Much has been written about the recent divergence of the Australian and US markets, with pro-cyclical fiscal policy (i.e. Trump’s tax cuts) the major driver behind both the booming US economy and the S&P’s recent outperformance (refer chart 1). Show More

Australian private debt has been a relatively happy hunting ground for astute institutional investors over the last decade, with a shallower pool of buyers and illiquidity premiums helping to drive higher risk-adjusted returns. With stringent bank capital adequacy regimes in place, the opportunity for institutional investors to access enhanced returns... Show More

While reporting season confirmed the continued strength of Australian corporates, private hospital operators were a stark exception, with fundamentals deteriorating due to two notable trends. We discuss these here, and look at Healthscope and Ramsay from a credit perspective. Show More