Today
Fixed income brokers prepare for a ‘gold rush’
A surprise decision by regulators to phase out major bank hybrids has sparked a race to fill the void and meet a growing demand for income.
- Jonathan Shapiro
This Month
- Opinion
- Hybrids
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.
- Jonathan Shapiro
October
Ex-Goldies duo sign US merchant bank for private credit push
Street Talk can reveal McMurdo and Walsh’s Privatus Capital Partners has signed an agreement with New York’s BDT & MSD Partners.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Four things investors must know before leaping into private credit
Private credit is a newly accessible asset class for retail investors, but there are potential traps for the unwary as not all private credit is the same.
- Nehemiah Richardson
UniSuper withdraws Tanarra Credit Partners’ mandate; dealmaker resigns
The industry fund has yanked a multimillion-dollar private debt mandate as it seeks to consolidate its private credit strategy towards the bigger end of town.
- Updated
- Sarah Thompson, Kanika Sood and Emma Rapaport
September
Coronado hires three banks for $US400m debut high-yield bond
Coronado’s B+ rating is firmly in the so-called “junk bond” territory.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Challenger-backed Ardea IM battles redemptions; co-founder exits
The Ardea Real Outcome Fund, has shrunk from $10 billion three years ago to $4.3 billion at the end of July, according to publicly available documents.
- Sarah Thompson, Kanika Sood and Emma Rapaport
Former Macquarie star bets on private market reckoning
Private equity investor Ben Brazil is ready to swoop on what he thinks will be an imminent wave of distress, and to profit from those who got in over their heads.
- Jonathan Shapiro
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.
- Jonathan Shapiro
- Analysis
- Hybrids
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.
- Jonathan Shapiro
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.
- Jonathan Shapiro
Hybrids make stealthy return in Scentre vision
A $750 million hybrid security issue entertained by Scentre may encourage more corporations to turn to the Australian debt market to bolster their balance sheets.
- Jonathan Shapiro and Cecile Lefort
Andrew Lockhart’s Metrics seeks $300m for new multi-strategy LIT
It’s an ambitious return target, and the sales pitch says Metrics will invest in commercial real estate deals to turn it into reality.
- Sarah Thompson, Kanika Sood and Emma Rapaport
July
- Opinion
- Superannuation
Once reluctant, super fund giants are flocking to private credit
If they can find investments that earn close to double-digit returns with reasonable reliability, they’re happy to scale up – which is precisely what they’re doing.
- Jonathan Shapiro
AOFM chief puts banks on notice as bond trading probe heats up
The head of the government’s debt agency has reminded the banks, which are hired to help it sell billions of dollars of bonds, what is expected of them.
- Jonathan Shapiro
June
Ex-Gandel Group dealmaker seeks $50m for new private credit fund
The firm has hired former Bank of Melbourne boss Scott Tanner to spearhead the investment committee and advisory board.
- Sarah Thompson, Kanika Sood and Emma Rapaport
- Opinion
- Investing
Blackstone’s mega private credit deal is a sign of the times
Private credit funds are the solution for private equity’s problems. But can the good times last for Wall Street’s hottest sector? Blackstone thinks they can.
- Jonathan Shapiro
- Opinion
- Investigation
ANZ has a lot at stake as ASIC crawls over its bond trading activities
The rumblings in the market are that the investigation is making those on all levels of the bank uneasy. If it isn’t, it really should be.
- Jonathan Shapiro
Fortunes to be made as the private credit boom is going public
Once a cottage industry, private credit is now attracting billions of dollars, reshaping the financial system and minting new fortunes.
- Jonathan Shapiro
QIC’s private debt unit cuts cheque for PEP’s ATOM acquisition
While PEP agreed terms in January, the debt financing was finalised in late May.
- Sarah Thompson, Kanika Sood and Emma Rapaport
