Doctors, self-funded retirees and wealthy families are going to have to find somewhere else to make 7 or 8 per cent a year. The first bank hybrids roll off in March.
The biggest prize in Australian capital markets is finding a new home for the final $43 billion in bank hybrids. Someone’s going to make a killing.
Already we have a couple of new listed investment trusts readying raisings – private credit managers raising ASX-listed funds to invest in debt. These vehicles are somehow back in favour, even though there are plenty already available and trading at discounts to their asset backing.
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Anthony Macdonald is a Chanticleer columnist. He is a former Street Talk co-editor and has 10 years' experience as a business journalist and worked at PwC, auditing and advising financial services companies. Connect with Anthony on Twitter. Email Anthony at a.macdonald@afr.com
