Following S&P’s announcement on Thursday that Australia’s outlook had been downgraded to “Negative”, the agency stated on a conference call it would be unlikely that Australia’s “local currency rating” would stay at AAA if the “foreign currency rating” is cut. As a consequence of the outlook downgrade some federal government agencies and the state governments of New South Wales, Victoria [...]
Click here to access the BondAdviser Ratesheet as at 8 July 2016
Click here to access the BondAdviser Ratesheet as at 7 July 2016
Click here to access the BondAdviser Ratesheet as at 6 July 2016
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 2 (ASX Code: AMPHA), contributing [...]
The concept of liquidity describes the degree to which an asset or security can be quickly bought or sold in the market without having a material impact on price. Similarly, bond market liquidity refers to the extent to which the bond market allows assets to be bought and sold at stable prices. Cash or cash equivalent securities are the most [...]
In recent weeks, one of Australia’s biggest hospitality groups, Keystone Group, has gone into receivership. Keystone Hospitality runs 17 establishments across Australia and employs around 1200 people. Although a private company, the company’s fall highlights some important lessons in debt management. The Keystone story is a case of the company that grew too quickly. Two years ago, the group [...]
Click here to access the BondAdviser Ratesheet as at 5 July 2016
Click here to access the BondAdviser Ratesheet as at 4 July 2016
With the prospect of further political instability in both the lower and upper houses of parliament, the credit rating agencies may finally lose patience and place the Australia’s ‘AAA’ credit rating under formal review. Both major parties are in the process of negotiating with the minor parties and independents in the wake of Saturday's knife edge result and as a [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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