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Still no signs of movement at the RBA
In August the cash rate will have been stuck at 1.50% for two full years*
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The media is full of comments that rising rates are around the corner, but after almost two years is a rise really imminent? We looked at the RBA Board Meeting minutes for clues as to when rates will rise. Two key comments indicate the next move is indeed up; but we feel the rise will not be seen for some time yet, with rates likely to remain on hold until Q3 2019.
* Assuming no change in the cash rate at the August review.
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No.1 Model Portfolio SMA: Important Changes
A number of changes have been made in the July portfolio review
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CIO Ian Martin, has made a number of changes to the XTBs included in the No.1 Model Portfolio SMA. Removed from the portfolio are YTMSCG, YTMAST and YTMLL1. Replacing these XTBs are YTMSG2, YTMAWC and YTMTL1. These changes produce a significant uplift in the portfolio YTM to 3.28% (as at 23 July). To find out more about the SMA download this week's price sheet below.
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Bond Indices: Understanding all the angles
We take a closer look at the AusBond Composite and Credit Indices
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Most advisers have a good understanding of the S&P/ASX 200 Index. They know that it is made up of the 200 largest stocks by market capitalisation and that the weighting also takes the stock's liquidity into account.
Things work a little differently in the world of bonds. We take a look under the bonnet of the two main bond indices used in Australia - The AusBond Composite and AusBond Credit Indices to see what drives them.
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FY18 Tax Guide
Check out our handy tax guide to assist your clients with their tax returns.
The XTB Tax Guide is a guide only, so investors should consider consulting a professional when completing their tax return.
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Investment Returns
For clients invested in any of the maturing XTBs, requesting an Investment Return Calculation can help demonstrate that their investment performed as predicted.
Click on the image to request a personalised investment return.
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GLOSSARY: Accrued Interest
Accrued Interest: Interest that has accumulated since the last coupon payment date, but has not yet been paid. Bonds accrue interest daily during coupon periods and then pay the interest (or the coupon) on the last day of the interest period.
View our glossary for more terms
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Interactive tools & calculators
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Cash Flow Tool
Build a portfolio of up to 10 XTBs and chart coupon payments and total return. With pre-loaded XTB portfolios, it only takes 3 clicks to visualise the income your clients could receive from XTBs.
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Interactive XTB Table
The Available XTBs table lets you filter by Company, Maturity Date, YTM and much more. Click on table headers, or use the filters to narrow your selection and build an XTB portfolio on the fly.
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24 JUL: YTMGPT - GPT 6.75% 24 JAN 2019
08 AUG: YTMF04 - NAB BBSW + 0.88% 08 NOV 2018
16 AUG: YTMAS2 - Ausnet 4.40% 16 AUG 2027
20 AUG: YTMF05 - NAB BBSW + 0.85% 20 MAY 2019
21 AUG: YTMIPL - Incitec Pivot 5.75% 21 FEB 2019
24 AUG: YTMGP1 - GPT 3.657% 24 AUG 2026
06 SEP: YTMSGP - Stockland 5.50% 06 SEP 2019
Keep up to date with XTB coupon dates on our website calendar, or follow us on Twitter or LinkedIn.
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20 JUL: Deal and ratings review, week ending 20 July 2018
20 JUL: Zurich uncovers long - tenor demand with club - style deal
19 JUL: ME Bank plans prime RMBS deal
19 JUL: Pepper starts marketing PRS 21 RMBS deal
18 JUL: Zurich Australia prints A$250 million 20-year domestic deal
18 JUL: IFC prices A$150 million short 11-year Kangaroo bond
KangaNews has an excellent summary of the latest bond transactions: View here
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If you have any questions on the content included in Yield Matters or need help with anything regarding XTBs, please contact us on 1800 995 993 or email advisers@xtbs.com.au
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