Nicholas Yaxley.

About Nicholas Yaxley

Nick founded BondAdviser in July 2014. He has over 15 years’ experience in developing research and investment solutions across Public and Private Credit Markets. Read bio >
9 Mar, 2017

Valuations Stretched on ASX-Listed Corporate Hybrids

By |2021-09-24T10:43:38+10:00Mar 9, 2017|Bonds, Hybrids, Market Commentary|

In recent years, non-financial corporate security issuance into the ASX-Listed Debt & Hybrid market has dwindled. There has been a number of factors but a standout contributor has been the change to credit rating methodology known as ‘equity-credit’ where hybrid securities are classified as equity (instead of debt) from a credit rating perspective. This maintains the underlying issuer’s credit metrics when [...]

8 Mar, 2017

Understanding Fixed Income Risk Metrics

By |2021-09-24T10:43:38+10:00Mar 8, 2017|Bonds, Education|

In Australia the fixed income asset class receives comparatively less media attention than equities. For this reason, many investors find fixed income jargon, research and its related concepts confusing and hard to understand. However, in periods of extreme volatility relatively safe income securities can be the backstop to portfolio losses by offsetting the under-performance of other asset classes. While equities [...]

8 Mar, 2017

Australian Government Hits New Issuance High

By |2021-09-24T10:43:39+10:00Mar 8, 2017|Bonds, Market Commentary|

On the 23rd of February 2017, the Australian Office of Financial Management (AOFM) (which manages the country’s debt sales), sealed a record $11 billion government bond deal. This was just one month after it set the previous record issuance of $9.3 billion (January 2016). The AOFM confirmed the bond will have a coupon of 2.75% and was priced at a yield [...]