Alex Cowie

Rates have been soaring as the market braces for fiscal stimulus under a Trump Presidency. But with no clarity on timing, scale, and financing, the spike could look a little overdone. Looking for some thorough analysis on this, the report below came to us through our Contributor network as 'The... Show More

Christopher Joye

In The Australian Financial Review I take the sword to Macquarie Group's silly claims that it does not "speculate" in global high-yield markets after punting $33 billion on the sector and that "it has not received, and does not receive, government backing". I also uncover a fascinating investment puzzle: almost... Show More

Christopher Joye

In The AFR I dive deeper into Macquarie's junk debt portfolio, which is leveraged approximately ten times and currently worth $10.1 billion (or a touch more than the bank's $9.8 billion in common equity) and find that the default rates on their circa $7 billion of distressed home loans are... Show More

Christopher Joye

In The AFR I publish a detailed feature that reveals Macquarie has become a major global player in "high yield" or "junk" loans---spending more than $30 billion on the sector---that have blown-out its overall default rates to a staggering five times the major banks' levels. Macquarie established its specialist junk... Show More

Livewire News

Investors watch Macquarie for further upgrades. Macquarie Group, whose shares are trading at a seven year high, is likely to give investors further positive insights into its future earnings growth on Tuesday... Leading into Macquarie's annual operational briefing... analysts were anticipating a $1.46 billion full-year profit... A sustained decline in... Show More

Livewire News

Macquarie tells clients: don't abandon bonds completely. Defensive assets such as bonds are an essential component of portfolios. Why? 1) Defensive assets provide diversification benefits as they are not correlated to equity markets, this is important during a cyclical downturn or a recession as portfolios gain protection and increase the... Show More

Dean Honan

What I'm Buying, Macquarie Group Ltd (MQG) PT $59. MQG is set to deliver its third-largest annual profit in May, on the back of better than expected results from its Fixed Income, Currencies and Commodities Unit (FICC). Full year earnings would likely be about 40-45% higher than last year, as... Show More

Livewire Equities

Ardent Leisure Group - AAD Upgrade to Outperform. The Main Event AAD's 1H14 result was 4% below Macquarie EBITDA expactations. Main Event was ahead of expectations; Theme Parks and Health Clubs were below. Trading updates were positive in all divisions except Bowling. AAD are now expecting six Main Event sites... Show More

Tom McKay

Macquarie upgrades Seek (SEK) to outperform following a detailed review of the operating outlook, target price has been lifted from $10.00 to $13.60. EPS changes: FY14 -1.5%; FY15 -2.3%; FY16 +8.9%; FY17 +15.0%. Mostly domestic business, and linkage between job ad volumes and unemployment. Seek offers investors a positive exposure... Show More