losses, while also lifting the lid on one of our...
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Christopher Joye
Coolabah Capital
Expert Insights

3 rules of thumb for emerging market debt

The often-quoted US$17 trillion worth of negative-yielding bonds are from developed economies such as Japan, Germany and France. In stark contrast, government bonds...
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Livewire Markets
Fixed Income

Waiting for the fallout

We continue to expect downside economic risks will dominate markets for some time, even as central banks are easing policy and there are signs US–China trade tension...
Stuart Dear
Schroders
Fixed Income
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Embracing complexity

One of the current investment mantras at KKR is to ‘embrace complexity’. It sums up the global investment firm’s view that if assets are easy to access and easy to...
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Expert Insights

Hunting for hidden pockets of opportunity

Fixed interest is a broad universe, and Stuart Dear, Deputy Head of Fixed Income, Schroders Australia invests actively across the full spectrum. We caught up with...
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Livewire Markets
Fixed Income

Bucking the trend – CBA’s well-timed hybrid issue

Key takeaways CBA launches its PERLS XII issue, a hybrid deal with a 7.5-year first call and a margin of 3% above BBSW. As a Tier 1 security, this bucks the trend of...
Ashley Kopczynski
Ashley Kopczynski
Janus Henderson
Fixed Income
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Overlooked income

KKR’s Jeremiah Lane says investors are being drawn towards assets with perceived liquidity as well as assets that are easy to understand. This has created an...
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Livewire Markets
Expert Insights

Three reasons to stay invested

It’s not hard to build a compelling bear thesis when considering the trade war, the yield curve inversion, and the increasing risk of global recession. But when we...
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Livewire Markets
Expert Insights

High chance of QE happening here

Most parts of the fixed interest universe are generally seen as defensive and an alternative to higher risk equity assets. So, what are the biggest risks hanging over...
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Livewire Markets
Fixed Income

Thoughts on CBA Perls XII

Here are some basic thoughts from my team on CBA's new hybrid issue, which is not investment advice and should not be relied on for any decision-making. Note that this...
Christopher Joye
Coolabah Capital
Fixed Income
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A lesson like no other in appreciating risk

Jeremiah Lane, Member at KKR Credit, recalls his experience investing in credit markets during the financial crisis. While he says it’s an experience he hopes he never...
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Livewire Markets
Fixed Income

The best Chinese government bonds are ‘on-the-run’

The recent inclusion of the Chinese onshore bond market within broader global bond indices has increased the level of investor attention to the market. Despite its...
Clive Smith
Russell Investments
Fixed Income

Hybrids vs High Yield (again)

On the subject of the search for yield, one question I am regularly asked is whether retail investors should be switching from major bank hybrids, which have performed...
Christopher Joye
Coolabah Capital
Fixed Income
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Your chance to access income from Commercial Real Estate Debt

Since listing in November 2018, the Qualitas Real Estate Income (ASX:QRI) (the "Trust) has offered monthly income*, capital preservation and diversification by...
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Livewire Markets
Fixed Income

There’s No Good Case For Another Rate Cut

After consecutive 0.25% rate cuts in June and July, the market is now pricing in another rate cut on October 1st. Philip Lowe’s speech in Armidale on Tuesday laid out...
Jonathan Rochford
Narrow Road Capital
Fixed Income

What’s the point of holding Bonds?

Approximately 30% of all bonds traded globally, have negative yields. Buy a bond with a negative yield, hold it to maturity, and you will lose money. It is one of...
Andrew McAuley
Credit Suisse
Fixed Income

What is ‘normal’?

According to data from the Centre for Disease Control and the Department of Agriculture, the height of the average man in the US increased by one inch between 1960 and...
Andrew Mulliner
Andrew Mulliner
Janus Henderson
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