Notes Archives

Notes

Week In Review – Recession? Hunting for yield? (12 March 2025)

Elizabeth Moran

Recession? Hunting for yield? Donald Trump is fast finding out that global uncertainty doesn’t help financial markets. The S&P500 was down overnight by 0.76% and...

Notes

Week In Review – Headwinds For Investment Grade Credit (22 October 2025)

Elizabeth Moran

Markets look expensive. Credit spreads are tight. No wonder then that market commentators are opting for quality over yield. Apparently, major investors are actively reducing...

Notes

Week In Review – GDP Weakens (9 September 2024)

Elizabeth Moran

Gross Domestic Product (GDP) grew 0.2% in the quarter ending 30 June 2024 and just 1% for the 2023-24 year, the lowest since 1991-92,...

Notes

Week In Review – Two Big New Sub Debt Issues (28 May 2025)

Elizabeth Moran

The over-the-counter bond market has been busy over the last week with two big banks issuing subordinated debt along with other corporate issues, a...

Notes

Week In Review – Corporate Bond Issues (20 November 2024)

Elizabeth Moran

Annual US inflation accelerated to 2.6% in October 2024, up from 2.4% in September. It’s the first increase in seven months. Coupled with expected...

Notes

Week In Review – ANZ Surprises (13 August 2025)

Elizabeth Moran

Last week, ANZ surprised the market, marketing the first of its kind - a 20-year Tier 2 subordinated debt bullet. That is, a one-off...

Notes

Week In Review – Tightening Spreads (19 March 2025)

Elizabeth Moran

Credit spreads are tight, but yields remain relatively high. This week we publish two very pertinent articles about yield. First, an article from the Federated...

Notes

Week In Review – Inflation On The Rise (29 October 2025)

Elizabeth Moran

Quarterly inflation was announced this morning for the September 2025 quarter and was up 1.3%, taking annual inflation to 3.2%. According to the ABS,...

Notes

Week In Review – Hybrid Bombshell (12 September 2024)

Elizabeth Moran

APRA surprised the market this week when they said they would phase out Capital Notes, otherwise known as hybrids, and Additional Tier 1 capital. It’s...

Notes

Week In Review – US Bond Market Concern (4 June 2025)

Elizabeth Moran

There is mounting concern that US government tariffs and tax cuts may seriously disrupt the US bond market. JPMorgan CEO Jamie Dimon and billionaire...