In the latest episode of our Complexity Premia podcast, Ying Yi Ann Cheng and I discuss a range of issues, including: 

• why the emergence of effective COVID-19 vaccines will be the next big regime change for markets with both Moderna and Oxford University leading the charge towards the delivery of a solution before the end of this year; 
• a detailed discussion of markets in June and over the last three months, including our trading activity which has encompassed more than $9.3 billion of purchases and sales over the last 6-7 months; 
• analysis of the widely misunderstood subject of bond/credit market liquidity, or the lack thereof, which has become the topic de jour in fixed-income in 2020; and 
• and a review of NAB’s landmark new unlisted hybrid deal, including its subsequent secondary market trading performance, which has surprised many.