With the right managers behind the wheel, dislocation in debt markets can present meaningful investment opportunities. In the latest Inside the Rope podcast episode, Haydn Smith of Tribeca Investment Partners and I discuss how investors are taking advantage of recent dislocations. Haydn Smith is a Portfolio Manager at Tribeca Investment... Show More
The MCP Master Income Trust (ASX:MXT) is currently undertaking an entitlement and shortfall offer, which has received a strong response from both new and existing investors. Andrew Lockhart of Metrics Credit Partners expands on the benefits that MXT offers, including diversification, regular income, as well as exposure to the full... Show More
The MCP Master Income Trust (ASX:MXT) listed in 2017 with the objective of providing income to investors via regular monthly distributions. Since listing, MXT has paid income of 5.5% p.a. exceeding its minimum target return of 4.75%* per annum. Metrics Credit Partners is now seeking to raise up to $400... Show More
In my column today I write "if only the RBA had its brilliant new research on the impact of interest rates on house prices back in 2013 when I warned them that their easy money policy would blow a huge housing bubble, as it subsequently did" (click on that link... Show More
Fixed income credit is essentially the activity of lending to groups other than Governments (which are regarded as credit risk free) - at least this can be said of the Australian government. Fixed income is the general classification of the bond market. However, bonds can be issued with fixed or... Show More
At the end of 2018 the US Federal Reserve backflipped on their plans to continue hiking interest rates. Why? Well to put it simply, it seems that they underestimated the effects that tightening monetary policy would have across asset markets. Show More
This time of year I usually take a break from writing articles and instead send through my best articles from the past year. This year I’ve dug back in the archives to the inception of Narrow Road in 2012. The articles chosen are a mix of credit commentary and pieces... Show More
It's safe to say that credit managers DO NOT want you to read the study we share here. It’s a Christmas cracker to be discussed over the BBQ this summer. In trying to diversify portfolios, are asset allocators actually adding risk using credit? Show More
The announcement of the Australian Business Securitisation Fund (ABSF) this month has been derided as a political stunt by a few observers. However, if managed correctly it could (i) reduce the cost of borrowing for small and medium businesses and (ii) earn the Federal Government a decent return on its... Show More
Credit is smouldering right now. When that smoke becomes fire, the door becomes a key hole and only the first few get through. The rest get burnt. Holding credit risks with your equity holdings into 2019 and 2020 seems mighty dangerous. Don’t get barbequed this season. Show More
