Knowledge
How are Listed Notes different to other products – Fixed Interest Series
Stephen Martin compares the listed note with a traditional Challenger annuity and explains how Challenger’s own capital acts as a first-loss buffer below noteholders.
Knowledge
Introduction to Challenger IM Listed Notes – Fixed Income Series
Stephen Martin joins Morgans to explain how Challenger’s listed note grew out of its goal to be a leader in retirement income solutions.
What we're watching
What We’re Watching: Falling house prices: reshaping mortgage markets, but not yet a credit event
In this month’s What We’re Watching, we explore what falling Australian house prices could mean for mortgage markets and credit investors. While weaker prices are likely to weigh on discretionary consumption, we expect the impact on mortgage credit to remain limited. We discuss the implications for major banks, non-bank lenders and RMBS investors, and what we’re watching as the housing correction unfolds.
Insights
Inside Challenger IM’s credit fund that refuses to be boxed in
Challenger IM’s Stephen Martin on how investing across a mixture of public and private credit assets helps maximise returns for investors.
What we're watching
What We’re Watching: A Growing Market Under Greater Scrutiny
In this month’s What We’re Watching, we explore why underwriting quality has become a key differentiator in commercial real estate debt investing. Increased scrutiny of lending practices, combined with significant divergence across property sectors and managers, is highlighting the importance of rigorous credit assessment. We discuss how testing assumptions, understanding downside risks and structuring appropriate protections can help investors navigate a market where security alone is no longer enough.
Report
2026 H1 – On track for another record year of public market issuance in European ABS
As we head into the inevitable slowdown in market issuance over a hot European summer, we review another record-breaking year to date for European ABS issuance. Australian markets are not far behind their record pace. Despite elevated macroeconomic uncertainty and geopolitical volatility, secondary market demand remained healthy and supply was well absorbed.
What we're watching
What We’re Watching: Quarterly Report – June 2026
In this month’s What We’re Watching, we examine how easing geopolitical concerns led to tightening of credit spreads across non-financial, financial and securitised credit markets. However, dispersion persists, particularly as investors digest shifting interest rate expectations. We remain cautious as spreads in some sectors have returned to historically tight levels, while increasing lender selectivity and performance divergence continue to highlight the importance of disciplined credit selection.
What we're watching
What We’re Watching: Good Due Diligence Should Never Be Remote
This month we examine why effective due diligence in private credit should never be remote. Drawing on the recent MFS Investment Management and Tricolor Auto Group cases, we argue that strong diligence extends beyond reviewing data and documentation to understanding an originator’s people, processes, culture and motivations.
Report
Global ABS 2026: Strong Technicals, More Selective Tone
Barcelona offered an unusually dramatic setting for this year’s Global ABS conference, with evening fireworks to celebrate the visit of Pope Leo XIV for the inauguration of the Sagrada Família’s newest tower. But inside the conference halls and evening receptions of the 30th Annual Global ABS Conference, the tone was rather steadier. Market Participants were […]
What we're watching
What We’re Watching: Levelling the playing field with non-banks but maintaining the confidence trick
In this month’s WWW, we contextualise how the political cycle changed the direction of capital requirements for US banks and what it could means for fixed income investors.
What we're watching
What We’re Watching: Quarterly Report – March 2026
Volatility has resurfaced across credit markets, with spreads widening and dispersion increasing at regional, sector and issuer levels, adding complexity to the investment landscape.
Knowledge
Introduction to Listed Floating Rate Notes
As bank hybrids are phased out, listed floating rate notes have emerged as an alternative way for retail investors to access income‑generating credit investments on the ASX.