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Credit Basics

12/04/2018 | 2:47 PM  Rising trade tensions, political instability and interest rate moves are just some of the challenges that confronted investors in the first quarter of 2018.

04/04/2018 | 8:49 AM  Up to 20 per cent of investors holding additional Tier 1 (AT1) securities would be negatively affected by Labor's proposal to end cash refunds of excess imputation credits, says Morningstar's John Likos.

03/04/2018 | 4:34 PM  The Reserve Bank of Australia has left the cash rate unchanged at 1.5 per cent, meaning Australia's interest rate has been at a record low for 20 months.

03/04/2018 | 4:34 PM  China's expanding debt raises concerns given similarities with credit booms that crashed, dominance of state-owned enterprises, shadow-banking, and its dangerously distorted property market.

03/04/2018 | 1:26 PM  The proposed Labor dividend policy would strike hardest at the heart of additional Tier 1 securities, impacting approximately 15 per cent to 20 per cent of them, according to Morningstar.

28/03/2018 | 4:52 PM  Further interest rate increases from central banks, led by the US, could be destabilising for fixed income managers, but most are positioned for this.

22/03/2018 | 11:11 AM  US Federal Reserve chair Jerome Powell's announcement of a 25-basis point interest rate rise overnight was largely anticipated, though the pace and number of further shifts remain uncertain.

20/03/2018 | 9:02 AM  Sudden shifts in bond markets are inevitable from time to time, but government bonds can offer prtotection from falling equity markets.

05/03/2018 | 1:37 PM  The great global bond boom has ended with a bang, after shock US inflation data sent bond yields surging and stocks diving

20/02/2018 | 9:47 AM  At US$10.5 trillion, China's bond market was the world's third largest as of September 2017, behind the US and Japan.

12/02/2018 | 9:47 AM  With the stock market continuing to gyrate wildly, it's easy to forget that, until now, equities had generally moved in a straight line higher

08/02/2018 | 10:56 AM  What bond investors can expect as bull market ends amid US monetary tightening; and what 1H18 company earnings hold for equity investors, from Shane Oliver, chief economist, AMP Capital.

04/02/2018 | 8:22 AM  Westpac Banking Corporation will raise $750m via a new hybrid issue, to be listed on the Australian Securities Exchange.

18/01/2018 | 11:02 AM  To help ride out global credit market volatility, this trio of global bond funds have quite distinct characteristics but are each highly regarded by Morningstar's manager research team.

17/01/2018 | 5:15 PM  Morningstar's director of equity and credit research, John Likos, explains Australian investor implications of higher global yields and shifting economic expectations in the US and Europe.

16/01/2018 | 12:41 PM  Despite monetary and fiscal policy adjustments, bond markets remained steady for 2017, providing a subtle encore to the prior year's risk-on fervour.

09/01/2018 | 4:30 PM  Insights on Australian interest rates, US tax reform, and winners and losers in fixed income featured in Morningstar's Australian Credit Monthly for December 2017.

21/12/2017 | 2:12 PM  While supply dynamics have proven a strong tailwind in 2017, Morningstar doesn't expect the same level of positive price momentum to continue.

15/11/2017 | 8:00 AM  The coming year should be another resilient one for fixed-income investors, although not without its challenges.

13/11/2017 | 11:00 AM  The macro stability cocktail is a combination of decent growth, muted inflation, and very gradual withdrawal of central bank accommodation.

31/10/2017 | 8:21 AM  The Australian hybrids market has performed strongly since the middle of last year, which is no coincidence given the improvement in the big banks' capital positions.

23/10/2017 | 4:34 PM  Suncorp will raise $250m via a new hybrid issue to be listed on the ASX, called Suncorp Capital Notes 2 (SUNPG).

16/08/2017 | 9:50 AM  ANZ will raise up to $1bn via a new hybrid issue, to be listed on the ASX, called ANZ Capital Notes 5 (ANZPH).

02/08/2017 | 3:03 PM  Slowing economic growth in the US and parts of Europe emphasises the need to carefully select credit opportunities, says Vincent Reinhart, chief economist, Standish Mellon Asset Management.

01/08/2017 | 9:17 AM  With the ongoing quest by central banks to normalise interest rates, Australian investors have been given plenty of reasons to review asset allocation in preparation for an eventual tightening.

20/07/2017 | 3:15 PM  Morningstar interprets recent comments by outgoing ASIC chairman Greg Medcraft as a reflection of his concerns regarding the lack of understanding of the securities among many retail investors.

28/06/2017 | 10:35 AM  Being benchmark agnostic is the most effective approach to fixed-income investing, according to Anujeet Sareen, portfolio manager, Brandywine Global.

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.