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Fixed Income

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

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
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
Sponsored

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...
Livewire Exclusive
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...
Livewire Exclusive
Livewire Markets
Expert Insights

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...
Livewire Exclusive
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
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...
Livewire Exclusive
Livewire Markets
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...
Livewire Exclusive
Livewire Markets
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
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
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