bank hybrids

Australian income investors used to be lucky. From 1980 to the middle of the last decade, they could achieve returns of more than 3% above the rate of inflation simply...

In the latest episode of our Complexity Premia podcast, Ying Yi Ann Cheng and I discuss a range of issues, including: why the emergence of effective COVID-19...

The traditional mindset regarding fixed income is that the returns are low and it is a boring asset class. Investing in Woolworths' (ASX:WOW) bonds is not a barbeque...

When I asked friends and colleagues around the industry how their portfolio performed during March, the most common reaction was “I’m too scared to look”. And when...

The listed Virgin Australia bonds (VAHHA) look set to go down as one of the worst investments ever to appear on the ASX. After being issued in November 2019, the bonds...

It’s often said of investing that a rising tide lifts all boats. However, this isn’t always true and the uneven bounce back in debt markets in the last two weeks has...

Today we spoke with Marcus Padley of Marcus Today about trading during the Coronavirus Crash. Topics on the agenda; how Marcus & Nucleus Wealth have performed thus far...

There’s a common question being asked of economists, money managers and financial commentators these days; are we mid-cycle or late-cycle? The honest answer is that we...

The media sometimes uses the terms “smart money” and “dumb money” to describe institutional and retail investors respectively. The premise is that institutions have...

Yield chasing has spilled over into nearly every asset class, with Australian listed bank hybrids no exception. The current average margin of bank bills + 2.40% is...

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...

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...

A big thanks for the incredible interest in our Complexity Premia podcast! Please note that this is nerdy investment content, and not for retail punters. In this...

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,...

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...

A column in The Australian over the weekend argued that mums and dads should think about selling their fully franked bank Tier 1 hybrids to buy unfranked Tier 2...

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...

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...