IMAP Podcast Series - Independent Thought
Episode 38: The IMAP Australia's Best - Managed Account Award Winner Series: "Navigating Australian Fixed Income: Hybrids, Credits and Bonds"
Sep 25, 2025
IMAP
Join our host Emily Barlow (Perpetual Private) and Charlie Callan (BondAdviser) our Fixed Interest Category Winner at the IMAP Managed Account Awards 2025. They discuss;
- The key changes they are seeing in the Australian fixed interest market right now
- AT1 hybrids are trading at post-GFC tights, with Big Four margins around +185bps. What’s driving this demand-supply imbalance?
- How investors think about liquidity and volatility risk
- Tier 2 spreads have compressed too far, partly due to ETFs making up about 8% of the universe. What’s your advice on positioning in this context?
- BondAdvisors have noted wave of issuance recently; is this just post-reporting season activity, or a sign of deeper appetite for A$ credit?
- Will international names continue dominating issuance
- Lonsec recently downgraded Metrics’ flagship fund. Should investors read this as a broader signal for the private credit space?
- Private Credit as an asset class and the way investors should assess risk in this part of the market