Christopher Joye

Christopher Joye is Co-Chief Investment Officer of Coolabah Capital Investments, which is a leading active credit manager that runs over $2.2 billion in short-term fixed-income strategies. He is also a Contributing Editor with The AFR.

Expertise

Hybrid market turns as S&P flags upgrades

Christopher Joye

In the AFR today I examine why the ASX hybrid market is once again booming and changes S&P announced this week to the way they are rating Aussie banks that could result in rating shifts for subordinated bonds and hybrids (click on that link to read for free or AFR... Show More

bank hybrids asx: cba asx: wbc

Will NAB call its $2bn hybrid NABHA?

Christopher Joye

In my AFR column I analyse one of the most debated investments on the ASX: the $2 billion NAB raised in 1999 via its National Income Securities (ASX: NABHA) (click on that link to read via Twitter or direct AFR subscribers can click here): Show More

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How do ASX hybrids compare to hybrids overseas?

Christopher Joye

During the Italian crisis there were some big moves in credit spreads overseas, and I've been asked a few times how current ASX hybrid spreads/returns compare to the major banks' hybrids issued in US dollars. Enclosed is a quick summary. Show More

italy bank hybrids ASX:ANZ ASX:CBA ASX:NAB ASX:WBC

How much was the market pricing for CBA’s AUSTRAC fine?

Christopher Joye

CBA’s share price has currently bounced about 1.5 per cent—or $1.8 billion in market capitalisation terms—at the time of writing following news that it has settled the AUSTRAC money laundering litigation for $700 million. Show More

commonwealth bank cba asx: cba AUSTRAC royal commission

Hayne is bad for equity, good for debt

Christopher Joye

In the AFR I write today that one of the most enduring legacies left by the royal commissionwill be more conservative and risk-averse banks. This process was already underway after the Australian Prudential Regulation Authority (APRA) embraced the 2014 financial system inquiry recommendation that the banks deleverage. (direct AFR link... Show More

banks asx: cba royal commission hayne

ScoMo Delivers Election Winning Budget

Christopher Joye

My AFR analysis this evening comes straight from six hours in the Canberra Federal Budget lock-up crunching the numbers, which reveal a brilliant, election-winning budget delivered by a Treasurer who just gets better and better (click on that link to read for free or AFR subs can click here for... Show More

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Embrace house price falls as a good thing

Christopher Joye

In my AFR column I lean into the housing and banking debates, and give my old mate Jon Mott at UBS some more heat (click on that link to read for free or AFR subs can click here for direct access). Excerpt enclosed: Show More

housing cba asx: cba RMBS

Four Key Charts for Residential Mortgage-Backed Securities

Christopher Joye

I've been asked by a few clients why we exited our circa $250m position in AAA rated RMBS, which was a modest ~10% portfolio exposure that had performed brilliantly over 2017. The four charts below summarise why: house prices are falling; default rates are rising; supply of RMBS has surged... Show More

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Unpacking UBS criticism of Westpac

Christopher Joye

In my AFR column I explain why UBS's banking analyst Jon Mott has jumped to incorrect conclusions in regard to the quality of Westpac's mortgage book (click on that link to read for free or AFR subs can click here for direct access). Excerpt enclosed: Show More

ubs asx: wbc royal commission

Strip AMP Apart, Unwind Byzantine Banks

Christopher Joye

In my AFR column I open-up with both barrels on vertically-integrated institutions (click on that link to read for free or AFR subs can click here for direct access). Excerpt enclosed: Show More

banks AMP cba' royal commission

Is it time to sell US equities and bonds?

Christopher Joye

In my AFR column I reflect on Xi Jinping's masterful manipulation of Donald Trump and why a profound change in global hedging costs could radically reduce the returns Australian investors receive when allocating to US equities and US bonds (click on that link to read for free or AFR subs... Show More

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Hybrids vs Equities: How Does Risk vs Return Trade-Off Stack-Up?

Christopher Joye

Two quick charts looking at the risk and return trade-off between ASX equities and ASX major bank hybrids. The first chart considers the current cash (unfranked) and fully franked dividend yield on the ASX200 index versus a range of major bank hybrid yields in both franked and unfranked terms. The... Show More

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Buy Fear and Sell Greed

Christopher Joye

In my AFR column I argue that Donald Trump's "tape bombs" are the tail wagging the global financial market dog right now, and this volatility begets opportunity (click on that link to read for free or AFR subs can click here for direct access). Excerpt enclosed: Show More

equities credit bonds Hybrids donald trump

Chaos Creates Opportunities for Bonds and Hybrids

Christopher Joye

Most investors have polarised portfolios bifurcated between cash deposits and equities. Few appreciate that these two very different securities span a rich corporate capital structure that allows for a much more continuous distribution of risk and return experiences. Show More

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Should you sell bonds/hybrids to buy ASX listed RMBS?

Christopher Joye

Switching out of senior bonds and hybrids to invest in Australian residential mortgage-backed securities (RMBS) while house prices are falling---and likely to remain weak for years---is one of the more surprising trades I have seen of late. It is right up there with selling major bank hybrids on the ASX... Show More

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Shorten's war against property and shares

Christopher Joye

In my AFR column I explain the consequences of Labor leader Bill Shorten's proposed new taxes for shares, property and hybrids---it's worth noting that even the Greens appear to have a problem with the notion of king-hitting prudent retirees with the Greens' leader vocally criticising Shorten's desire to deny retirees... Show More

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What Bill Shorten’s New Tax Rules Mean for Equities, Hybrids and Property

Christopher Joye

Labor leader Bill Shorten is certainly bold when it comes to assaulting the financial heartlands of Australian housing, equities and super. Show More

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House Prices in Benign Correction

Christopher Joye

In my AFR column I explain why the housing correction appears to be very benign (until the RBA raises rates); why we took profits on our AAA rated asset-backed book; why the new A- rated issue from Singaporean bank DBS looked very cheap (and has subsequently performed strongly); and why... Show More

bonds housing bubble asx: cba

Why CBA Hybrid Might be Attractive

Christopher Joye

In my AFR column I speculate that sanity could prevail and the mooted CBA hybrid that is expected to be launched next week could actually be attractive, offering a much higher margin and shorter maturity than Wesptac's latest issue (ASX: WBCPH) (click on that link to read for free or... Show More

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RBA, not inert supply, blew housing bubble

Christopher Joye

In my AFR column I explain why the RBA, not housing supply as governor Philip Lowe conveniently argues, was responsible for blowing the great Aussie housing bubble and what assets currently look cheap in a world where most remain dear (click on that link to read for free or AFR... Show More

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