The retail buyer base for bank hybrids is taking far more risk to get the same return as institutions buying AAA rated Australian RMBS
With the drop in overnight rates and credit spreads, credit investors are having to take far more risk to earn the same return
Central banks are using a monetary policy hammer when economies need a screwdriver. Here’s what they should do instead.
For bank hybrid investors, there are some obvious alternatives that are both lower risk and have higher expected returns
APRA deserves credit for rejecting the false claims of the major banks and ordering a substantial increase in their tier 2 capital
The RBA is ignoring the mounting evidence of the damage caused by low interest rates and the counterproductive outcomes from its actions.
Whilst global credit seems stretched, Narrow Road continues to find great value opportunities for its clients and continues to deliver strong outperformance
In both equity and debt markets investors are buying securities that have identical characteristics to the disasters of the recent past.