banks

Recent data suggests that APRA and the RBA can shrink the Committed Liquidity Facility (CLF) faster than I had previously figured. The entire point of the CLF was to...

The COVID-shock of 2020 put a spotlight on a design flaw in Australian banking regulations. At a time when governments are borrowing lots of money, and the RBA is...

Australia's banks are allowed to arbitrage global regulatory rules on best-practice liquidity requirements to maximise their returns on equity. This comes at a direct...

NAB has launched the first benchmark 5-year major bank senior bond issue since January 2020 (ie, prior to the advent of the COVID-19 crisis). This was consistent with...

Based on Plato’s analysis, 2020 was the worst year for dividends in Australia over the past 40 years. The 35% cut in dividends surpassed the falls seen over three...

In recent weeks, market sentiment has undeniably shifted away from relatively expensive, high-risk, low-quality stocks. To illustrate the magnitude of this aggregate...

After underperforming the benchmark for more than a decade, Financials are back - buoyed by a sudden switch to cyclical and economically sensitive stocks and an...

Love them or hate them, you really have to hate the banks. Right? Well - maybe not so fast. After all Aussie investors love them, and why not? They've been a trusty...

For mostly obvious reasons, 2020 was the wildest year in recent memory for the global economy and markets across all asset classes. We saw markets fall and economic...

When Jeremy Grantham speaks, the market listens, and he believes the market is on the brink of a catastrophic downturn that will rival the 1929 Wall Street crash....

We are living in extraordinary times, and it's fair to say it's been a very interesting start to 2021. Uncertainty prevails globally, yet markets are ripping back...

In the AFR today I write that Australia’s ferocious banking regulator has tried its darndest to blow-up our deposit-takers in the latest iteration of its...

A powerful shift rocked markets as the maligned value index rallied 17% in November, leaving the growth index in its wake. The move ignited animal spirits of value...

While I doubt whether any investors noticed, ASX bank hybrid risks likely just fell in a long overdue way. In particular, the probability of a bank hybrid being...

Zigging and zagging have been the story of 2020. The equity market zigged higher, then zagged sharply lower as the health and economic ravages of COVID-19 became...

Frank Partnoy has lit up financial media with his claim that CLOs are set to cause a financial crisis level of bank collapses. He argues that today’s CLOs are the...

The recent volatility in global corporate bond markets has caused some long-standing pricing relationships to dislocate. In this piece we will highlight why a) US...

Matt Williams, Portfolio Manager of the Airlie Australian Share Fund, discusses the challenges the coronavirus is posing to Australian companies and investors, and how...

The easy premise is that the scourge of COVID-19 will change societies, economies and company profits forever. The harder forecast is where, and to what extent. Just...

The COVID-19 crisis and country shutdowns is placing enormous pressure on the earnings, cash flows and balance sheets of many companies. We have provided a brief...