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Research Reports
Conservative Fixed Income Portfolio by Dr Stephen Nash 04 August 2010Generally, the following note will seek to allocate a bond portfolio in a way that maximizes return over the forecast period. In order to execute this goal, the following steps are followed: (i)... The New Black: Inflation Linked Bonds 23 March 2010While fashions come and go, good portfolio diversification is always in style. In this note, the main benefits of inflation linked bonds are briefly summarized, along with some mechanical aspects of... When to Buy Inflation Linked Bonds 25 February 2009Contrary to popular opinion, the time to buy inflation linked bonds may not be, as usually expected, when inflation actually occurs. That may well in fact be the time to consider selling. The time to...Articles from The Wire
The Wire - 1 September 2010 - Issue #119 01 September 2010 Rabobank Group 1H10 Results - Tier 1 Bonds Good Relative Value Dutch banking organisation Rabobank Group reported a 26% increase in first-half net profit to €1.66bn as signs point to a... Exploring Long-Dated Government and Inflation Linked Bonds - Relative Value Assessment 01 September 2010by Dr Stephen Nash In recent weeks FIIG has done a series of articles, which has argued that investors should not be afraid of the long end of the fixed income market, especially if government bonds... The Wire - 11 August 2010 - Issue #116 11 August 2010 Constructing a Portfolio This article is the second in a two part series, giving insight into how to construct a fixed income portfolio. FIIG’s Managing Director, Jim Stening, and... Moderate Fixed Income Portfolio - With a Target of 4% Over Inflation 11 August 2010by Jim Stening Investment Goals My investment goals from a fixed income allocation perspective are modestly biased towards growth. My personal circumstances are a little unusual in comparison to most... Semi-government Indexed Linked Bonds 11 August 2010by Dr Stephen Nash Semi-government inflation linked bonds (ILBs) became much more attractive with a $4bn Commonwealth Government ILB issue last November and that relative value is now even more... 'AAA' rated Inflation Linked Bonds at 'BBB' Prices 11 August 2010by Gavin Madson FIIG has sourced some ‘AAA’ rated MPC Funding Ltd bonds offering ‘BBB’ returns. MPC is the funding arm of the Melbourne Convention Centre development... Conservative Fixed Income Investment Portfolio - Dr Stephen Nash 04 August 2010Dr Stephen Nash, Director of Strategy and Market Development, maintains the macro-economic environment does not support the aggressive use of credit and adopts a conservative stance in the creation... Consumer Price Index (CPI) Preview 28 July 2010by Dr Stephen Nash In terms of fixed income investing, the CPI quarterly result is a highly significant event because it gives important historical information on inflationary trends and is only... Five Things To Do In a Recession 26 May 2010by Dr Stephen Nash Volatility over the last week has increased and the threat of recession will loom large in the mind of many investors. If you are concerned about a recession you should... Super Funds Continue to Target Aussie Infrastructure 19 May 2010by Gavin Madson Last week the Australian toll road infrastructure company Transurban Group Ltd rejected a second takeover approach from large super funds. The offer came from major shareholders the... Sydney Airport Reports Uplifting Results 19 May 2010by Gavin Madson We recently attended Sydney Airport’s investor road show as they seek to refinance their 2011 and 2012 maturities in advance. The numbers confirm that Australia’s largest... Is Australian Asset Allocation Being Distorted by a Lack of Tax Neutrality? 19 May 2010by Dr Stephen Nash Generally, the Henry Review found that there is a large variation in taxation of different types of assets. Specifically, the Henry Review identified that those on the top marginal... Henry Tax Review 12 May 2010by Dr Stephen Nash In this note the Henry Tax Review (the Henry Review), as it relates to the taxation of different asset classes, will be briefly reviewed, and the recommendations of the Henry... CPI Preview - RBA themes drive future interest rate policy. 28 April 2010by Dr. Stephen Nash For fixed income investors, the CPI quarterly result is a highly significant event because it gives important historical information on inflationary trends. In previewing of the... The Bad News and the Good News 14 April 2010by Dr. Stephen Nash Last week, we discussed how hybrids can be used in a fixed income portfolio to diversify risk. This week, we compare how the typical asset allocation compares against a... The Wire - 30 March 2010 30 March 2010 Best Offers on Bonds and Term Deposits Upcoming Economic Releases High Yield Portfolio Delivers 168% Returns Our high yield hybrid portfolio has generated stellar returns... The New Black - Inflation Linked Bonds Part Two 30 March 2010As we discussed last week good portfolio diversification is always in style, and we noted that Inflation Linked bonds (ILBs) help investors generate a direct hedge against inflation. However, there... The Wire - 23 March 2010 23 March 2010Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Lloyds/HBOS Subordinated Debt Mispriced by the Market In the past... The New Black: Inflation Linked Bonds 23 March 2010While fashions come and go, good portfolio diversification is always in style. In this note, the main benefits of inflation linked bonds are briefly summarized, along with some mechanical aspects of... The Wire - 16 March 2010 16 March 2010 Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Lock In Long Dated Term Deposits Take advantage of an... Cheap Semi-Government Bonds 16 March 2010 Semi-Government Indexed Linked Bonds (ILBs) Relative Value Semi-government inflation linked bonds (ILBs) still remain cheap compared to Commonwealth linkers. Subsequent to our last review,... The Wire - 09 February 2010 09 February 2010 Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Government Guarantee Withdrawal On Sunday the government... Semi-Government Indexed Linked Bonds (ILBs) 09 February 2010by Dr. Stephen Nash Recent interest rate spreads between long dated semi-government ILBs and Commonwealth Government