KangaNews Fixed-Income Research Poll 2020: results announced

KangaNews is pleased to announce the results of its 10th annual Fixed-Income Research Poll. The survey polls the opinions of institutional investors in the Australian fixed-income market on the research they receive across a range of sectors. This year’s results include a new winner in the coveted best overall provider category.

National Australia Bank (NAB) supplants Commonwealth Bank of Australia (CommBank) as the most successful institution in this year’s poll. Reflecting its improvement across several categories, NAB picks up the coveted overall research title and is also recognised as the most improved research house.

NAB retains its 2019 titles in research on foreign exchange and macroeconomics, moves into top spot for research on corporates and financial institutions (FIs) and in the global markets category, and is the inaugural winner of the sustainability and environmental, social and governance (ESG) research category.

Despite NAB’s surge, CommBank maintains its strong positioning in the 2020 poll. CommBank picks up the prize in the high-grade category, which now combines research in the Australian dollar government, semi-government and sovereign, supranational and agency (SSA) markets. CommBank also retains its title in trade ideas and relative value (RV), with those categories also combined this year.

It also takes out the special category of research most useful for analysis of the COVID-19 crisis, and rises strongly to finish third in the global and regional markets categories, having finished outside the top five in both last year.

ANZ and Citi share the top of the podium in the research on regional markets category. Other highlights for ANZ in the 2020 poll include a second-place finish in the sustainability and ESG category, while Citi was runner up in the trade ideas and RV, and global research categories.

Meanwhile, Westpac Institutional Bank (Westpac) maintained its dominance in structured finance, winning the category for a third straight year. Westpac also recorded strong results in research on corporations and FIs, foreign exchange and macroeconomics, finishing second in all three.

2020 full results

* Denotes 2019 category winner.

Which team provides the best overall research on Australian fixed income?

Rank	Institution	Team
1	National Australia Bank	Skye Masters, Alex Stanley, Ivan Colhoun, Alan Oster, Kieran Davies, Michael Bush, Ken Hanton and Ray Attrill
2	Commonwealth Bank of Australia*	Martin Whetton, Philip Brown, Tally Dewan, Joyce Yu, Belinda Cheung, Stephen Halmarick
3	Westpac Institutional Bank	Damien McColough, Martin Jacques, Brendon Cooper, Duncan Chellew and Leila O’Connell
4	Citi	Steven Mansell and Anthony Ip
5	ANZ	David Plank, Jack Chambers and Hayden Dimes

Source: KangaNews 29 July 2020

Which team provides the best research and analysis of Australian government, semi-government , and Australian dollar SSA bonds?

Rank	Institution	Team
1	Commonwealth Bank of Australia**	Martin Whetton, Philip Brown and Stephen Halmarick
2	National Australia Bank**	Skye Masters and Alex Stanley
3	Westpac Institutional Bank	Damien McColough and Leila O'Connell
4	ANZ	Jack Chambers, Hayden Dimes and David Plank
5	UBS	Matt Johnston, Giulia Specchia, George Tharenou and Carlos Cacho

** In 2019, CommBank won the SSA category while NAB won the government and semi-government category.
Source: KangaNews 29 July 2020

Which team provides the best research and analysis on foreign exchange?

Rank	Institution	Team
1	National Australia Bank*	Ray Attrill and Rodrigo Catril
2	Westpac Institutional Bank	Robert Rennie, Sean Callow and Richard Franulovich
3	Commonwealth Bank of Australia	Joe Capurso, Elias Haddad, Carol Kong and Kim Mundy
4	ANZ	Daniel Been, John Bromhead and Rahul Khare
5	Deutsche Bank	Tim Baker

Source: KangaNews 29 July 2020

Which team provides the best research and analysis on structured finance?

Rank	Institution	Team
1	Westpac Institutional Bank*	Martin Jacques
2	Commonwealth Bank of Australia	Tally Dewan
3	National Australia Bank	Ken Hanton
4	ANZ	ANZ Research
5	Citi	Citi

Source: KangaNews 29 July 2020

Which team provides the best research and analysis on Australian corporations and financial institutions?

