Liquidity is an important consideration for any investor, whether it be in equities, fixed income or alternative asset classes. Liquidity is the degree to which an asset or security can be readily bought or sold at a mutually agreeable market price, and this visible by the trading volume of a given security, with a higher level of trading activity leading [...]
Fixed income instruments come in many different forms, with the most commonly seen in Australia being bonds. The variable and bespoke nature of bonds (by virtue of being traded over-the-counter) implies a great deal of flexibility in terms of seniority, security and income structure. The two most common types of bond payments seen in fixed income markets are fixed rate [...]
In what was an eventful month for commentary surrounding the state of the Australian economy, the Reserve Bank of Australia (RBA) released its bi-annual Financial Stability Review. In its review, the RBA noted a supportive global economic environment for growth, however, the central bank cited elevated levels of household debt and ongoing trade tensions as key risks to both the [...]
Credit rating agencies such as Moody’s and Standard & Poor’s (S&P) have been in focus throughout 2018 as investors have watched the Australian financial landscape increasingly enter new territory. This has largely been a function of the Royal Commission into Banking and Financial Services, as well as the more unstable political environment seen throughout the year. However, despite the negative [...]
The decision by G8 Education (ASX: GEM) to redeem and refinance its $50 million senior unsecured bonds in March 2018 was reasonably standard practice as far as corporate bond markets are concerned given a company in reasonable financial health. However, the $450 million syndicated bank facility announced in October was an interesting development in the long-running trend of Australian companies [...]
The Reserve Bank of India (RBI) has found itself under close scrutiny recently as a sharp divergence in Non-Performing Assets (NPAs) or “bad loans” reported by India’s state-owned banks plagues the Indian banking system, raising concerns over broader financial stability and inadequate regulatory diligence. The RBI defines a NPA as “a credit facility, in respect of which the interest and/or [...]
Given the prominence of the Financial Services Royal Commission and increased foreign activity in the M&A space so far this year, regulators such as the Australian Securities and Investments Commission (ASIC) and the Australian Prudential Regulation Authority (APRA) have regularly appeared in our news feeds. Last week, however, it was the Australian Energy Regulator (AER) and the Australian Competition and [...]
U.S. Federal Reserve chairman Jerome Powell loves an interest rate hike and is planning several of them. The recently-appointed Fed Chair is bullish on global economic health, stating that “the economy has strengthened” and in his view “inflation is moving up to target”. Direct statements like these from the moderate Republican have global markets pricing in 3-5 rate hikes in [...]
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 subordinated debt and above equity [...]
Over recent weeks, we have seen U.S. President Donald Trump introduce his latest protectionist policy by placing import tariffs on steel and aluminium on various countries, most notably, China. The imposition of a 10% tariff on aluminium and 25% on steel led to global outcry from numerous trade partners and forced the Trump administration to grant exemptions for certain countries [...]
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An employee-owned financial services provider focused on the Debt Capital Markets.
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ABN 31 164 148 467 ‧ Important Information
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