MIPS Bank Bond (FRN) Programmes – insights from a professional manager
Kieran Quaine, Head of FIIG’s Managed Income Portfolio Service (MIPS) answers frequently asked questions, candidly discussing the strategies that he and his team use to outperform. For calendar year ending 31 March 2017, the most popular bank bond FRN portfolio, comprised of senior and subordinate major bank FRN exposure only, achieved an impressive gross outperformance of 1.04% above book value entry, being 2.49% above the bank bill index return for the period. See Table 1.
Major bank senior and subordinated debt FRN portfolios
Table 1
Source: FIIG Securities
Note: Returns and benchmark data for the most popular of the example Bank Bond (FRN) MIPS Portfolio
Q. The outperformance delivered is impressive. Can you please explain outperformance in the context of this sector of assets?
Outperformance relates to the derivation of excess return above an alternate investment product. In the case of cash, the yield to outperform is that which cash returns. In the case of bank bills or term deposits (TDs), again the yield to outperform is that which bank bills or TD’s return.
Cash returns themselves should be segregated by the term of the cash lending agreement. ‘At call’ cash rates might vary as a function of the call limitations for example. ‘Special’ cash rates offered by banks from time to time may be available for short periods and to retail investors only, usually with volume caps.
But it is generally fair to say that the return to exceed for cash and cash like products that include bank bills and TD’s (of short maturity term – 90 days), within the professional wholesale investor space, is between roughly 2.00% and 2.50%.
The strategy must also consider risk. Risk considerations will include specific measurement of changes in liquidity, because after all cash is the embodiment of a liquid asset.
Q. Having determined a benchmark for cash and cash like products, what alternatives are available? Can you discuss the changes in risk and liquidity of those alternatives?
An easy first step for achieving returns over cash would be to look at the term deposit (TD) market. However, TDs are not liquid, and so require a commitment to a fixed term. TD’s have their place as a higher yielding cash alternative, but usually only in conjunction with other assets within a portfolio.
When attempting to improve cash returns, we need to consider products at a higher yield that keep liquidity. Fixed income products satisfy that criteria.
A defining feature of fixed income assets is that they have known future cash flow profiles. At a product design level, they are an ‘extension’ of cash.
When an investor lends cash overnight, or for a week, they will be repaid interest and capital upon maturity, being the next day or the next week. All fixed income products have the same key defining characteristics, being pre-defined and legally binding agreements for repayment of interest and capital on future dates. They also have the added benefit of also being ‘marketable’ securities, or transferable assets, meaning they can be traded prior to maturity.
The dominant borrowers in the cash market are banks. The same banks issue fixed income products. Subsequently an investors credit risk can remain the same where lending via a cash, bank bill or TD product is substituted with lending via a fixed income product. The difference of course is that the tenor of the lending is extended.
Within the total fixed income universe, floating rate note (FRN) products best replicate ‘cash’ product profiling because they reset the interest rate periodically and at fixed margins over known ‘cash like’ benchmarks.
However, the universe of global FRNs is significant, so the list would need to be diluted according to liquidity and yield relevance.
Key attributes that define both liquidity and yield within the banking sector include:
- Capital structure seniority
- Maturity
- Credit quality
- Issuance volume
Yield is usually inversely correlated with the credit rating and liquidity. So, assets that rank lower in the capital structure, that are issued by weaker ranked or more volatile industries and have longer maturity dates, will, all other things being equal, likely have weaker credit ratings, and will subsequently be less liquid but deliver higher yield.
Australia’s major banks’ senior ranked, short to medium term FRN’s are the logical next step for higher yields over cash and term deposit products because they:
- Are very low risk as evidenced by high investment grade ratings
- Replicate rolling term deposit maturity and cash flow profiles
- Offer extremely high liquidity
- Deliver yields that exceed those of cash and term deposits
Q. How large is the bank senior FRN market? What returns are available?
Globally, senior bank bonds hold a dominant share of the entire bond or fixed income market. In Australia, major banks alone issue billions annually, with singular issuance lines in excess of $500m common.
