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Fixed Income

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

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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Livewire Markets
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
Sponsored

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
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
Sponsored

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
Fixed Income

BB’s are the new BBB’s

The downgrade of Ford Motor Co this week by Moody’s from Baa3 to Ba1 (equivalent to BBB- and BB+ rating monikers for Standard and Poor’s) opens up the question of...
Jonathan Rochford
Narrow Road Capital
Fixed Income

Can negative yielding bonds deliver positive returns?

President Trump’s announcement of additional tariffs imposed on Chinese goods early in August set the tone for a material flight to quality rally across global bond...
Charlie Jamieson
Jamieson Coote Bonds
Fixed Income

The Dumb Money is Buying Bank Hybrids

The media sometimes uses the terms “smart money” and “dumb money” to describe institutional and retail investors respectively. The premise is that institutions have...
Jonathan Rochford
Narrow Road Capital
Fixed Income

Optimising cash allocations in retirement portfolios

Low cash rates are a global phenomenon and it's likely that they will be at low levels for a considerable period of time. In Australia, the RBA recently cut the cash...
Stuart Dear
Schroders
Expert Insights

Why Australians have an advantage in this high-returning asset class

For better or for worse, the movements in the Australian dollar are largely influenced by commodity prices. It was a significant factor that pushed the dollar through...
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Livewire Markets
Fixed Income

Residential mortgage-backed securities offer yield at a price

Property has been the backbone of many investment portfolios and many wealthier investors are ranging further than ever in search of yield into sectors such as...
Elizabeth Moran
Elizabeth Moran
Elizabeth Moran Consulting
Fixed Income

Why we like the senior debt of the big four banks

Only a decade removed from the Global Financial Crisis (GFC), it may seem a bit counterintuitive to label banks as more of a ‘cushion’ than a ‘cause’ of the next...
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Simon Mullumby
State Street Global Advisors
Fixed Income

The bizarre world of negative interest rates

In an episode of the hit sitcom Seinfeld, when perennial loser George complains that every decision he has ever made was wrong and that his life is a failure, his...
Gopi Karunakaran
Ardea Investment Management
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