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Fixed Income

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

Fixed Income

No, NAB did not bail-in NABPC hybrid holders into equity...

There was an enormous amount of completely erroneous reporting, and resultant confusion, on NAB's repayment of the $1.34 billion owing under one of its hybrids...
Christopher Joye
Coolabah Capital
Fixed Income

RBA tries to calm markets

In response to the coronavirus epidemic, the RBA cut the cash rate on 19 March to 0.25% and announced a number of QE measures. In the long run, will the government’s...
Nikko AM
Nikko AM
Amova AM
Fixed Income

When the economy stops

The world has never been as globalised and interconnected as it is today, so when a pandemic such as COVID-19 hits, it’s an enormous challenge to contain. Government...
Jay Sivapalan
Janus Henderson
Fixed Income

Is the worst-case scenario already in the price?

The bond market has a reputation for seeing what is coming before other asset markets begin to adjust. While equity markets embarked upon a feverish rally in January...
James Marlay
Livewire Markets
Fixed Income

More Write-downs and Forced Sales are Likely

The brutal hits taken by Australian equities (-10.9%) and hybrids (-6.9%) this week were obvious to anyone who picked up a newspaper. What might have been missed is...
Jonathan Rochford
Narrow Road Capital
Fixed Income

Hybrids vs equities in a time of crisis

In this time of crisis, it is useful to reflect on some hard data on where we are today, where we have been in the past, and what that can tell us about the future. In...
Christopher Joye
Coolabah Capital
Fixed Income

High-yield in name only?

During February, global high-yield bonds and US investment-grade debt were trading at record low yields as the bond market’s prolonged bull run continued into...
Shan Kwee
Janus Henderson
Fixed Income

Recession risks are very real

Central banks have taken some significant steps against the impact of coronavirus recently, with the RBA having cut 25 points already and the Fed cutting 50 points...
PIMCO .
PIMCO
Expert Insights

Think twice about who you chase for yield

One of the biggest concerns for Ronald Temple of Lazard Asset Management is that in the desperation to boost yield, investors may be taking risks that they do not...
Livewire Exclusive
Livewire Markets
Collections

Income investing when yields collapse

Falling yields were already one of the biggest challenges facing retirees seeking investment income, but the dramatic impacts of COVID-19, which have seen bond yields...
Alex Cowie
Alex Cowie
Fixed Income
Sponsored

Now is the time to get the balance right

In February of this year, the ASX200 plunged by -7.7%. As a clear demonstration of the protection global high-grade sovereign bonds aim to provide, the CC JCB Global...
Livewire Exclusive
Livewire Markets
Expert Insights

Where to find truly uncorrelated returns

For several decades now, the correlation between asset prices has generally been increasing. Whether this is caused by globalisation and the free transfer of...
Livewire Exclusive
Livewire Markets
Fixed Income

Coronavirus special podcast episode

Our latest Complexity Premia podcast episode is now live (you can listen on your favourite podcast app, or you can find it on Apple Podcasts or Podbean). In this...
Christopher Joye
Coolabah Capital
Fixed Income

The ramifications of QE in Australia

It may seem misplaced to discuss the likelihood of unconventional monetary policy in a country that has registered only three quarters of negative GDP growth in the...
Daniel Siluk
Kapstream
Fixed Income

Real estate bright spots amid coronavirus uncertainty

As the Coronavirus fear grows its footprint, uncertainty is taking its toll on markets. As real estate investors, we see both opportunities and threats on the horizon....
Andrew Schwartz
Qualitas
Expert Insights

What looks good and what doesn’t in fixed income

With interest rates at record lows and investment-grade credit barely offering returns above the cash rate, where are the pockets of value in fixed income? Michael...
Livewire Exclusive
Livewire Markets
Fixed Income

ASX hybrid liquidity soars 160% as spreads improve

I am often asked what liquidity is like in the ASX hybrids market, and it is generally better than most people appreciate. And contrary to popular myth, liquidity...
Christopher Joye
Coolabah Capital
Fixed Income

The Rate Debate: Down, but not out

On 3 March 2020, the RBA cut rates by 25 basis points to 0.50% in response to the coronavirus. But have they cut too early? And what happens if markets are hit with...
Nikko AM
Nikko AM
Amova AM
Expert Insights

For this asset class, Australia is the lucky country

Private credit, which has recently emerged as a high income option for the fixed income component of portfolios, offers an unusual advantage to Australian investors....
Livewire Exclusive
Livewire Markets
Fixed Income

The ability to vertically slice a portfolio is an important factor in assessing redemption risk

With the level of interest rates likely to remain low for some time, one of the ways investors are ‘reaching for yield’ involves assuming more liquidity risk. In...
Clive Smith
Fixed Income
Sponsored

SMSFs driving non-bank lender raising

A slowdown in growth for the big four and regional banks is being offset by investor interest in the burgeoning growth of non-bank lenders.This is evident in the...
Livewire Exclusive
Livewire Markets
Expert Insights

How to reduce the risk of a portfolio

With the returns on offer, it can be alluring to tilt towards an equity-heavy portfolio. But with those returns, come higher volatility, and therefore more uncertainty...
Livewire Exclusive
Livewire Markets
Expert Insights

The best way to make money? Don’t lose it

The sagest piece of advice that Michael Korber, Head of Fixed income and Credit at Perpetual Investments, received went like this. “It’s a lot easier to make money if...
Livewire Exclusive
Livewire Markets
Fixed Income

Markets priced for perfection in an imperfect world

Market focus can move quickly. The concerns of 2019 now seem in the distant past. Brexit – resolved; trade wars – apparently resolved; central banks providing...
Mihkel Kase
Schroders
Fixed Income

GFC Mk II could be triggered by subprime corporate loan crisis

This weekend I write about how GFC Mk II could be triggered by a subprime corporate loan crisis. A new record was set this week for the lowest-ever recorded yields on...
Christopher Joye
Coolabah Capital
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