Hybrids

These are some exciting times for investors across the banks' capital structures, spanning equity, hybrids, subordinated bonds, senior bonds, deposits, and the safest...

Challenger’s shortest dated hybrid, the $345 million Challenger Capital Notes (ASX: CGFPA), which has its call or repayment date coming up on 25 May 2020, has been...

Since the ASX hybrid markets' all-time record 6.46% flash-crash on Monday, which was triggered by a completely incorrect news report that NAB had bailed-in its NABPC...

There was an enormous amount of completely erroneous reporting, and resultant confusion, on NAB's repayment of the $1.34 billion owing under one of its hybrids...

The brutal hits taken by Australian equities (-10.9%) and hybrids (-6.9%) this week were obvious to anyone who picked up a newspaper. What might have been missed is...

In this time of crisis, it is useful to reflect on some hard data on where we are today, where we have been in the past, and what that can tell us about the future. In...

I am often asked what liquidity is like in the ASX hybrids market, and it is generally better than most people appreciate. And contrary to popular myth, liquidity...

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...