07/10/2016 | 2:41 PM A long-held assumption that fixed income assets are largely risk-free has been turned on its head, meaning investors need to work smarter to help ensure these strategies are effective--but how?
05/10/2016 | 10:52 AM While Australian major bank hybrid security prices remain vulnerable to spill-over effects from the Deutsche Bank debacle, investors should remain calm in the face of any volatility.
27/09/2016 | 1:45 PM Morningstar's Hybrid Handbook: Navigating the Australian Hybrid Market pulls back the curtain on corporate and bank hybrids, as explained by John Likos, Morningstar's senior credit analyst.
26/09/2016 | 11:54 AM Morningstar's John Likos and Michael Murphy equip investors with everything they need to know in order to navigate the Australian hybrids market.
06/09/2016 | 3:10 PM The global corporate green bond market has shown significant growth and Australian investors should have increasing opportunities to "go green".
16/08/2016 | 1:50 PM Australia and New Zealand Banking Group will raise $1,000 million--with the ability to raise more or less--via a new hybrid issue, to be listed on the ASX, called ANZ Capital Notes 4.
10/08/2016 | 4:12 PM Paul Reisz, Pimco's executive vice president and income product manager head, gives his insights on where bond investors may find yield in a difficult global market environment.
07/07/2016 | 2:40 PM With Australian markets anticipating a further drop in official interest rates, bond investors will find it increasingly difficult to maintain current returns, according to Henderson Global Investors.
05/07/2016 | 8:11 AM The current period of global volatility presents retail investors with a number of potentially lucrative opportunities, according to John Likos, Morningstar's head of credit research, Australia.
01/07/2016 | 10:38 AM While there is unlikely to be a rush to the exits by other EU member states in the aftermath of Brexit, there will be a period of increased uncertainty, volatility and lower-for-longer benchmark rates.
28/06/2016 | 10:38 AM While hybrids can offer attractive rates of return, investors shouldn't treat them as fixed-income investments or as a substitute for low-risk investments such as term deposits.
24/06/2016 | 10:38 AM Whether a hybrid or a high-yield debt investment is right for you depends on that specific investment relative to your own individual risk appetite and investment horizon.
31/05/2016 | 10:38 AM National Australia Bank will raise $750 million via a new hybrid issue to be listed on the ASX called NAB Capital Notes 2 (ASX: NABPD).
17/05/2016 | 10:38 AM Westpac Banking Corporation will raise $750 million via a new hybrid issue to be listed on the Australian Securities Exchange called Westpac Capital Notes 4 (WBCPG).
16/02/2016 | 10:38 AM CBA will raise $1,250 million via a new hybrid issue called CommBank PERLS VIII Capital Notes (CBAPE). This issue will replace the CommBank PERLS III issue (PCAPA).
15/02/2016 | 10:38 AM Credit markets have always been important to Crown's funding strategy, and during a period of significant capital expenditure requirements, this is not expected to change.
14/01/2016 | 10:38 AM The ability to meet payments and obligations to investors is what separates a good credit security from a bad one, and moat-rated issuers have a stronger ability in this regard.
23/12/2015 | 10:38 AM
23/10/2015 | 10:38 AM Credit spreads should continue their recent widening through the rest of the year, particularly in those sectors with higher leverage and those with higher levels of exposure to China.
06/10/2015 | 10:38 AM Morningstar's John Likos discusses what types of securities are included in the Moat-Focused Credit Best Ideas list.
21/09/2015 | 10:38 AM Morningstar makes only one change to its Moat-Focused Credit Best Ideas list for the September quarter, while continuing to see value emerging in many Basel III compliant hybrids.
05/08/2015 | 10:38 AM Despite the recent market gyrations there are several hybrids that should be on every investor's radar, Morningstar says.
30/07/2015 | 10:38 AM Westpac will raise $750 million via a new hybrid issue to be listed on the Australian Securities Exchange, Westpac Capital Notes 3.
30/07/2015 | 10:38 AM Following recent market volatility, there are five hybrid securities that Morningstar believes should be on every hybrid investor's radar.
29/07/2015 | 10:38 AM Hybrid security spreads continued their gradual widening in the June quarter, resulting in valuations moving into attractive territory.
08/07/2015 | 10:38 AM The second quarter of 2015 was particularly volatile towards its conclusion as global markets grappled with positive and negative headlines.
16/06/2015 | 10:38 AM Morningstar's John Likos scrutinises the risks that hybrids, bonds and other forms of credit carry and suggests a way in which investors can choose quality assets.
29/04/2015 | 10:38 AM Investors need to understand the risks they take on when chasing yield, as Morningstar's John Likos explains.
10/04/2015 | 10:38 AM Understanding a company like Fortescue Metals can be a useful guide for assessing the quality of an issuer behind a bond.
