BondAdviser

Thank you to Alternative Credit Council for inviting us as a panelist at the 2024 Investor Forum. BondAdviser’s Alternative and Private Debt Research team was established in 2017. We have since been a strong advocate in asset allocation to the Australian private debt market given the inherent benefit to risk-adjusted returns across income-driven portfolios. 

A great article from BondAdviser, highlighting the importance of selecting the right private debt manager, especially as new managers continue to enter the fold. I'd also add that it's important to assess what material 'skin in the game' or co-investments the manager has committed alongside investors, what oversight structures are in place to essentially 'manage the manager', and what workouts capability they have across various market cycles in restructuring, recapitalisation and special situations.

We discuss how APRA's shock announcement will change the banking capital framework for years to come. It wants to remove AT1 and replace it with mainly Tier 2 and some CET1. We provide our first thoughts on winners and losers. #ausbiz #ausecon #apra #hybrids #banks #regcap

BondAdviser is proud to announce that it has been awarded the 2024 IMAP - Institute of Managed Account Professionals award in Australian Fixed Income. This recognition is a testament to our team's unwavering commitment to our clients. For over eight years we have been offering managed account solutions on HUB24 Limited. This was our inaugural awards submission, and we are delighted to be acknowledged by the panel of industry judges. #ausbiz #ausbond #IMAP

#IMAP Managed Account Awards Congratulations to our winners in the Australian Fixed Interest category! BondAdviser represented by Charlie Callan, CFA Also a massive thanks to our judges, award presented by Louis Christopher (SQM Research) #IMAPAwards #IMAP #ManagedAccounts

BondAdviser has been selected as a finalist for the 2024 IMAP Awards in the Australian Fixed Income category. We are delighted that our inaugural submission has received such recognition. Our Income Plus SMA, with a track record spanning over eight years, delivered a return of 7.7% for FY24 (net of investment management fees and transaction costs but before platform administration costs). Since inception, it has outperformed its target of RBA Cash Rate + 1.5% by an annualised 0.5%, all while maintaining high-quality credits (average rating of A) and low interest rate duration (<1 year). Thank-you to our clients; your trust in us is never taken for granted. Congratulations to all the other finalists.

Risky business or structural evolution? Will non-bank lenders continue to dominate in a higher rate world?   Charlie Callan, CFA, Associate Director at BondAdviser bravely took on Frank Danieli, our Head of Credit Investments and Lending, in the ‘Great Credit Debate’ at the MA Alternatives Summit in Sydney this morning.   Bank lending and public bonds has been a foundation of Australia’s financial system. Charlie defended the advantages a regulated and closely supervised banking and lending system has delivered (through many cycles), greater funding certainty, liquidity, and the ability to fairly price risk.   Frank outlined the rise of private credit in Australia and its relative strong performance with lower volatility (compared to traditional fixed income) over the last two decades, following firmly in the footsteps of the world’s largest and deepest credit market, the US. Transactions have become larger and larger with five of the largest private credit deals in Australia occurring in the last two years.   Charlie and Frank presented their cases nobly.   What was unanimously agreed? There are good and bad credit deals in any market. The key is sound fundamental investing, secure downside protection and asset manager selection. Asset managers should offer full transparency, established risk management processes, portfolio disclosure, sound governance, and multi-cycle experience.

On ausbiz Charlie Callan, CFA talks about the RBA's cash rate problems in relation to inflation, the supply picture for new bond issuance locally and in the US, and where the best value is in public credit markets. #RBA #bonds #credit #inflation #ausbiz #ausecon

Asset allocation strategies are evolving. Investors are increasingly seeking diversification, protection and opportunity within private market alternatives.   At our inaugural MA Alternatives Summit taking place on 4 and 5 June in Sydney and Melbourne we’ll be discussing the defensive power of alternative investments and why it’s critical for investors to explore beyond public markets.   Is private credit risky business or a structural evolution? BondAdviser’s Charlie Callan, CFA and our Head of Credit Investments & Lending Frank Danieli debate.   Independent Macroeconomic Strategist Jason Todd, CFA will offer insights into the Australian and global economic outlook and implications for private market investors.   MA Financial Founder Andrew Pridham AO and Joint CEO Julian Biggins will take a deep dive into Australia’s real estate market.   Teiki Benveniste Head of Ares Wealth Management Solutions, Jake Haines Managing Director at Pacific Equity Partners and MA Financial Joint CEO Chris Wyke will discuss key lessons for Australian investors from the secular themes that have occurred in global credit markets.   Is the Australian construction industry in crisis and how should investors think about risk? Our real estate credit experts, Drew Bowie and Cathy Houston will explain.   Chris King, founder and CEO of Splend will discuss Australia’s transition to EVs and Rupert Taylor-Price, founder and CEO of Vault Cloud will offer insight into data infrastructure for AI and cloud in a discussion with Managing Director Jaron Yuen.

On ausbiz BondAdviser's Charlie Callan, CFA speaks on fixed vs floating bonds. Credit vs equity income yields and A$ AT1 hybrid valuations. #ausbiz #ausecon #bonds #credit #hybrids