KangaNews Fixed Income Trading and Research Poll 2023: trading up
In a major overhaul of a longstanding and significant survey, KangaNews is pleased to reveal the results of its 2023 Fixed Income Trading and Research Poll. For 13 years, institutional investors in the Australian fixed income market have ranked the research they receive across a range of sectors. Based on investor demand, KangaNews has revamped the poll to also include investor views on the service they receive in secondary markets.
To develop the poll in a way that best reflects what the buy side most wants to see a measure of performance on, KangaNews brought together an investor committee to workshop categories. Based on a desire for a ranking of secondary trading across various sectors, the 2023 poll adds six new categories covering the support dealers provide the buy side in the secondary market.
This year’s KangaNews Fixed Income Trading and Research Poll also streamlines the list of research categories so as best to capture the topics of most interest to fixed income investors and reflect the areas in which dealers are invested in research provision.
Westpac Institutional Bank is the stand-out institution in the new trading categories. It claims five out of the six, making it clearly the domestic investor choice as the institution that provides the best secondary-market support in the Australian dollar domestic rates, credit and securitisation sectors.
ANZ is the only house to break the Westpac stranglehold, getting the nod as the best secondary trading house for global supranational, sovereign and agency Kangaroo issuance.
Additional categories asked investors to reveal which houses the investors believe are particularly supportive of deals they led in subsequent secondary market trading, and conversely of deals they were not on the top line of. Westpac is investors’ choice here, too.
Consistency of performance remains a hallmark of the research section of the survey, though there is change at the top. Of the seven research categories, four are retained by 2022 winners: Commonwealth Bank of Australia (CBA) retained best research of the Australian rates market, Westpac took best research on the Australian credit and securitisation markets – the latter for the sixth straight year – and National Australia Bank (NAB) retained best research on international markets.
CBA dominates across the complete set of research categories, taking top spot in four of the seven including the coveted overall category – in this case supplanting NAB from a position it had held since 2020. Meanwhile, Westpac’s research took a step forward, moving up or equalling its rank in last year’s poll in all but one of the categories.
Poll methodology
The KangaNews Fixed Income Trading and Research Poll is a unique opportunity for the Australian domestic fixed income investor community to acknowledge the analysts and brokers believes deliver the best coverage of areas relevant to the Australian debt market.
Conducted online, the survey only records the votes of Australia-based institutional investors. All votes go through a rigorous verification process to ensure only the opinions of qualifying institutional investors are included in the final tally.
This year, there were nearly 150 qualifying votes, with the voting sample representing most key institutional investment funds in the Australian market, across the funds management, insurance and balance sheet sectors.
In 2023, voters were asked to nominate the top three providers of research across seven categories – six individual sectors and the best overall house – as well as six categories related to secondary trading support. As in previous years, positions in the best overall research category are the product of a separate vote rather than an aggregate of the other poll categories.
CBA’s performance is particularly impressive as it comes at the end of a 12-month period in which the bank restructured the way it delivers research and analysis.
KangaNews Fixed Income Trading and Research Poll 2023: full results
* Denotes 2022 category winner
Which team provides the best overall research and/or analysis on Australian fixed income?
| Rank | Institution | Team |
|---|---|---|
| 1 | Commonwealth Bank of Australia | Philip Brown, Stephen Halmarick, Gareth Aird, Joe Capurso, Gus Medeiros and Tally Dewan |
| 2 | Westpac Institutional Bank | Damien McColough, Brendon Cooper, Martin Jacques and Jessica Ren |
| 3 | National Australia Bank* | NAB Markets Research |
| 4 | ANZ | Richard Yetsenga, Adam Boyton, Jack Chambers, Steven Gregorius, Felicity Emmett, Catherine Birch, Adelaide Timbrell and Mahjabeen Zaman |
| 5 | Barrenjoey | Andrew Lilley |
Source: KangaNews 30 June 2023
Which team provides the best research and/or analysis of the Australian rates market, including government, semi-government and Australian dollar SSA bonds?
| Rank | Institution | Team |
|---|---|---|
| 1 | Commonwealth Bank of Australia* | Philip Brown and Stephen Halmarick |
| 2 | National Australia Bank | Skye Masters and Ken Crompton |
| 3 | Westpac Institutional Bank | Damien McColough and Jessica Ren |
| 4 | ANZ | Jack Chambers, Steven Gregorius and Adam Boyton |
| 5 | Barrenjoey | Andrew Lilley |
Source: KangaNews 30 June 2023
Which team provides the best research and/or analysis on the Australian credit market, including corporate and financial institution issuance (excluding securitisation)?