Australian bank senior and subordinated bond issuance
Source: Bloomberg
AUD issuance only; total issued To achieve better returns than term deposits, terms for Australian bank FRNs need to be greater than a year as shown in Table 2.
Credit margins for Australian bank investments
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)
Table 2
Source: FIIG Securities
Margins accurate as at April 2017 but subject to change.
These credit margins translate into the fixed rate returns* shown in Table 3. Conversion to fixed rates is required for comparative purposes, as term deposits are issued in fixed rates. The shaded area shows the opportunity for outperformance. *FRN’s pay a credit margin over bank bills, for a defined term. Those bank bill returns can be fixed by a contract of exchange, via the interest rate swap market.
Yields for senior bank investments
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)
Table 3
Source: FIIG Securities
Credit margins accurate as at April 2017 but subject to change
After one year, the book value entry yield of FRNs exceeds TDs. However it must be noted that for periods of less than one year, even though FRNs yield less, they are still liquid, and therefore liquidity (over TDs) is improved markedly, but at a cost.
Yield to maturity for Australian bank TDs and FRNs
Graph 1
Source: FIIG Securities.
Data accurate as at April 2017 but subject to change
Q. Why do credit curves appear to be quite steep? Why would banks issue debt at higher yields at an increased cost? Is it genuinely a measure of credit risk or are there other contributing factors?
The gradient or steepness of credit curves is a product of the collective market assessment of both credit risk and the supply and demand for term money.
Australian banks need term funding. Effectively they wish to reduce their balance sheet risk by borrowing for the same term (to maturity) for which they on-lend. A basic tenant of risk mitigation is to match assets and liabilities.
Think of a bank as an example, only lending money to home owners in variable interest rate form, and each home owner having a loan for five years before renegotiating. By issuing a five year FRN at a 1.00% credit margin, but on lending at a 2.00% credit margin to the home borrower, they have the asset (loan) matched to the liability (borrowing) and a profit of 1.00%.
Banks raise those funds from investors that require term investments, such as superannuation funds.
Those funds have limits which dictate the volume of capital that can be lent to any one category of risk.
Superannuation funds lend billions into each maturity range or ‘bucket’, but they do have limits, and at each extension of term risk, they charge a premium. Where demand (superannuation capital to invest) meets supply (bank supplied debt) a price is determined. That price is the credit margin.
Superannuation funds have capital lending limits linked to their liquidity requirements, which are driven by their requirement to satisfy investor demand to be able to switch asset classes.
Specifically, the ‘zero to one year maturity’ band is perceived and is actually the most liquid band of all maturity categories (or bands), simply because it is the shortest and therefore has the least risk.
The steepness of credit curves is not singularly attributable to a measurement of credit worthiness, but of creditworthiness given demand and supply constraints. If there is excess supply delivered at a point of maturity that is not met by demand, the credit margin will move out to that point at which it attracts sufficient demand.
Q. The yield ‘uplift’ is between 0.50% and 1.00% depending on the bank issuer category, and the term to maturity. But the MIPS programs posted total returns in 2016 of more than 2.00% above the bank bill index. How did the MIPS team achieve this fantastic result?
A simplified answer is that credit margins and therefore yields were higher a year ago. That is part of the excess performance, and knowing when to invest in which assets at which credit margins is part of the skill set.
A good dealing team will know where to access the assets required at the lowest possible price, at any one point in time. They can be patient, placing bids and waiting for sellers to meet that price when they perceive there is minimal reason to rush, and they can alternatively be aggressive, paying what may be perceived to be a higher price, because they are ‘bullish’ and concerned that prices may increase quickly. A good dealing team, which we have in MIPS, adds significant value.
The detail of the opportunity to achieve better returns over cash, cannot be shown in a chart or table listing the book value entry yields. This is where portfolio management becomes more interesting, and it relies on a specific skill set to identify, analyse and deal on investment opportunities relentlessly and diligently.
The lion’s share of outperformance is derived singularly and in combination of applying the three investment methodologies:
- Riding the credit curve.
