January
Race is on to plug $43b bank hybrid market
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.
Asset managers see opportunities in APRA’s bank hybrid ban
Investors will have to find somewhere to park $43 billion in capital after the prudential regulator decided to phrase them out. Some firms see their chance.
December 2024
Hybrid ban will force retail investors to take more risk
APRA’s retail hybrid ban is an attack on retail investors who trust the bank regulator and the Australian banks and invested in bank hybrids in good faith.
Why the RBA will follow the Fed’s election playbook
The Reserve Bank of Australia appears set to ease interest rates in a move that will support its political masters heading into a problematic poll.
APRA winds down $43b bank hybrid market, angering investors
The prudential regulator says other forms of capital are safer and make it easier for issuers to respond to future crises without bailing in retail investors.
D-day for bank hybrids draws a line under divisive APRA process
The prudential regulator is due to give the market an update on whether it will kill bank hybrids. Some people wonder whether it has gone too far.
October 2024
Trading regulatory risk in the $40b hybrid sector
Investors are puzzling over what to do with their hybrids following APRA’s proposal to phase out the sector.
September 2024
Riskiest real estate bonds are beating Nvidia’s returns
It’s a turnaround few could have predicted when landlords around the world were creaking under the weight of higher interest rates and changing work habits.
Why is APRA trying to blow up the hybrid market?
The prudential watchdog wants to boost bank leverage and raise the risks depositors and taxpayers face in the name of ameliorating its regulatory complexity.
Where to invest as bank hybrids disappear
Investors have enjoyed juicy yields on bank hybrids but will need to find alternatives after APRA announced the securities would be phased out by 2032.
Why APRA will kill off bank hybrids for good
Australian bank hybrids have been a popular and reliable source of income for investors. But APRA says their time has come.
APRA calls time on $43b bank hybrid capital era
The prudential regulator said bank hybrid securities would not work as intended during times of crisis.
June 2024
MST poaches Shaws co-heads to set up hybrids business
Street Talk understands Duncan and Anagnos, who have built Shaws’ hybrids and SMAs business together over the past decade, lobbed their resignations last week.
March 2024
Rate cuts are coming. Here’s what retiree investors can do
Once interest rates start to fall, the cash and term deposits that make up large portions of Australian retirees’ portfolios will deliver a little less. Here’s what to think about.
February 2024
ANZ hybrid expected to be upsized to $1.5b after Suncorp win
ANZ is expected to upsize its $1 billion hybrid deal launched last week.
January 2024
ANZ tipped to target $1b-plus for new hybrids deal
ANZ is expected to target a $1 billion-plus deal size for its latest hybrid issue, which would include a reinvestment slice for holders of ANZ Capital Notes 4.
November 2023
Westpac tipped to seek $1.5b for new hybrid deal; hires big syndicate
Street Talk understands the Big Four bank is aiming for a circa $1.5 billion deal size and is preparing for launch next week.
October 2023
Judo belts out record margin for hybrid capital
Judo’s new hybrid offer is paying a generous interest rate of more than 10 per cent. That has investors equally excited and concerned.
ASX kicks off meetings for bond deal; three banks mandated
The exchange is in the market with a 3-year Australian dollar, senior unsecured, floating rate benchmark transaction to fund future capital expenditure.
September 2023
Bank hybrids are pitting APRA and ASIC against one another
The prudential regulator wants to protect the banking system, while the corporate watchdog wants to protect investors. Bank hybrids are stuck in the middle.