August saw forecasts for the RBA cash rate slashed further, in response, lenders have consolidated in cutting their Term Deposit (TD) offerings. Whilst some lenders, in a bid to attract to market share, initially maintained some value for savers, these strategies have proven unsustainable as we saw 16 rate reductions in August across all three tenors. In the short-term (ST) [...]
July was another strong month for markets, with gains in all major indices driven by the building wave of accommodative monetary policy globally. The ASX200 soared to an all-time high during intraday trading late in the month, posting a gain of 2.47% for the period, as lower interest rate expectations and record-low yields supported growth. The positivity will be tested [...]
The major market indices experienced a strong month through June, benefiting from positive geopolitical developments and an increasingly dovish rate outlook from central banks around the world. The ASX200 reported a robust gain of 3.47%, surging late in the month on the back of President Trump’s announcement that the US will restart negotiations with China. Meanwhile, Australian treasuries broke new [...]
Markets continue to suffer as trade negotiations persist, placing Australian firms in a very uncertain environment. The ASX 200 gained a modest 0.3% in May, aggressively retracing gains made earlier in the month and with the first trading day of June being the worst for the year to date. This followed soft credit growth in April (+0.16%), with tighter lending [...]
Markets rallied further, continuing the theme of 2019 with the ASX200 up 2% over the month and a tightening of 9bps and 1bp occurred in the Australian iTraxx and Sovereign curves respectively. On the domestic front, there was mainly negative news for savers as first quarter inflation printed exactly flat at 0.0%, significantly increasing the implied probability of two RBA [...]
The financial world has been littered with pieces discussing, generally in a distinctively disapproving tone, the true motivations behind the Evans Dixon Group and its New York-focused US Masters Residential Property Fund (URF). Although we will not completely dissect the strategy’s positives and negatives since inception, there are some very obvious lessons to be understood. In isolation, the initial premise [...]
Much has been said in recent months about the wider stability (or lack of) within Italian Banking. Likewise, the apparent unpredictability of US markets has also been well publicised. BondAdviser has provided various comments on both topics in previous additions of Up the Curve, available here. Late last month, following a systemic selloff in risk assets, the 10-year government bond [...]
Following a rebound in equity markets over the first two months of 2019, equity markets moderated throughout March as bond market headlines became the flavour of the month. Meanwhile, ABS figures revealed deteriorating economic data as GDP grew at just 0.2% in the December quarter, which translated to an annualised rate of 2.3%. This increased market expectations that the central [...]
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 [...]
Markets extended their January gains through February in a month largely dominated by reporting season news. From a rates perspective, caution was preached by both the Fed and RBA - firming their neutral stances on monetary policy. On the domestic front, the RBA further distanced itself from previous guidance, which was posturing that the next move was up rather than [...]
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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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