01/04/2015 | 10:38 AM With a continued period of low interest rates expected during 2015, Morningstar believes the search-for-yield theme will continue unabated.
20/02/2015 | 10:38 AM National Australia Bank will raise $750 million via a new hybrid issue to be listed on the Australian Securities Exchange, National Australia Bank Capital Notes.
29/01/2015 | 10:38 AM Australian and New Zealand Banking Group will raise $750 million via a new hybrid issue to be listed on the Australian Securities Exchange, ANZ Capital Notes 3.
16/12/2014 | 10:38 AM A spike in hybrid issuance in the third quarter and repricing of risk have resulted in some spread widening in recent months, which has presented new opportunities.
04/12/2014 | 10:38 AM Investors need to understand some of the key risks involved in purchasing unlisted bonds and Morningstar provides essential questions to have at hand prior to making such investment decisions.
31/10/2014 | 10:38 AM A "risk-off" mentality has returned to influence domestic credit pricing, according to Morningstar analysts.
30/10/2014 | 10:38 AM Morningstar credit analyst John Likos pinpoints the key risks investors need to consider before investing in the "complex securities" known as hybrids.
05/09/2014 | 10:38 AM Morningstar analysts provide their thoughts on the possible ramifications for the Australian market after the UK regulator temporarily bans the distribution of contingent convertible securities or "CoCos" to retail investors.
02/09/2014 | 10:38 AM The continued tightening of spreads has pushed several hybrid securities into overvalued territory, Morningstar credit analyst John Likos says.
22/08/2014 | 10:38 AM Commonwealth Bank of Australia will raise $2 billion via a new hybrid issue to be listed on the Australian Securities Exchange, CommBank PERLS VII Capital Notes.
14/07/2014 | 10:38 AM Technical factors continue to drive the credit market and this increases the risk of mispricing between fundamentals and valuation, Morningstar analysts say.
23/05/2014 | 10:38 AM The major impact on the list during the past quarter has been the tightening of credit spreads, which is consistent with wholesale markets and has been a driver of strong performance.
06/05/2014 | 10:38 AM Although hybrids are complex instruments, Morningstar uses a consistent methodology to assess their quality and suitability for retail investors.
08/04/2014 | 10:38 AM Suncorp Group has announced its intention to raise at least $360 million in new Tier 1 capital via the issuance of convertible preference shares.
26/02/2014 | 10:38 AM After the normal seasonal slowdown, the new-issue retail market sprang back to life in February, Morningstar credit analyst Nicholas Yaxley says.
11/02/2014 | 10:38 AM Australia and New Zealand Banking Group is looking to raise at least AUD 1,000 million in new capital via a bank capital note, ANZ Capital Notes 2.
14/11/2013 | 10:38 AM National Australia Bank (NAB) is looking to raise at least AUD 750 million in new capital via the issuance of convertible preference shares (National Australia Bank CPS II).
13/11/2013 | 10:38 AM This is a preliminary summary report of the National Australia Bank Convertible Preference Shares II. It acts as a guide to relative value of the new issue and is not designed to replace the full report and recommendation which will be made available in coming days.
05/11/2013 | 10:38 AM In this our second edition of the Moat-Focused Credit Pick List, we focus on why economic moats bolster credit quality and how that is especially relevant for long-dated securities such as bank capital securities.
26/09/2013 | 10:38 AM With a plethora of hybrids now available in the market, it can be tricky for investors to choose quality hybrid securities that will give them both security of income and investment return.
23/09/2013 | 10:38 AM The highly structured nature of hybrids can make it difficult for investors to properly assess the risks.
17/09/2013 | 10:38 AM Introducing the Australian Moat-Focused Credit Pick List for Listed Interest Rate Securities.
19/06/2013 | 10:38 AM Morningstar equips investors with everything they need to know about Exchange-traded Treasury Bonds and Exchange-traded Treasury-Indexed Bonds.
01/06/2012 | 10:38 AM Click the "Hybrids Research Archive" link above to access all the latest Hybrid research from Morningstar analysts.
13/03/2012 | 10:38 AM Investors may have noticed a recent surge in hybrid issues from big names such as Woolworths and Westpac. But what are these instruments and how do they work?
17/09/2010 | 10:38 AM In this report, Morningstar's Partick Caldon explains a useful tool for getting an apples-with-apples comparison of the yield on two floating rate securities.
08/10/2009 | 10:38 AM Morningstar helps investors get a foothold in the hybrids market, which can be a good source of income and potentially offer good capital gains.
08/10/2009 | 10:38 AM Patrick Caldon provides investors with a simple and easy-to-understand explanation of Morningstar's qualitative recommendations.