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Credit Spreads

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Five possible market scenarios guide your asset allocation

In volatile markets, asset allocation should consider scenarios based on differing likelihoods. There are always a number of low probability, extreme outcomes so don't assume the central case is the only possibility.

The forgotten asset class set to outperform in 2022

Australian investors are searching for investments that can benefit from evolving market conditions. With credit spreads at attractive levels, now might be the opportune time to have exposure to hybrids and credit.

Bond basics and four messages in the search for yield

Bonds have been strong performers over many decades and always play a role in defensively-positioned portfolios. There are some basic principles investors should understand such as the types of yield.

Opportunities across the capital structure

While property and equity markets remain expensive by historical standards, yields achievable relative to risk remain strong in the hybrid market, notwithstanding recent upticks in price.

The outlook for Australian banks

Australian banks appear cheap and their shares trade below broker targets. But three analysts offer deeper explanations that suggest stronger credit standards will affect house prices and credit growth.

Turbulence creates opportunities for bonds and hybrids

Factors relating to technical adjustments, timing of bank reporting and offshore influences have created wider spreads on bonds and hybrids which should mean revert in time.

Watch the low returns on 'high yield' debt

Investors seeking yield need to watch the margin contraction on so-called 'high yield' debt, especially since the protective covenants are weaker than in the past.

What credit spreads reveal about share markets

Understanding how credit spreads relate to share prices and what they can reveal about where we are in the stock market cycle can be useful information for the long-term investor.

Global credit valuations: are we there yet?

The market has seen a major widening of credit spreads as investors demand greater compensation for liquidity risk. Has the market reached the point where it offers value?

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Australian stocks will crush housing over the next decade, one year on

Last year, I wrote an article suggesting returns from ASX stocks would trample those from housing over the next decade. One year later, this is an update on how that forecast is going and what's changed since.

Taxpayers betrayed by Future Fund debacle

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Australia’s shameful super gap

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Looking beyond banks for dividend income

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AFIC on its record discount, passive investing and pricey stocks

A triple headwind has seen Australia's biggest LIC swing to a 10% discount and scuppered its relative performance. Management was bullish in an interview with Firstlinks, but is the discount ever likely to close?

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