Income floats: Heritage, Tatts & Seek

Key Points Heritage Bonds offer a high return but are exposed to a small bank Tatts Bonds priced for perfection, which is probably not deserved Seek’s ‘Subordinated Notes’ are more like preference shares, therefore risky This analyst once worked in the fixed interest department of a large Australian bank. While a colleague was absent, he was given free rein over the corporate bond portfolio of a life insurance division for a few months. The instructions for running this buy-and-hold portfolio were clear; if any new bond offers came along, ask the risk management department for permission to buy. If...

This analyst once worked in the fixed interest department of a large Australian bank. While a colleague was absent, he was given free rein over the corporate bond portfolio of a life insurance division for a few months.

The instructions for running this buy-and-hold portfolio were clear; if any new bond offers came along, ask the risk management department for permission to buy. If it’s good enough for them, it’s good enough for you, he was told.

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