Hybrids

Against a backdrop of record-high equity markets and low-interest rates, investing for income while seeking to preserve capital is an increasingly common goal among...

Over the last decade, hybrids have produced returns that have been comparable or better than most other asset classes, but for any investor that is only half the...

With spreads largely at all-time lows and sourcing real yield proving problematic, asset allocation is challenging for those with constrained mandates. Flexibility in...

Poor old income investors were some of the hardest hit by the pandemic. It's still uncertain when interest rates will begin to rise, despite market whispers. It's on...

It's been a rocky road for equities over the past 12 months with volatility reaching all-time highs. Meanwhile, fixed income investors haven't exactly been on easy...

We have deep dived into fixed income markets, searching for value before the ruck forms. Despite an awfully weak inflation print, we have little faith in the long...

One significant event risk that we have been actively positioning for is a tsunami of senior bond issuance from Australia’s banks as they seek to gradually repay the...

In contrast to Macquarie's new 6.5 year, sub-investment-grade hybrid security, which (unusually) priced with a negative new issue concession inside the prevailing...

NAB has announced that it will repay its long-outstanding $2 billion National Income Securities (ASX: NABHA) on 15 February 2021 at full face value (ie, $100 plus the...

In the AFR I write that after experiencing the mother of all “known unknowns” via this awful, one-in-100 year pandemic, you’d be brave to venture into the forecasting...