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Fixed Income

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

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...
Livewire Exclusive
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
Fixed Income

Control your benchmark don’t let it control you!

The large compositional shifts which have occurred within Australian fixed income benchmarks over the last decade have highlighted the limitations in using these...
Clive Smith
Fixed Income

Finding safety and returns in a low interest rate world

In a world where US$17 trillion of bonds trade at negative yields, Australian government bond yields are still high relative to the rest of world. There are very few...
Kate Samranvedhya
Kate Samranvedhya
Jamieson Coote Bonds
Fixed Income

Interest rates: naturally negative?

It is no longer absurd to think that the nominal yield on U.S. Treasury securities could go negative. Earlier this month the German 30-year government bond yield...
Joachim Fels
PIMCO
Expert Insights

Great returns, diversity and a solid risk profile

Since listing 7 months ago, the Qualitas Real Estate Income Fund (QRI) has given investors access to great risk-adjusted returns through a balanced and diversified...
Livewire Exclusive
Livewire Markets
Fixed Income

Magellan's funds management revolution

Today I argue that Magellan will revolutionise the LIC/LIT market with its shift to a commission-free distribution model that we had long advocated and which is...
Christopher Joye
Coolabah Capital
Fixed Income

Negative Bond Yields – A Bubble In The Making?

2019 has been unusual in that both equity and bond markets have rallied strongly against a backdrop of solid economic growth. Commentators have repeatedly cited the...
Brigette Leckie
Brigette Leckie
Koda Capital
Fixed Income

Bonds, like cash, are a safe haven as trade war risks escalate

Markets recoiled last week with increased US tariffs on Chinese goods increasing the all-out risk of a global trade war, where growth slows and just about everyone...
Elizabeth Moran
Elizabeth Moran
Elizabeth Moran Consulting
Fixed Income

Are bonds back in a bubble?

With bond prices going parabolic in the past few weeks (FIG 1), once again market participants are wondering whether the “bond market is in a bubble”. That concern...
Chris Watling
Longview Economics
Fixed Income

Turning Japanese

The Australian fixed income market has enjoyed strong gains over the last twelve months with the benchmark 10year government bond rallying 11.50% YTD and 19.85% over...
Jesse Imer
Jesse Imer
Fixed Income

Is the bond market signalling a recession on the horizon?

The rally in 10-year bond yields over the past six months has seen the spread differential between 10-year and 3-month bond yields fall to -30 basis points....
Chris Rands
Chris Rands
Yarra Capital Management
Fixed Income

Action in bond markets is not what it seems

The conventional explanation from recent moves in bond markets is that global bond yields are collapsing because investors fear a global recession, triggered by the...
Gopi Karunakaran
Ardea Investment Management
Fixed Income

Doubling capital and compound interest

What is compounding? Albert Einstein is reported as saying that compound interest is “the eighth wonder of the world. He who understands it, earns it; he who doesn’t,...
Dean Italia
Dean Italia
Medibank Private
Fixed Income

Houston, we have a problem

The bond market is often seen as the most accurate indicator of what lies ahead for an economy, or at least what investors believe lies ahead. If the current gyrations...
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Livewire Markets
Expert Insights

3 key property market risks to keep an eye on

While the recent rate cuts by the RBA are perceived as an overall positive for the property market, there are still risks investors should remain aware of. Tim...
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Livewire Markets
Expert Insights
Sponsored

Great returns, diversity and a solid risk profile

Since listing 7 months ago, the Qualitas Real Estate Income Fund (QRI) has given investors access to great risk-adjusted returns through a balanced and diversified...
Livewire Exclusive
Livewire Markets
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