Insights - Page 18 of 24 - Royston Capital

16 May

Interview with Alan Kohler

During the month of May Chris Boag and Victor Yeung were interviewed by Alan Kohler. Read More

16 May

May 2018 Market Update – Trade Wars

Welcome and opening remarks: What an interesting time it is! A little while back we… Read More

6 Apr

April 2018 Market Update

Throughout the Month of March the global economy continued to grow. Economic data released during… Read More

25 Mar

The Chase for Yield

In recent months we have seen two high profile listed hybrids come to market, Westpac Capital Notes 5 (WBCPH) and CommBank PERLS X Capital Notes (CBAPG). Both of these were oversubscribed however we felt that their offer for yield was insufficient for us to participate. There are many factors to consider when investing for yield, and when you are seeking more yield you have three choices; i) extend tenor, ii) move down the credit quality spectrum; and iii) move down the capital structure. In the case for WBCPH and CBAPG (and other recent IPOs), the tenor has been extended to seven years or more, without the necessary pick up in margin over the 90-day Bank Bill Swap Rate. To understand this, we set the scene below and explain why we didn?t participate in the offer. Read More

12 Mar

March 2018 Market Update

There is no denying it, economic growth continued its upward trajectory last month. Leading economic… Read More

11 Mar

February 2018 Market Update

Global share markets have been volatile this week as investors adjust to an environment of… Read More

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