bonds

With government bonds yielding around 1%, term deposits paying around 2%, and cash accounts often paying nothing, it’s no surprise that investors are looking in...

The back-story... I try to put my money where my mouth is. A couple of months prior to the Federal Election, we shifted more than $100m into franked ASX hybrids for...

Today I write that the RBA has been spinning stories (basically blatant BS) on housing, the most miraculous of which is the completely fallacious claim that cutting...

One of the key principles of investing - diversification - works because different assets do well in different circumstances. Broadly speaking, shares go up when the...

Don't know what "bail-in-able" debt means? Want to understand why the big banks are going to have to increase the global supply of these securities by almost 40%? And...

Today I write that the “bail-in-able” debt tsunami we forecast last week did not disappoint with two incredibly large "Tier 2" subordinated bond transactions executed...

This week I outline our analysis of the coming tsunami of "bail-in-able" Tier 2 bonds care of APRA's finalised Total Loss Absorbing Capacity (TLAC) policy, which the...

This week I reflect on the intensifying FOMO rally driven by the expected search for yield dynamic that has been triggered by RBA rate cuts, the prospect of the Fed...

In case you were wondering whether to sell all those boring defensive highly indebted infrastructure, utility and REIT stocks, look at these charts of the US,...

The very special Quantitative Easing (QE) episode from our top-rating Complexity Premia podcast is now live---go and listen at Apple or Podbean below. In this episode...

Bond markets look like they are pricing disaster, while equity markets are pricing an extended boom. But maybe there is a more nuanced message in there, the same one...

Today I write that the ASX hybrid market has had a huge rally as a result of the election, with a market-capitalisation weighted index of bank hybrids returning a...

Despite a 17 per cent drawdown in the wake of the GFC, Andrew McAuley the CIO at Credit Suisse, says it took just 12 months to for their portfolios to bounce back. Not...

Key Points - Banks have dramatically improved their capital positions in two main ways – firstly by lending more prudently, and secondly by increasing issuance of...

Today I explain why ANZ was nuts not to fully cut its lending rates in May; why it will be even harder for all banks to pass along the next RBA cut, which could come...

We have a special episode of the Complexity Premia podcast out today on the Game of Thrones-style battle between Presidents Trump and Xi over trade, which is...

The latest episode of Coolabah Capital’s Complexity Premia markets/investing podcast is now live over at Apple here or at Podbean here.In the latest episode we...

In my column today I reveal that there are some tentative signs that the Aussie housing market may be already turning with a recovery assured by: an RBA rate cut in...

As very active capital structure investors, we are constantly engaged in repricing the absolute and relative valuation levels spanning preferred equity, subordinated...

Investor risk-on behaviour that was clearly on display in the first quarter 2019 continued in April. Risk assets performed strongly across the board, particularly in...