• Skip to main content

Narrow Road Capital

Australian Credit Management - Higher Returns · Lower Fees

  • Memos
  • Contact
  • Subscribe

Jonathan Rochford

Credit Snapshots – November 2019

November 27, 2019 by Jonathan Rochford

Bite size updates on emerging market debt, US auto loans and Virgin Australia’s very junky debt raising.

Filed Under: Credit Tagged With: Credit Snapshots

Credit Snapshots – October 2019

October 31, 2019 by Jonathan Rochford

Bite size updates on leveraged loans, Greece’s non-performing loan securitisation and India’s bad debts.

Filed Under: Credit Tagged With: Credit Snapshots

There’s No Good Case for October’s Rate Cut

October 2, 2019 by Jonathan Rochford

The RBA cut the Cash Rate on October 1st, but it has again failed to put forward a decent argument for why another cut is required.

Filed Under: Banks Tagged With: Rate Cut

The Dumb Money is Buying Bank Hybrids

September 27, 2019 by Jonathan Rochford

Confused man with bag over his head

The retail buyer base for bank hybrids is taking far more risk to get the same return as institutions buying AAA rated Australian RMBS

Filed Under: Banks Tagged With: Bank Hybrid, Dumb Money, Smart Money

BB’s are the new BBB’s

September 27, 2019 by Jonathan Rochford

Stock Market Trend Down

With the drop in overnight rates and credit spreads, credit investors are having to take far more risk to earn the same return

Filed Under: Credit Tagged With: Credit Investing, Credit Spreads, Investment-grade Ratings

Central Banks are Fighting Economic Fundamentals

August 29, 2019 by Jonathan Rochford

A guys fist clenched ready to punch

Central banks are using a monetary policy hammer when economies need a screwdriver. Here’s what they should do instead.

Filed Under: Banks Tagged With: Central Banks, Fighting

Bank Hybrids are a Screaming Sell

July 28, 2019 by Jonathan Rochford

Bank hybrids

For bank hybrid investors, there are some obvious alternatives that are both lower risk and have higher expected returns

Filed Under: Banks Tagged With: Bank Hybrid, Capital Types

Two Cheers for APRA on TLAC

July 28, 2019 by Jonathan Rochford

Two people jumping hooray

APRA deserves credit for rejecting the false claims of the major banks and ordering a substantial increase in their tier 2 capital

Filed Under: Money Tagged With: APRA, TLAC

The RBA Has Lost Its Way

June 26, 2019 by Jonathan Rochford

RBA Has Lost Its Way

The RBA is ignoring the mounting evidence of the damage caused by low interest rates and the counterproductive outcomes from its actions.

Filed Under: Banks

Narrow Road Capital Opportunity and Return Update – May 2019

May 31, 2019 by Jonathan Rochford

Opportunity and Return Update May 2019

Whilst global credit seems stretched, Narrow Road continues to find great value opportunities for its clients and continues to deliver strong outperformance

Filed Under: Investment Outlook Tagged With: AAA Only Performance, Crossover Credit Performance, Investment Grade Performance, Investment Outlook, Opportunity and Return

Tech Wreck 2.0 and Debt Wreck 2.0 are Coming

May 29, 2019 by Jonathan Rochford

Wrecking ball toppling profits on chart

In both equity and debt markets investors are buying securities that have identical characteristics to the disasters of the recent past.

Filed Under: Debt Tagged With: Debt Wreck, FHA Loans, IPOs, Lyft, Tech Wreck, Uber

Reflections on Dinny McMahon’s Book on China’s Great Wall of Debt

April 17, 2019 by Jonathan Rochford

Dinny McMahon

Using a combination of hard data, analysis and anecdotes, Dinny McMahon lays out why China’s economy must eventually face up to its great wall of debt

Filed Under: Book Reviews Tagged With: China, China's Economy, China’s Great Wall of Debt, Debt, Dinny McMahon

  • « Go to Previous Page
  • Go to page 1
  • Interim pages omitted …
  • Go to page 4
  • Go to page 5
  • Go to page 6
  • Go to page 7
  • Go to page 8
  • Interim pages omitted …
  • Go to page 12
  • Go to Next Page »
  • Privacy Statement
  • Contact Us

© 2023 Narrow Road Capital Pty Ltd. ACN 156 210 696. · Privacy Statement · Contact Us