Michael Frearson

speaker

72 appearances 1 recordings 1 series first heard Apr 2026 last heard 30 Apr

Michael Frearson’s voice in public audio — every appearance, attributed to the second.

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Recordings per month over the last 12 months — 1 in all, peaking in Apr 2026 with 1.

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FEAR & GREED | Business News · Q+A: What’s really under the hood of your investments? · 30 Apr 2026 podcast

Yeah, thanks, Sean.

It's a very broad question because it is a very broad asset class.

I'll try to demystify it for you.

Effectively, when you're investing fixed income, you're lending money to someone.

If it's a bond, it's just literally you're lending money to that company.

If it's a loan, you're lending money to an individual or a company and they promise to pay you back

in accordance with the terms of that loan.

So at its simplest, it's the investors giving their capital to someone with the hope that they get it paid back and get paid the promised income stream.

So within fixed income, there's a very broad range of different types of fixed income.

There's obviously fixed rate, fixed income, which promises to pay you a fixed rate of return, or there's floating rate, fixed income, which goes up and down with movements in the cash rate.

But the two key risks investors face in all fixed income is either interest rate risk or credit risk.

The other key difference is there's public market credit exposure, which are things like bonds, which trade in the over-the-counter market or on the Australian Stock Exchange.

Or there is private market fixed income, which is a growing asset class market.

So private credit is, again, like I was saying, a very broad asset class.

We've arranged the different subsectors within private credit.

So in Australia, investors have been attracted to both the high returns available from private credit, as well as the capital stability, given they generally are all floating rate assets.

Okay.

So that means they don't go up and down when interest rates go up.

Then the types of private credit domestically, given the property obsessed culture we are part of, the majority of private credit domestically is backed by property.

And then it can be a wide range of different types of property though.

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