KangaNews Fixed-Income Research Poll 2025: results announced
The KangaNews Fixed Income Trading and Research Poll 2025 reveals the state of play in Australian sell-side research and secondary trading, with Westpac Institutional Bank leading the pack across the majority of categories. The results overall point to a consolidation of strength among a handful of banks, reversing the more fragmented outcome from 12 months ago.
Westpac claims five of the seven research categories, retaining all its wins from 2024 and adding the rates category. Westpac is also the stand-out institution in the 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.
Commonwealth Bank of Australia (CBA) lands the most second place positions across the poll, in seven out of the 13 categories including overall best research on Australian fixed income and the best macroeconomic research. CBA continues to lead the pack in research on sustainable finance, taking the top position for the third consecutive year.
Elsewhere, Deutsche Bank keeps the trophy it first won in 2024 for the best research on international markets and RBC Capital Markets is recognised by investors as the bank that has provided the best secondary market support to Australian dollar SSA product in the last 12 months. ANZ jumps to third, from fifth last year, for credit research
2025 full results
* Denotes 2024 category winner
Which team provides the best overall research on Australian fixed income?
| Rank | Institution | Team |
|---|---|---|
| 1 | Westpac Institutional Bank* | Martin Whetton, Damien McColough, Brendon Cooper, Martin Jacques, Uma Choudhury and Jimmy Yao |
| 2 | Commonwealth Bank of Australia | Adam Donaldson, Gus Medeiros, Sandeep Parekh, Andrea Jaehne, Jonathon Sterling and Michael Tang |
| 3 | ANZ | Adam Boyton, Jack Chambers, Richard Yetsenga, Adelaide Timbrell, Madeline Dunk and Mahjabeen Zaman |
| 4 | National Australia Bank | Sally Auld, Gareth Spence, Skye Masters, Ken Crompton, Gregorius Steven, Michael Bush, Evy Noble, Tapas Strickland, Taylor Nugent, Ray Attrill, Rodrigo Catril and Gavin Friend |
| 5 | Barrenjoey | Jo Masters and Johnathan McMenamin |
Source: KangaNews 18 June 2025
Which team provides the best research and analysis of Australian government, semi-government and Australian dollar SSA bonds?
| Rank | Institution | Team |
|---|---|---|
| 1 | Westpac Institutional Bank | Damien McColough, Martin Whetton and Uma Choudhury |
| 2 | ANZ* | Jack Chambers, Adam Boyton and Madeline Dunk |
| 3 | Commonwealth Bank of Australia | Adam Donaldson, Sandeep Parekh and Michael Tang |
| 4 | National Australia Bank | Ken Crompton, Gregorius Steven and Skye Masters |
| 5 | Barrenjoey | Jo Masters and Johnathan McMenamin |
Source: KangaNews 18 June 2025
Which team provides the best research on Australian corporate and financial institution issuance?
| Rank | Institution | Team |
|---|---|---|
| 1 | Westpac Institutional Bank* | Brendon Cooper and Jimmy Yao |
| 2 | Commonwealth Bank of Australia | Gus Medeiros, Andrea Jaehne and Jonathon Sterling |
| 3 | ANZ | Viacheslav Shilin, Ting Meng and ANZ Research |
| 4 | Deutsche Bank | Kalvin Fernandes |
| 5 | National Australia Bank | Michael Bush and Evy Noble |
Source: KangaNews 18 June 2025
Which team provides the best research and analysis on securitisation?
| Rank | Institution | Team |
|---|---|---|
| 1 | Westpac Institutional Bank* | Martin Jacques |
| 2 | Commonwealth Bank of Australia | Gus Medeiros and Andrea Jaehne |
| 3 | ANZ | ANZ Research |
| 4 | Deutsche Bank | Mark Stone |
Source: KangaNews 18 June 2025
Which team provides the best research on international markets for Australian fixed-income investors?
| Rank | Institution | Team |
|---|---|---|
| 1 | Deutsche Bank* | George Saravelos, Jim Reid, Francis Yared, Matt Raskin, Matt Luzzetti, Tim Baker and Lachlan Dynan |
| 2 | Westpac Institutional Bank | Martin Whetton, Damien McColough, Uma Choudhury and Brendon Cooper |
| 3 | National Australia Bank | Ray Attrill, Tapas Strickland, Rodrigo Catril, Sally Auld, Gavin Friend, Skye Masters, Ken Crompton and Taylor Nugent |
| 4 | ANZ | Brian Martin, Tom Kenny, Richard Yetsenga, Raymond Yeung, Mahjabeen Zaman, Khoon Goh, Viacheslav Shilin and Bansi Madhavani |
| 5 | Commonwealth Bank of Australia | Adam Donaldson, Sandeep Parekh and Gus Medeiros |
Source: KangaNews 18 June 2025
Which team provides the best macroeconomic research and analysis?
| Rank | Institution | Team |
|---|---|---|
| 1 | Westpac Institutional Bank* | Luci Ellis, Justin Smirk, Matthew Hassan, Andrew Hanlan, Ryan Wells, Illiana Jain and Sian Fenner |
| 2 | Commonwealth Bank of Australia | Gareth Aird, Belinda Allen, Stephen Wu and Harry Otley |
| 3 | ANZ | Adam Boyton, Adelaide Timbrell, Madeline Dunk and Richard Yetsenga |
| 4= | National Australia Bank | Sally Auld, Gareth Spence, Taylor Nugent and Tapas Strickland |
| 4= | Barrenjoey | Jo Masters and Johnathan McMenamin |
Source: KangaNews 18 June 2025
Which team provides the best research on sustainable finance and ESG in Australian fixed income?
| Rank | Institution | Team |
|---|---|---|
| 1 | Commonwealth Bank of Australia* | Lauren Holtsbaum, Jo Lyn Tan, Gus Medeiros and Vivek Dhar |
| 2 | ANZ | Richard Yetsenga, Daniel Hynes and ANZ Research |
| 3 | Westpac Institutional Bank | Michael Chen, Neville Grace, Hannah Peterson, Jeffrey Lau and Jeremy Sweeney |
Source: KangaNews 18 June 2025
Which team provides the best secondary market support to Australian dollar sovereign and semi-government product?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank* |
| 2 | Commonwealth Bank of Australia |
Source: KangaNews 18 June 2025
Which team provides the best secondary market support to Australian dollar SSA product?
| Rank | Institution |
|---|---|
| 1 | RBC Capital Markets |
| 2 | Westpac Institutional Bank |
Source: KangaNews 18 June 2025
Which team provides the best secondary market support to Australian corporate and financial institution bonds?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank* |
| 2 | Commonwealth Bank of Australia |
Source: KangaNews 18 June 2025
Which team provides the best secondary market support to Australian securitisation product?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank* |
| 2 | Deutsche Bank |
Source: KangaNews 18 June 2025
Which house stands out as supportive of deals it has arranged/lead managed in subsequent secondary trading?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank* |
| 2 | Commonwealth Bank of Australia |
Source: KangaNews 18 June 2025
Which house stands out as supportive of deals it has not arranged/lead managed in subsequent secondary trading?
| Rank | Institution |
|---|---|
| 1 | Westpac Institutional Bank* |
| 2 | Deutsche Bank |
Source: KangaNews 18 June 2025
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