Narrow Road Capital

Australian Credit Management - Higher Returns · Lower Fees

Australian Credit Management - Higher Returns · Lower Fees

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Australian Credit Management

Higher Returns · Lower Fees

How We Work

Why high yield & distressed credit?

At Narrow Road Capital we believe the credit markets reward three key variables: perceived risk, perceived complexity and actual illiquidity.

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Our Investment Process

Since the establishment of Narrow Road Capital in 2012, client returns have substantially exceeded benchmarks and the vast majority of our peers.

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Our Track Record

We believe a well selected and diligently managed high yield and distressed credit portfolio will deliver far better risk adjusted returns than traditional investment categories.

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Recent Memos

Eviction Moratoriums

Eviction Moratoriums Are Terrible Economic Policy

Eviction moratoriums are supposed to help poorer citizens, but in the long term they result in rental accommodation being more expensive.
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Interesting debt Markets

There’s Always Something Interesting Happening in Debt Markets

If you venture off the well trodden pathways, there’s always something interesting happening in debt markets.
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Austria Century Bond

Could Austria’s Century Bond End Up Like Argentina’s?

It doesn’t take a default for Austria’s recently issued century bond to trade at the same price as Argentina’s defaulted debt.
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conspiracy theories

When the Truth is this Crazy, Who Needs Conspiracy Theories?

The insolvency of Wirecard has made many look foolish, but short sellers and a journalist had been on the case for years
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financial crisis

Are CLOs Going to Cause Another Financial Crisis?

Are claims that CLOs will bring down American banks another “Big Short” or merely a beat-up?
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Busted Companies Win

The Winner Is… Busted Companies

Retail investors piling into shares of bankrupt companies is a sure sign this isn’t a typical stock market rally
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Conflicted Advice

The Federal Government Tacitly Approves Conflicted Financial Advice

The decision to ban commissions on only some listed securities encourages dodgy advisors to provide suboptimal advice.
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Credit Normalising

Credit is Normalising, But…

Credit markets are improving but three dark clouds on the horizon point to the possibility of worsening conditions ahead.
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Home Load Pain

Home Loan Data Shows the Economic Cost of Lockdowns

The lockdown has resulted in a surge in payment problems, with one in eight home loan borrowers now unable to keep up with their scheduled repayments.
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Small Business Failures, Sorry We Are Closed

Hundreds of Thousands of Small Businesses are Near Death

The extraordinary number of small businesses that had problems paying their debts before this crisis began now have few options left.
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Virgin a Listed Note Lesson

Virgin is Another Disaster for Listed Note Buyers

Virgin’s downfall is another example of how the predominantly retail buyer base has long struggled to recognise the risks of hybrid securities.
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Virgin Insolvency

Virgin is Better Off Going Through Insolvency

Without going into insolvency soon, Virgin Australia risks going the way of Ansett and being sold off for scrap.
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