Commentary

Week in review

From the trading desk

US Treasuries sold off pushing yields to highest levels since 2011, Apple 2023 USD bonds drop 60 cents in a week, funding pressures mean Pacific National 2027 FRN popular with investors, Nufarm 2026s resume trading, Plenary Justice 2030s attractive retail bonds

Opinion

Quantifying the risk of bonds with S&P credit ratings

Each year S&P Global releases a global report that shows defaults as well as rating movements (upgrades and downgrades). This note provides valuable information for all investors but even more so for wholesale qualified clients who can access individual bond credit ratings. Yet again the report shows that investment grade securities are a statistically low risk way to invest.

Opinion

Interim Report of the Financial Services Royal Commission

The Interim Report of the Financial Services Royal Commission is sober reading, highlighting a financial system where misconduct engineered poor outcomes for many customers and, when revealed, the remediation and punishment appeared to fall substantially short of expectations. But the industry response to the Interim (and final) Report could also increase the visibility and attractiveness of some non bank finance companies as an alternative provider of credit, including some FIIG originated deals.

At FIIG

BondCast – Recent RMBS deals

This week our RMBS expert, Asmita Kulkarni and Director of Education and Research, Elizabeth Moran discuss the last year of residential mortgage backed securities deals including Liberty and Medallion.

Week in review

From the trading desk

US interest rate hikes put pressure on bond rates, US Quarterly GDP numbers finalised, Asciano 2027 remains popular, Nufarm FY18 results renew interest in 2026 bonds, new RMBS begins trading in secondary market but no supply yet

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