bank hybrids

Income Series 2019
Christopher Joye

Australians tend to have a lot of cash, property, and equities. There is not much in between. Hybrids, however, generally pay a healthy regular income on a quarterly basis at a substantial spread above the RBA cash rate. Currently, five-year major bank hybrids are paying about 5% pa, including franking.... Show More

Politics
Christopher Joye

In my column today I analyse why ScoMo really won, noting that "during the week I advised my investors, media colleagues and friends that it would not be surprising if Scott Morrison won the election comfortably". Click on that link to read the column or AFR subs can click here.... Show More

Fixed Income
Christopher Joye

Today I argue that while Labor have given ScoMo a shot of winning the election with its shocking recent mis-steps and its bizarre tax-everything-that-moves-platform, the media coverage and political analysis has never been more biased in all likelihood because those inside the beltway fervently believe that ScoMo does not have... Show More

Fixed Income
Christopher Joye

A few quick thoughts on recent credit spread movements in the Tier 2 subordinated bond and the Additional Tier 1 capital hybrid markets. First, the screenshot below shows the clean price of the most recently issued, 5 year major bank subordinated Tier 2 bond. The impact of APRA’s November 2018 consultation... Show More

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

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