- Riding the credit curve differential offered by a step down in capital structure.
- Riding the forward credit curve of components both 1 & 2.
The timing of entry of use of each of those investment strategies, either singularly or collectively, depends upon both current opportunities and future predictions of credit margins, and of the more important and dominant demand and supply factors that drive credit margins generally.
Q. This may be the point when the eyes glaze over for those with less technical knowledge. Could you please explain each investment methodology?
Each of these methodologies is employed by global investment managers, some more successfully than others, so we are talking about walking down a well-worn path. There is nothing elusive about this strategy. The skill set that determines its success is accurate forecasting of credit spreads and executing the deal.
1. Riding the credit curve
For example, if we use the data in Table 2, Investor 1 earns a higher yield by lending to a bank for a longer term than a shorter term by Investor 2. By lending for a longer term, the investor is paid a higher credit margin. So that Investor 1 who chooses to lend to a major bank by investing in senior FRNs for a five year term, will earn an additional 20 basis points (0.20%) per annum over Investor 2 who chooses to lend for a three year term.
However, the trade isn’t without risk, as the market value of the asset is determined by its secondary market credit margin. Where the margin goes higher, the asset devalues. This risk is however, mitigated by the ‘pull to par’, as the asset approaches maturity. Simply put, where an investor believes that credit margins will be stable, and there is no liquidity difference between each investment option, then ‘riding the credit curve’ is a sound strategy.
Q. Please explain what ‘pull to par’ means and how it mitigates risk?
As an asset approaches maturity, the cash flow that is generated by the product structure is more certain, and the exposure to business risk associated with the bank reduces. For example, in the last coupon period, the final cash flows are known. Because there is less time for anything to go wrong the credit margin contracts. At the extreme, one day from maturity, the credit margin will be minor as - at this point in time - the lending period is overnight. In effect, it has ‘pulled’ toward its maturing or ‘par’ value.
This is why the shape of the ‘credit’ curve is positive and why credit margins are lower for shorter maturities than they are for longer maturities. Looking at Table 2 you can observe the ‘pull to par’ occurring by comparing the credit margins.
2. Riding the credit curve differential by taking a step down the capital structure
As an extension of riding the yield curve, investors can also ride the capital structure curve. Because senior debt ranks higher for repayment than subordinated debt, it will yield less. That yield differential will be wider not only between steps in the capital structure but also in the term to maturity.
See Tables 4 and 5 showcase current credit margin differentials.
Credit margin for bank senior and subordinate bonds
Table 4
Source: FIIG Securities Note: Margins accurate as April 2017 but subject to change An efficient market will price steps in the capital structure and maturity and issuer category with progressive increments in yield, reflecting risk and liquidity progression.
Subsequently, investors have the opportunity to extract more yield by riding a step down in the capital structure, and as an extension, a step down in credit quality of the bank issuer. Although both investment grade quality, a step into Minor bank subordinate debt from Major bank senior debt for example will deliver a book value entry yield advantage of 1.50% in the five year maturity term.
Those credit margin differentials result in yield differentials, as noted in Table 5.
Yield for bank senior and subordinate bonds
Table 5
Source: FIIG Securities
Note: Margins accurate as at April 2017 but subject to change
Like riding the credit curve, this approach isn’t without risk for the same reasons. And again risk is mitigated by the ‘pull to par’ influence, as assets approach maturity.
3. Riding the forward credit curve
For example, using Table 1 again, Investor 3 earns a higher yield than Investor 1 from the prior example, by not just riding the credit curve, but by also selling that position prior to maturity and rolling the exposure back up the yield curve.
Again, referring to Table 1, an investor that buys a five year asset at a credit margin of 100 basis points, and sells the same asset in two years’ time (when the asset has three years to maturity) at a credit margin of 80 basis points (being the current credit margin, and in this example the expected margin in two years for an asset that has three remaining years to maturity) will make a 20 basis point capital gain. The investor can then re-lend that capital at a 100 point credit margin by investing in an asset that matures in five years again.
