What looks good and what doesn’t in fixed income
With interest rates at record lows and investment-grade credit barely offering returns above the cash rate, where are the pockets of value in fixed income? Michael Korber, Head of Fixed income and Credit at Perpetual Investments, says the private debt market is emerging as an attractive opportunity amid the search for yield. Conversely, with risk premiums so low, Korber is wary of long-dated securities due to their susceptibility to market disruption. In this short interview, the bond manager expands on his outlook and points out why the “creep in the level of leverage” among borrowers makes it important to be selective about issuers.
Make sense of the fixed income landscape
Fixed income in a portfolio can provide liquidity, regular income and diversify away from equity risk. Essentially, fixed income assets should provide some certainty and predictability, which can be the defensive anchor of a portfolio. Find out more here
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Michael Korber,
Perpetual Asset Management (Australia)
Michael Korber is Managing Director, Credit & Fixed Income and is responsible for the ongoing strategic review and development of process, reviewing the weekly credit process and reviewing the analysis of all new credit securities. Michael joined Perpetual in August 2004.
Michael has over 39 years industry experience and prior to joining Perpetual worked as the first Head of Credit at Macquarie Funds Management, spending six years developing its credit investment processes and building the business from inception to over $7 billion in funds under management.
Prior to this, he spent seven years as Divisional Director in Corporate Banking and four years as second in charge to the Head of Macquarie Bank Credit. Earlier, he had spent five years as a Credit Analyst with Westpac Corporate Banking.
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