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22 January 2026
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With APRA phasing out bank hybrids from 2027, investors must reassess these complex instruments. A synthetic hybrid strategy may offer similar returns but with greater control and clearer understanding of risks.
If you’re struggling to replace the hybrid exposure in your portfolio, you’re not alone. Subordinated debt is an option, and here is a guide on what it is and how it can fit into your investment mix.
APRA has released a plan to phase out bank hybrid securities and replace them with capital it regards as cheaper and safer. The transition will impact hybrid markets, funding spreads, and investor strategies.
APRA is investigating bank hybrids to better secure bank capital and the broader financial system. The problem in Australia is most hybrids are held by 'retail' investors who may not understand the risks.
Hybrid securities have gained popularity, though that faith was shaken when Credit Suisse bonds were wiped out. What's overlooked is that it strengthens the case for owning superior quality Australian bank T2 bonds.
Most Australian investors chasing the extra yield on major bank hybrids, or T1 securities, limit their activity to the domestic market, but there is a disconnect in pricing creating better opportunities offshore.
With stronger capital positions, improved brand equity and the potential to benefit from a robust post-pandemic recovery, the global banking sector is presenting significant opportunities for investors.
The answer to whether the US inflation increase will prove temporary or permanent depends on the rates of growth of the quantity of money. It needs to be brought down to about 0.3% a month, and that's a problem.
It’s been 21 years since the RBA sold the majority of Australia’s national gold reserves. The decision cost the nation AUD5 billion. Is it time to rebuild gold reserves with the opportunity cost now much lower?
Changes to banking regulations have led to higher interest rates on bank loans for SMEs and personal loans, pushing borrowers towards the rapidly growing new segment of non-bank lending for faster and better service.
Investors received a wake-up call to the potential risks of hybrid and subordinated securities following the collapse of Banco Popular Espanol, and the price falls in Australian hybrids shows the market took notice.
The implications for hybrids, bank margins and bank fees from the increase in the risk-weighting of residential mortgages and learning our banks are not top quartile among the capital levels of global banks.
Two years ago, I wrote an article suggesting that the odds favoured ASX shares easily outperforming residential property over the next decade. Here’s an update on where things stand today.
What are the best ways to build a simple portfolio from scratch? I’ve addressed this issue before but think it’s worth revisiting given markets and the world have since changed, throwing up new challenges and things to consider.
At this time last year, I forecast that 2025 would likely be a positive year given strong economic prospects and disinflation. The outlook for this year is less clear cut and here is what investors should do.
Treasury has released draft legislation for a new version of the controversial $3 million super tax. It's a significant improvement on the original proposal but there are some stings in the tail.
I’ve been comparing property and shares for decades and while both have their place, the differences are stark. When tax, costs, and liquidity are weighed, property looks less compelling than its reputation suggests.
The predictions include dividends will outstrip growth as a source of Australian equity returns, US market performance will be underwhelming, while US government bonds will beat gold.