By repeating this method the investor constantly maintains a return of 100 basis points in credit margin plus a 10 basis point capital gain per annum (on an average four year remaining term) thus lifting their returns.
That 10 basis point per annum capital gain is significant. The investor receives upfront, the equivalent net present value of 10 basis points for each year outstanding (an average of four years).
That performance advantage is equivalent, in this example, to 29 basis points per annum. Appendix 1 maps out the numeric cash flow alternatives between buying and holding to maturity, or alternatively selling prior to maturity.
This strategy can be applied to any asset group, be it senior or subordinate debt. The steeper the yield curve and credit margins, the greater the opportunity for portfolio outperformance.
The strategy has risk for the same reasons listed above. The future credit margin at which the asset can be sold will be a direct function of current traded credit margins, known as the ‘spot’ price. If the issuer of the FRN experienced a period of financial stress, that credit margin would widen, and the price would fall.
If the ‘spot’ price falls, the ‘forward’ price will also fall – and the forward credit margins would widen. However, again that risk is also mitigated by the ‘pull to par’ as the asset approaches maturity.
Q. Can we presume that credit margins always behave like this? Can you give some historical perspective?
No, we cannot presume that credit margins will always behave like this, but they certainly have in recent years. And the reason is explained below. But first let us look at the numbers.
Refer to both Graph 2 and Table 6. For the period from April to June 2016, the example asset credit margins were volatile, before tracking lower.
Major bank credit margin performance for the year ending April 2017
Graph 2
Source: Bloomberg
Graph 2 compares the CBA margins for senior and subordinate debt. Both assets had around 3.5 years to maturity in April 2016, then fell over a year to have a 2.5 year maturity profile, each ending the period with actual or near credit margin lows.
These example assets were chosen because they best reflect the weighted average tenor (maturity) and average exposure held within our most popular customised bank bond FRN portfolio. (Table 3 – Major Bank Senior & Subordinate) at the commencement and completion of the analysis.
At commencement of 1 April 2016, our customised major bank senior and subordinate portfolio had an average tenor of 3.21 years. One year later, being 31 March 2017, the same portfolio had an average tenor of 2.96 years.
Example major bank credit margin performance
Table 6
Source: Bloomberg
Attribution of the return between ‘pull to par’ and credit margin contraction:
The change in credit margin can be attributed correctly, because at the start of the 12 month period we knew what the credit margins of major bank senior and subordinate securities of 2.5 year maturity were valued at at that time. They were +0.79% for senior and +1.78% for the subordinate.
The senior debt rallied .30% from a commencing credit margin of .96%, but given the same issuer’s 2.5 year maturity asset was trading at .79% a year ago, but is now trading at .66%, we can attribute .17% of the .30% rally in the credit margin to a ‘pull to par’, and the remaining .13% to a credit margin rally.
For the subordinate issue, we attribute .44% of the .85% rally in the credit margin to a ‘pull-to-par’, and the remaining .41% to a credit margin rally. See to Appendix 2.
The performance advantage of this move is 0.44% and 1.22% per annum for the senior and subordinate issues respectively.
Q. How does the rally impact portfolio returns?
Clearly the subordinate debt product credit margin rallied harder than the senior debt. The portfolio performance over the period will subsequently be impacted by the average allocation between the two alternate capital structure categories and the average tenor of each asset within those categories.
Setting aside cash holdings which fluctuate between 1.00% and 5.00% while waiting for price and trade execution opportunities, the MIPS Portfolio Management Team’s allocation by capital structure category average, was as documented in Table 7.
Allocation and return by capital structure for year end 31/3/2017
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)
Table 7
Source: FIIG Securities
Note: BV = Book value, MV = Market Value and CM = Credit Margin
Q. Why did credit margins rally so much?
During the year, the Australian Prudential Regulatory Authority (APRA) increased regulatory requirements for the banks to hold additional capital, improving bank credit worthiness. APRA’s moves benefited bond issues sitting high in the capital structure, as it compelled the banks to raise capital lower in the capital structure.
Q. Other than APRA’s influence, can you explain how you forecast credit margins, and conclude with what your current forecasts are?
