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23 February 2025
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APRA has released a plan to phase out bank hybrid securities and replace them with capital it regards as cheaper and safer. The transition will impact hybrid markets, funding spreads, and investor strategies.
APRA is reviewing hybrid capital bonds issued by banks. This is hardly surprising since the demise of Credit Suisse showed they don't work for the purpose that they are designed, and their continued use must be questioned.
In designing rules to protect investors, ASIC prevents reinvestment in products some people have held for years, even when investors qualify as 'wholesale'. How can ASIC change the rules to correct the imbalance?
Higher distribution levels and potential returns have caused many investors to turn to hybrids for the fixed income portion of their portfolio. Now may be a time to reassess the relative risk-reward balance of the instrument.
Conservative investors are forced to choose between protecting capital and accepting lower income while drawing down capital to maintain living standards or taking additional risk. How can you strike a balance?
Bank hybrids produced excellent returns in the last year and the biggest lesson from March 2020 is that many investors don’t understand the structures, and in a crisis, they panic first and think later.
For investors able to react quickly when stressed selling hits hybrids, excellent margins are available on quality names. The GFC taught experienced investors lessons that are now repeating.
Hybrids are riskier than term deposits but investors are rewarded for the risk. Here is a simple way to consider if the reward is sufficient as the hybrid approaches an expected call date.
CBA's latest PERLS offer is directly offered to hundreds of thousands of investors who already hold CBA shares or other PERLS securities. How does it compare with the rest of the hybrid market?
The threat of Labor denying franking credit refunds led some investors to sell hybrids, widening their margins, which created investment opportunities for those willing to look past the immediate announcement.
Hybrids deliver returns comparable with equities over the long term with less volatility, which makes the risk-adjusted return and lack of correlation to equities an attractive characteristic in a diversified portfolio.
Most fund managers had a strong year in FY2018, but past bumper years when MTAA invested heavily in so called 'low risk' illiquid assets provide a warning in less fortuitous markets.
While encouraging people to draw down on their accumulated wealth in retirement might be good public policy, several million retirees disagree because they are purposefully conserving that capital. It’s time for a different approach.
This examines the performance of key asset classes and sub-sectors in 2024 and over longer timeframes, and the lessons that can be drawn for constructing an investment portfolio for the next decade.
The CIO of Australia’s fourth largest super fund by assets, John Pearce, suggests the odds favour a flat year for markets, with the possibility of a correction of 10% or more. However, he’ll use any dip as a buying opportunity.
Getting regular, growing income from stocks is tougher with the dividend yield on the ASX nearing 25-year lows. Here are some conventional and not-so-conventional ideas for investors wanting to build a dividend portfolio.
Australians are used to hearing dire warnings that they don't have enough saved for a comfortable retirement. Yet most people need to save a lot less than you might think — as long as they meet an important condition.
It’s well documented that many retirees draw down the minimum amount required and die with much of their super balances untouched. This explores the reasons why and some potential solutions to address the issue.