bonds have widened, even though the opposite has occurred in the nominal market.... Small Parcel Portfolio 19 January 2010Generally, individual or retail investors have been unable to access most wholesale fixed income investments. Smaller parcel investment portfolios will allow investors to gain easier exposure to the... The Australian Superannuation Debate - By Dr Stephen Nash 24 November 2009In 25 years the Australian superannuation industry is expected to have around five trillion dollars under management, which according to statistics may constitute a significant 105% of forecast GDP.... Asset Allocation and Correlation - By Dr Stephen Nash 03 November 2009Typical approaches to “balanced” portfolios in the Australian market have a flawed approach, which fails to take full account of the lack of correlation between the main asset classes. By... The Wire - 27 October 2009 27 October 2009Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases RBA Preview The RBA is set to lift interest rates on Melbourne Cup... Inflation Linked Bonds 27 October 2009Indexed linked bonds (ILBs) have been issued in the Australian market for some time, however the commonwealth government effectively closed the market some time ago, and investors have not been able... Inflation, RBA Speeches, and the RBA Minutes - By Dr. Stephen Nash 20 October 2009As we approach the release of the Australian CPI, the theme of inflation and the risk inflation poses to investors, comes to mind. In particular, several issues need to be assessed. First, it can be... Australian Asset Allocation: Aggressive on a Worldwide Comparison - By Dr Stephen Nash 13 October 20091 Introduction: On 26 August 2009 the OECD published a worldwide study of pension allocation comparing asset allocation of 27 countries (see Figure 1 below). The study shows Australia has the most... The Wire - 29 September 2009 29 September 2009 Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Two bargains in the Fixed Income Market A review of two of... New issues - Australian Government Inflation-Linked Bonds and QBE 29 September 2009 Australian Government issues Inflation-linked bonds The Federal Government today issued their first inflation linked bond securities since 2003 with analysts predicting strong demand from... The Wire - 22 September 2009 22 September 2009 Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Leverage to BBSW With interest rates set to rise we examine... Illiquidity Premium in ILBs 22 September 2009 by Dr Stephen Nash The Commonwealth Government has announced it will begin reissuing Commonwealth Inflation Linked Bonds (ILB) late September, early October 2009. The re-opening of the ILB... Treasury Indexed Bonds 08 September 2009The Australian Office of Financial Management (AOFM) recently announced plans to issue new Treasury Indexed Bonds (TIB). The TIB will be issued via a newly appointed syndicate panel with confirmation... The Wire - 18 August 2010 18 August 2009Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases RBA Minutes - By Dr Stephen Nash RBA Minutes - By Dr Stephen... Inflation Linked Bonds 18 August 2009Inflation Linked Bonds Make a Come-back Inflation linked bonds have been out in the investment wilderness for some time now but are set to make a come-back in a big way. The New South Wales Treasury... Moving to Neutral on Credit 11 August 2009Moving to Neutral on Credit Back on 9 December 2008 we officially changed our view to “Go long credit…selectively” having been underweight credit for the best part of the previous... Macro-economic View 14 July 2009by Dr. Stephen Nash Government Bond Demand-Supply Dilemma In the current financial crisis governments face many risks. The supply of global government bonds, while usually a mundane topic, is now an... Macro-Economic View 30 June 2009Last week we noted that two competing issues were concerning the bond market; optimism on the economy and pessimism on the funding task. At that time, the market was beginning to revise what had... Term Deposits Dilemma 02 June 2009A year ago term deposit investors were in heaven. 8% plus returns were par for the course and investors could revel in high returns for little risk. One of the more generous deals on offer was the... On Inevitability: Commonwealth to Re-Issue Indexed Linked Bonds (ILBs) 21 April 2009On Inevitability: Commonwealth to Re-Issue Indexed Linked Bonds (ILBs) Some have said it would never happen, and some have suffered as a result of the market being closed, however the Commonwealth... The Inflation Monster Set to Rear its Head 17 March 2009The Inflation Monster Set to Rear its Head Record low interest rates plus monstrous economic stimulus packages plus governments printing money: what is the sum of this equation? Economics 101 would... The Wire - 24 February 2009 24 February 2009Welcome to The Wire - FIIG Securities' weekly newsletter Best Offers on Bonds and Term Deposits Upcoming Economic Releases Global Debt Markets in Limbo Global debt markets remain in limbo as... Global Debt Markets in Limbo 24 February 2009Global debt markets remain in limbo as the potential for nationalisation of the once gigantic US banks, namely Citibank and Bank of America is discussed or, more accurately, negotiated. Credit... When to Buy Inflation Linked Bonds 24 February 2009When to buy Inflation Linked Bonds (ILB’s)? Contrary to popular opinion, the time to buy inflation linked bonds may not be, as usually expected, when inflation actually occurs. That may well in...News Articles
Zero ResultsEducation Articles
Conservative Fixed Income Portfolio by Dr Stephen Nash 04 August 2010Generally, the following note will seek to allocate a bond portfolio in a way that maximizes return over the forecast period. In order to execute this goal, the following steps are followed: (i)... Small Parcel Portfolio 19 January 2010Generally, individual or retail investors have been unable to access most wholesale fixed income investments. Smaller parcel investment portfolios will allow investors to gain easier exposure to the... When to Buy Inflation Linked Bonds 24 February 2009When to buy Inflation Linked Bonds (ILB’s)? Contrary to popular opinion, the time to buy inflation linked bonds may not be, as usually expected, when inflation actually occurs. That may well in...