Episode 18: The Next Big Pivot Point for Markets – COVID-19 Vaccines; June Performance; Liquidity in Bond Markets; NAB’s Landmark Unlisted Hybrid Deal; And More

Complexity Premia

Welcome to the Complexity Premia podcast from Coolabah Capital, which is hosted by Christopher Joye, CIO and portfolio manager of Coolabah Capital, and Ying Yi Ann Cheng, a portfolio management director. The Complexity Premia podcast strives to deconstruct modern investment problems for wholesale (not retail) participants in capital markets. You can listen on your favourite podcast app, or you can find it on Apple Podcasts, Spotify or Podbean.

In the latest episode of our Complexity Premia podcast, we discuss a range of issues, including:

• why the emergence of effective COVID-19 vaccines will be the next big regime change for markets with both Moderna and Oxford University leading the charge towards the delivery of a solution before the end of this year;
• a detailed discussion of markets in June and over the last three months, including our trading activity which has encompassed more than $9.3 billion of purchases and sales over the last 6-7 months;
• analysis of the widely misunderstood subject of bond/credit market liquidity, or the lack thereof, which has become the topic de jour in fixed-income in 2020; and
• and a review of NAB’s landmark new unlisted hybrid deal, including its subsequent secondary market trading performance, which has surprised many.

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