Category: BondAdviser

Regionals vs Majors: Could We See A Pricing Reversal?

Ever since the Global Financial Crisis (GFC), funding costs in capital markets for both major and regional Australian banks have been steadily declining. This was first sparked by the Australian Government Guarantee Scheme which reduced the underlying risk in Australian authorised deposit-taking institutions (ADIs). In this post-GFC era, funding costs have broadly moved in line…Read More

Hybrids: Is Now the Time to Buy?

As discussed in a recent nabtrade interview with BondAdviser Director Nick Yaxley, the combination of equity market volatility and a low-yielding credit environment has caused investors to re-examine opportunities with the domestic ASX-listed hybrid market. Hybrids are a broad classification of securities issued by corporations that structurally contain both debt and equity characteristics, sitting below…Read More

Australian Shareholders’ Association 2017 Conference

From the 15th – 18th of May 2017, the Australian Shareholders’ Association (ASA) will be hosting its annual conference at 123 Collins Street, Melbourne. BondAdviser Managing Director Geoff Malkin will be presenting the “The Case For Fixed Interest” on Monday the 15th of May at 2:30pm. For more information, please see below for the Conference…Read More

New Issue: IAG Capital Notes (Prospective ASX Code: IAGPD)

On the 21st of November 2016 Insurance Australia Group Limited (IAG) announced a new transaction (click here for announcement),  IAG Capital Notes (Prospective ASX Code “IAGPD”). The purpose of this transaction is to provide regulatory capital for the group but more specifically it will be treated as Additional Tier 1 (AT1) capital for regulatory purposes. These…Read More

New Issue: ANZ Capital Notes 4

On the 16th of August 2016 Australian and New Zealand Banking Corporation (ANZ) announced a new transaction, ANZ Capital Notes 4 (Prospective ASX Code: ANZPG).   The purpose of this transaction is to provide Regulatory Capital for the group but more specifically it will be treated as additional Tier 1 capital for regulatory purposes. The indicative…Read More

Second Half 2016 Outlook: Where to from here?

Over the past year Australian companies have been effected by changing regulation, falling interest rates and currency, sharp drops in commodity prices, an economy in transition and last but not least the uncertainty surrounding Brexit. In our outlook, we hope to address some of these issues from a fixed income perspective.   Click here for…Read More

BondAdviser Income Opportunities Model Portfolio Performance

The model portfolio return over the 2015-16 financial year was +4.24%, strongly outperforming the benchmark return of +1.98%.   In terms of individual exposures, the portfolio benefited from positive contributors to performance from the Suncorp Convertible Preference Shares II (ASX Code: SUNPC), ANZ Convertible Preference Shares 3 (ASX Code: ANZPC) and the AMP Subordinated Notes…Read More