| Rank | Institution | Team |
|---|---|---|
| 1 | Westpac Institutional Bank* | Brendon Cooper and Martin Jacques |
| 2 | Commonwealth Bank of Australia | Tally Dewan and Gus Medeiros |
| 3 | ANZ | ANZ Research |
| 4 | National Australia Bank | Michael Bush |
| 5 | Deutsche Bank | Kalvin Fernandes |
Source: KangaNews 30 June 2023
Which team provides the best research and/or analysis on securitisation?
| Rank | Institution | Team |
|---|---|---|
| 1 | Westpac Institutional Bank* | Martin Jacques |
| 2 | Commonwealth Bank of Australia | Tally Dewan and Gus Medeiros |
| 3 | National Australia Bank | Ken Hanton |
Source: KangaNews 30 June 2023
Which team provides the best research and/or analysis on international markets for Australian fixed-income investors?
| Rank | Institution | Team |
|---|---|---|
| 1 | National Australia Bank* | Ray Attrill, Tapas Strickland, Rodrigo Catril, Sally Auld, Dave de Garis, Gavin Friend, Skye Masters, Ken Crompton and Taylor Nugent |
| 2 | Deutsche Bank | Jim Reid, Francis Yared, Matt Raskin, George Saravelos, Alan Ruskin, Sameer Goel and Binky Chadha |
| 3 | Commonwealth Bank of Australia | Joe Capurso, Kristina Clifton, Vivek Dhar, Carol Kong and Stephen Halmarick |
| 4 | ANZ | Richard Yetsenga, Raymond Yeung, Mahjabeen Zaman, Khoon Goh, Tom Kenny, Brian Martin and Jennifer Kusuma |
| 5 | Westpac Institutional Bank | Richard Franulovich, Imre Speizer, Tim Riddell and Sean Callow |
Source: KangaNews 30 June 2023
Which team provides the best Australian macroeconomic research and/or analysis?
| Rank | Institution | Team |
|---|---|---|
| 1 | Commonwealth Bank of Australia | Gareth Aird, Belinda Allen, Stephen Wu, Harry Ottley and Stephen Halmarick |
| 2 | Westpac Institutional Bank | Bill Evans, Matthew Hassan, Justin Smirk, Andrew Hanlan and Elliot Clarke |
| 3 | National Australia Bank* | Ivan Colhoun, Tapas Strickland, Taylor Nugent, Dave de Garis, Alan Oster, Gareth Spence and Brody Viney |
| 4 | ANZ | Richard Yetsenga, Adam Boyton, Felicity Emmett, Catherine Birch, Adelaide Timbrell and Madeline Dunk |
| 5 | Barrenjoey | Jo Masters and Johnathan McMenamin |
Source: KangaNews 30 June 2023
Which team provides the best research and/or analysis on sustainable finance and ESG in Australian fixed income?
| Rank | Institution | Team |
|---|---|---|
| 1 | Commonwealth Bank of Australia | Joe Capurso, Vivek Dhar, John Oh and Philip Brown |
| 2 | ANZ* | Richard Yetsenga, Catherine Birch, Daniel Hynes and Betty Wang |
| 3 | National Australia Bank | Michael Bush, Baden Moore and Ken Crompton |
| 4 | Westpac | Michael Chen |
| 5 | HSBC | Wai-Shin Chan |
Source: KangaNews 30 June 2023
Which house provides the best secondary market support to Australian dollar sovereign and semi-government product?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank |
| 2 | ANZ |
Source: KangaNews 30 June 2023
Which house provides the best secondary market support to Australian dollar SSA product?
| Rank | Institution |
|---|---|
| 1 | ANZ |
| 2 | RBC |
Source: KangaNews 30 June 2023
Which house provides the best secondary market support to Australian credit product (corporate and financial institution bonds, excluding securitisation)?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank |
| 2 | ANZ |
Source: KangaNews 30 June 2023
Which house provides the best secondary market support to Australian securitisation?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank |
| 2 | National Australia Bank |
Source: KangaNews 30 June 2023
Does any house stand out as particularly supportive of deals it has arranged/lead managed in subsequent secondary trading?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank |
| 2 | ANZ |
Source: KangaNews 30 June 2023
Does any house stand out as particularly supportive of deals it did NOT arrange/lead manage in subsequent secondary trading?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank |
| 2 | ANZ |
Source: KangaNews 30 June 2023
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