Rank	Institution	Team
1	National Australia Bank	Michael Bush and Andrew Jones
2	Westpac Institutional Bank	Brendon Cooper, Martin Jacques and Duncan Chellew
3	Citi	Anthony Ip
4	Commonwealth Bank of Australia**	Joyce Yu, Belinda Cheung and Tally Dewan
5	ANZ	ANZ Research

** 2019 poll only asked for opinion on corporate research.
Source: KangaNews 29 July 2020

Which team provides the best trade ideas and research on relative value?

Rank	Institution	Team
1	Commonwealth Bank of Australia**	Martin Whetton, Philip Brown, Tally Dewan, Joyce Yu and Belinda Cheung
2	Citi	Steven Mansell and Anthony Ip
3	National Australia Bank	Skye Masters and Alex Stanley
4	Westpac Institutional Bank	Damien McColough, Leila O'Connell, Brendon Cooper and Duncan Chellew
5	UBS	Matt Johnston and Giulia Specchia

**CBA won 2019 poll in both the separate trade ideas and relative value categories.
Source: KangaNews 29 July 2020

Which team provides the best research on global markets in terms of its value to Australian fixed-income investors?

Rank	Institution	Team
1	National Australia Bank	David De Garis, Gavin Friend, Ray Attrill, Rodrigo Catril, Christy Tan and Tapas Strickland
2	Citi*	Catherine Mann, Matt King, Jeremy Hale, Jabaz Mathai and Steven Mansell
3	Commonwealth Bank of Australia	Joe Capurso, Kim Mundy, Martin Whetton, Philip Brown, Elias Haddad and Kevin Xie
4	ANZ	Richard Yetsenga, Tom Kenny, Brian Martin and Daniel Been
5	Westpac Institutional Bank	Richard Franulovich, Robert Rennie, Damien McColough and Elliot Clarke

Source: KangaNews 29 July 2020

Which team provides the most valuable research on Asian and other regional markets to Australian fixed-income investors?

Rank	Institution	Team
1=	ANZ*	Khoon Goh, Raymond Yeung, Jennifer Kusuma and Richard Yetsenga
1=	Citi	Catherine Mann, Li-Gang Liu, Johanna Chua, Kiichi Murashima, Jeremy Hale, Lu Sun, Tomohisa Fujiki and Steven Mansell
3	Commonwealth Bank of Australia	Joe Capurso, Kim Mundy, Martin Whetton, Philip Brown, Elias Haddad and Kevin Xie
4	Mizuho Securities	Mark Reade and Eric Ng
5	HSBC	Andre de Silva

Source: KangaNews 29 July 2020

Which team provides the best macroeconomic research and analysis?

Rank	Institution	Team
1	National Australia Bank*	Ivan Colhoun, Alan Oster, Kieran Davies, Kaixin Owyong, Tapas Strickland, Gareth Spence and David de Garis
2	Westpac Institutional Bank	Bill Evans and Westpac Economics
3	Commonwealth Bank of Australia	Stephen Halmarick, Gareth Aird, Belinda Allen, Kristina Clifton and Nic Guesnon
4	ANZ	David Plank, Felicity Emmett, Cherelle Murphy, Catherine Birch, Adelaide Timbrell, Hayden Dimes and Richard Yetsenga
5	UBS	Arend Kapteyn, George Tharenou, Carlos Cacho, Seth Carpenter and Tao Wang

Source: KangaNews 29 July 2020

Which team provides the best research on sustainability and ESG in Australian fixed income?

Rank	Institution	Team
1	National Australia Bank	Michael Bush and David Jenkins
2	ANZ	Richard Yetsenga, Cherelle Murphy and Catherine Burch
3	Commonwealth Bank of Australia	Martin Whetton, Philip Brown, Stephen Halmarick and Joe Capurso
4	Westpac Institutional Bank	Michael Chen
5	Citi	Zoe Whitton and Edward McKinnon