Hybrids

This week the £341 billion fund manager M&G Investments announced it would block redemptions on its flagship property fund. As at 31 October, the fund had £2.5 billion...

Hybrids are just a single component of the much broader fixed income universe, which itself is bigger than the entire global equities market. And while hybrids can...

Virgin Australia is spending $700 million to buy back the 35% share of the Velocity frequent flyer program that it sold in 2014 for $336 million. It is funding the...

Today I explain why most global high yield bonds are really just equity risk, with similar volatility and maximum 40% losses, while also lifting the lid on one of our...

Here are some basic thoughts from my team on CBA's new hybrid issue, which is not investment advice and should not be relied on for any decision-making. Note that this...

On the subject of the search for yield, one question I am regularly asked is whether retail investors should be switching from major bank hybrids, which have performed...

As the dreaded ‘R’ word continues to be thrown around in the media, fixed income prices have risen quickly but with decreasing yields as interest rates are still a hot...

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...

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 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...

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...

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...

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...

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...

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

Today I argue that Australia is behaving like the indulgent and entitled child of a billionaire, quote my own 8 year old's analysis of what the two political parties...

The latest episode of our very popular Complexity Premia podcast is now live where we discuss: the coming of Aussie quantitative easing (QE); the eruption of...