Charlie Callan.

Click here for a print friendly version. This report was originally published for clients on 11 September 2024. Last call on A$ AT1 On Tuesday 10 September 2024, APRA announced its long awaited proposed changes on a more effective capital framework for a financial crisis. It is a gutsy document that tears up the playbook on bank regulatory capital funding. [...]

Click here for a print friendly version. Money where the mouth is 2023 was undoubtedly a bumpy road for fixed income returns, with volatility in abundance as markets continually repriced up and down the path of central bank policy rates in Australia and the US. Over the year, the Research Team was able to capitalise on attractive relative value opportunities, [...]

Click here for a print friendly version. This report was originally published for clients on 14 November 2023. Watching grass grow Economies are large and slow moving. Like a supertanker, the enormous mass creates inertia, even at slow speeds, which makes changing course torturously slow. This has been forgotten due to the recency bias of the economics of sudden stops [...]

Click here for a print friendly version. What do cheese and hybrids have in common? There are many varieties of cheese. Some cheeses have holes in them, some do not. There are also many varieties of hybrids, some of these also have holes in them, as Credit Suisse noteholders have found out. We draw this analogy out further below, inspecting [...]

Click here for a print friendly version. Walking the Talk Amid one of the worst years for bonds on record, BondAdviser’s desk provided a 66% win/loss ratio for holding period returns on our Conviction recommendations. Furthermore, we averaged an internal rate of return (IRR) of 10.5% (2021: 8.8%) on our Buy (n=45) recommendations across our coverage Universe. In total for [...]