Angus Coote

Angus
Coote

Angus Coote
Jamieson Coote Bonds - JCB

Angus started his career with JPMorgan. On successfully completing the JPMorgan graduate program Angus began as a Government Bond salesman specialising in US Treasuries and European Government Bonds in London. His clients included Global Central Banks, Large Asset Managers, Sovereign Wealth Funds and Hedge Funds. Angus relocated to Asia with ANZ where he spent five years specialising in selling Australian Government Bonds and other debt products to the region’s largest Central Banks and Sovereign Wealth Funds. During this time he was located between Hong Kong and Singapore. Angus transacted the first ever Australian Bond trades for several large Asian Central Banks who now dominate the market as the largest holders of Australian Government debt. Angus returned to Australia with ANZ for a short time before being hired by Westpac Sydney to Head Global Central Bank distribution. In 2014 he established Jamieson Coote Bonds in Melbourne with Charlie Jamieson. Angus has a Bachelor of Business from RMIT majoring in Economics and Finance.

Expertise

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RBA still on hold

Angus Coote

Yet again another quarter and another CPI miss. The RBA has no reason to move rates on the back of these soft numbers. Despite oil prices rallying throughout the quarter and the global economy and risk in general being bid to the moon, we are still yet to see the... Show More

The equity experts are wrong about bonds

Angus Coote

In recent times, many column inches have been devoted in the financial media about an impending disaster in the High Grade/Government Bond market. As Government Bond specialists, we at JCB are amused to see many so-called financial experts comment on a product they have neither sold nor traded. Despite this... Show More

central banks us federal reserve bond bubble Bondcano

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Janet Yellen just broke up with you

Angus Coote

When we look back upon the financial excess prior to the GFC, the great bust and near financial Armageddon, the multiple bouts of global quantitative easing transferring private debt to governments thereafter, it will make a historic story for the grandchildren. Boom to bust to boom again within a decade,... Show More

inflation bonds qe rates yields

Time to re-assess bank/financial related exposures

Angus Coote

There continues to be evidence to support the Jamieson Coote Bonds team's thesis that investors should be re-assessing their portfolio construction and risk allocations to avoid unintended heightened bank/financial related exposure. JCB's approach is one that diversifies investors away from such exposures whilst providing a cornerstone defensive portfolio allocation. These... Show More

geopolitical risk risk management Enter keywords e.g. ASX:BHP

Out-of-cycle mortgage hikes biting the economy

Angus Coote

Domestically, the rise in mortgage rates is starting to bite sections of the economy. Lower auction clearance rates have been observed and the first decline in Sydney house prices were posted in April. Show More

property JCB rate hikes

Domestic tailwinds turning to headwinds whilst Global Data is decaying

Angus Coote

Inflows into fixed income globally have surged back this year, clocking in over $200BLN year to date according to various JCB contacts on global fixed income desks. The last time we saw inflows greater than this magnitude were 2009 and 2010 in the aftermath of the global financial crisis. JCB... Show More

bonds risk management concentration risk portfolio diversification

Avoid GFC portfolio outcomes: Beware of Bond naysayers

Angus Coote

Beware of the 'bait and switch' scare tactic from Bond naysayers in 2017 or be at risk of similar portfolio outcomes of the last GFC. It is misleading when readers are often shown one-off scenarios about bond markets that, whilst are possible, are so unlikely that it's fanciful to present... Show More

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Fed hikes rates... and long-dated bonds rally

Angus Coote

The US Federal Reserve raised rates 25 bps last night in the first of 3 expected rate hikes in 2017. Yet US government bonds have started to rally as US rates are rising. Isn't that counter-intuitive? Show More

US Rate hikes coming, bond moves won't be what you'd expect

Angus Coote

Going into expected US Fed rate hikes, most investors would assume that long-dated bonds will likely sell off considerably. Contrary to what popular media commentary would suggest, long-dated bonds are unlikely to move very much at all. In fact, history suggests that long-dated bonds often rally once the Central Bank... Show More

interest rates government bonds duration risk

Don't be fooled by this cheap sales trick

Angus Coote

Jamieson Coote Bonds are becoming more aware of the causes that lead to many Australian investors losing a large portion of their retirement savings during the last GFC. Some of this can be linked to a lack of diversification, a large bias to long-only equities, and in many cases, little... Show More

Saul Eslake: Ten things to watch in 2017

Angus Coote

This time last year, JCB Advisory Board Economist, Saul Eslake warned of the risks of a Yuan devaluation: “A large devaluation of the Yuan would add renewed impetus to the deflationary pressures that policymakers in advanced economies are hoping will ebb this year.” This proved prescient as markets saw a sharp... Show More

Equity investors should stick to commenting on stocks

Angus Coote

Who calls an electrician to do their plumbing? "Beware the bondcano", "short of the century", "beware the bond market bubble": several of the notable headlines seen in the last few months. Mostly quoting misguided equity investors who have never sold or managed a bond in their lifetimes. For what bond... Show More

Fed should be wary of unintended consequences

Angus Coote

Our expectations haven’t changed since the symposium. The most likely outcome we believe is that the Fed embark on a “dovish hikes” theme. The problem with increasing interest rates in the current environment is that risk markets (equities) are far more interest rate sensitive than in previous cycles. The effect... Show More

the buy side brief US rates jackson hole

Fed hike could negate need for RBA cut

Angus Coote

The most important effect on the Australian economy of any interest rate hikes from the Fed, is the impact they would have on the Australian Dollar. We believe the RBA are on hold for a period, most likely six months, to pause and assess the impact of the last interest... Show More

rba aud us federal reserve the buy side brief

September hike unlikely despite Fed Jawboning

Angus Coote

Since the surprise FOMC rate hike in 1994, the FOMC has never raised rates, or cut them, without the ‘pre-approval’ of the Fed Funds Futures (FFF) market. If history holds, the FFF would need to price more than 60% probability before the FOMC would act. Yellen and Stanley Fisher are... Show More

Federal Reserve fomc jackson hole FFF US election

Dont fight the Fed....... (The BOJ, The ECB, The BOE, The RBA)

Angus Coote

After last nights historic cut from the Bank of England to the lowest interest rates on record we have now had 666 central bank interest rate cuts globally since the Lehman Brothers bancruptcy in 2008. Fighting Central Banks is like fighting a fire with petrol. The only person I can... Show More

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June update: More patience required this time

Angus Coote

History does not repeat, but it can often rhyme. At the time of writing six retail UK property funds with $18 billion of assets have been frozen to investors sighting ‘’exceptional illiquidity.’’ These fund providers are all household names in the UK. Standard Life, Aviva, Aberdeen Asset Management, Henderson, Threadneedle... Show More

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Election 2016 - Does Australia get downgraded?

Angus Coote

In our view its a very bad outcome for Australia. At the very moment the country needs political stability, especially with whats going on overseas, we get exactly the opposite. Show More

Longform

Jamieson Coote Bonds - May Update

Angus Coote

The RBA cut rates in May and will deliver another 25 bps cut by August, taking the cash rate to 1.50%. This has been JCB's core thesis for some time, however, we would caution investors about getting overly excited about further rate cuts given the current data at hand. Many... Show More

RBA Cut - More to come

Angus Coote

The cut today was the path of least regret for the Reserve Bank. With last weeks shocking CPI number they chose to act rather than wait and potentially fall behind the curve and have to cut even further should Q2 CPI be benign. Show More

Longform

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