Hybrids

Friday will bring the last of the recent hybrid listings in the form of NAB's circa $2 billion plus* Capital Notes 5 security (ASX: NABPH). The big question is where...

While I doubt whether any investors noticed, ASX bank hybrid risks likely just fell in a long overdue way. In particular, the probability of a bank hybrid being...

Australian income investors used to be lucky. From 1980 to the middle of the last decade, they could achieve returns of more than 3% above the rate of inflation simply...

This is a short video interview with Pinnacle's Gerald Willeston on: "Where to from here?" In this chat, I quickly recap where credit spreads have gone, and potential...

In the AFR this weekend, I write that many investors who exited assets in March, or who felt they profited from the catastrophic price falls in the first few weeks of...

The $500 million Macquarie Bank Capital Notes 2 (ASX: MBLPB) hybrid begins trading on Wednesday, and it will be fascinating to see how it performs. This new deal was...

In this interview with Pinnacle's Gerald Willeston I discuss the role bank-issued hybrids can play in a portfolio relative to (1) global high yield bonds and (2)...

In the AFR today I explain why ever since I have pulled out my empirical “shotty”, an intellectual 12-gauge, the housing bears have started running for the hills. In...

In the AFR today I write that for those willing to fade the extreme moves in financial markets during March, April offered up an immensely profitable case of so-called...

I was surprised to hear the suggestion that the blow-up of Virgin Australia's ASX listed 5 year corporate bonds (or floating-rate notes) was somehow a disaster for the...