21 Mar, 2019

The Bank Bill Swap Rate: Disconnected From RBA Cash?

By |2019-03-21T04:17:46+11:00Mar 21, 2019|Education, Market Commentary|

In our previous post, we discussed the potential impact that a falling interest rate environment falling interest rate environment may have on AT1 hybrids valuations. To summarize that article, BondAdviser does not believe an RBA cash rate cut will have too dramatic an impact on hybrid valuations. Further to this discussion, it feels prudent to explore movements in the bank [...]

7 Mar, 2019

Absorbing the Possible Blow to Imputation Credits

By |2021-09-24T10:43:35+10:00Mar 7, 2019|Education, Hybrids|

It would be safe to assume that popular search engines have witnessed a dramatic increase in ‘franking credits’ inquiries since the Leader of the Opposition divulged his party’s proposed changes to the scheme a year ago.  Whilst there is still water to go under the bridge on that front, the popularity of Australia’s dividend imputation system as a discussion point [...]

21 Feb, 2019

A Lesson in Capital Structure & Pricing – AMP

By |2019-02-21T02:12:17+11:00Feb 21, 2019|Education|

As we reach the middle of Q1 2019, with reporting season well underway and Commissioner Kenneth Hayne’s final report has been thus far absorbed by financial markets, it appears that credit fundamentals remain broadly intact. Now is a good chance to review the current conditions in credit markets and understand the risk and return characteristics of different areas of a [...]