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Credit Basics

09/06/2017 | 11:08 AM  Standard & Poor's downgrade of Australia's major bank-issued subordinated and hybrid securities last month is a negative but not a deal-breaker for well-informed retail investors.

07/06/2017 | 10:31 AM  The head of PIMCO Australia gives his views on active management in fixed income and tells us where he sees most value in this space.

05/06/2017 | 8:32 AM  Hybrid securities have continued to perform strongly in 2017, rallying almost 50 per cent in some instances.

15/05/2017 | 8:02 AM  While an imminent surge in yields appears unlikely, there are still attractive opportunities for fixed-income investors in the current environment.

10/05/2017 | 11:42 AM  Australian investors are typically under-exposed to global fixed-income markets--both developed and emerging--where political shifts and fiscal volatility are creating attractive buying opportunities.

26/04/2017 | 1:35 PM  The ASX provides investors with access to interests in Australian government bonds that can be traded at any point prior to maturity.

31/03/2017 | 12:02 PM  Interest rate risk is ratcheting up, with a high likelihood of international bond returns slipping into negative year-on-year figures by June 2017, says the head of credit specialist Bentham Asset Management.

21/03/2017 | 6:06 PM  Australian bonds see only a slight tremor in response to the Fed's rate rise, says John Likos, Morningstar's senior credit analyst, who also provides insights on the new, and anticipated, hybrids from Australian banks.

28/02/2017 | 9:36 AM  Challenger Limited will raise $350 million via capital notes to be listed on the ASX called Challenger Capital Notes 2 (ASX Code: CGFPB).

22/02/2017 | 10:30 AM  Strong supply dynamics should create significant opportunities for hybrid investors this year, says John Likos, senior credit analyst, Morningstar Australia.

20/02/2017 | 10:31 AM  Commonwealth Bank will raise $750m via a Tier 1 hybrid issue, to be listed on the ASX, called CommBank PERLS IX Capital Notes (ASX: CBAPF).

08/02/2017 | 10:34 AM  National Australia Bank's Tier 2 subordinated note issue provides bond-like features with compelling diversification benefits.

24/11/2016 | 10:46 AM  The negative correlation between bonds and equities is reasserting itself following the US election of Donald Trump.

21/11/2016 | 3:26 PM  Insurance Australia Group aims to raise $300 million via a new hybrid issue to be listed on the ASX, called IAG Capital Notes (IAGPD).

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.

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.

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.

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.