There are a significant number of contributing factors, including but not limited to macro-economic cycles, yields available for competing assets, credit performance and forecast credit performance of those competing assets, supply and intended supply into any one asset category, and many others.
Understanding what drives the credit margins at any one point in time is crucial in the forecasting process. In the last year, APRA’s influence was the main contributor. In the coming year I think that the opportunity for capital gains is limited. APRA’s influence has been priced in. I suggest the current focus is on macro economic factors.
If the Australian federal government achieves its current economic growth forecast, within its own fiscal budget expenditure parameters, which I believe it will, and banks maintain their lending standards and achieve target growth, which I believe they will, then I believe bank credit margins will remain stable.
Investors can subsequently expect a pull to par of approximately 0.20% per calendar year and some opportunity for capital gain via the MIPS Portfolio Management Team accessing optimal pricing and execution. For senior bank and subordinate bank FRN exposure, that will translate to an additional contribution to performance of approximately 0.20% and 0.60% per annum respectively. Subsequently we expect additional performance within the bank bond FRN programs of approximately 0.40% from active management.
Appendix 1
Assume two paths:
Path A: The investor (Investor 1) retains the asset originally bought at a 1.00% credit margin, choosing to hold to maturity.
Path B: The investor (Investor 3) sells the asset originally bought ($9.078m) at a credit margin of 1.00%, for a credit margin of 0.80% 2 years after purchase, when it has three years left to mature.
Investor 3 crystallises a 0.29% capital gain and reinvests that capital and final coupon ($9.535m) into a five year asset, again at +1.00% credit margin.
Appendix 1 – Hold to maturity or hold for two years and sell
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)
Source: FIIG Securities
Appendix 2 – Performance of CBA senior and subordinate FRN’s for the year ending 31 March 2017
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)
Source: FIIG Securities
![kieran quaine kieran quaine](https://thewire.blob.core.windows.net/web/images/default-source/default-album/kieranquaine85e6d3c55342640fb48aff0000bceb90.png?sfvrsn=29a4b75a_0)
Kieran Quaine
Head of MIPS
Kieran Quaine is the Head of the Managed Income Portfolio Service and is responsible for all investment decisions. He has over 30 years’ experience in the fixed income markets.
Kieran has been at FIIG for over eight years, most recently holding the dual roles of Head of Syndication and Head of Market Risk, which included responsibility for primary bond sales for all FIIG originations, exceeding $1bn, balance sheet management and security pricing for all debt products.
Prior to joining FIIG, Kieran was the joint founding partner of a mortgage origination company, a Senior Fixed Income Portfolio Manager for one of Australia’s largest Superannuation Fund Managers, and a Proprietary Interest Rate Trader for a large US Investment Bank.
Kieran has a Bachelor of Accounting from Canberra University, holds a Diploma of Financial Services (financial markets), and is a former chairman of the AFMA Debt Capital Markets Committee.
Glossary
Credit margin
The price or margin that investors require over and above the benchmark BBSW rate.
Basis points
The basis point is commonly used for calculating changes in interest rates, equity indices and the yield of a fixed income security. The relationship between percentage changes and basis points can be summarised as follows:
![](data:image/png;base64,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Duration or Modified Duration
Modified duration is a measure of a portfolio’s sensitivity to movements in interest rates. Modified duration is the percentage change in a bond's price for a 1.00 percent change in whole yield curve. For example, a portfolio with a three year duration would lose 3% if that interest rate curve moved up by 1% across the whole curve. Conversely, a 1% downward move across the curve would result in a 3% gain.
Floating rate bonds (FRNs)
Floating rate notes are bonds that have a variable coupon, equal to a reference market base rate, like 90 day bank bill swap rate (BBSW), plus a margin. The majority of FRNs have quarterly coupons, that is pay interest every three months.
HQLA
Bonds that are classified as High Quality Liquid Assets (HQLA) by the RBA. The RBA provides liquidity for these bonds in all market conditions. Senior bank FRNs qualify as HQLA.