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MIF Monthly Update – December 2019


MIF delivered 0.25% (gross) for December, taking the quarterly return to 0.73% and annual return to 3.69%.  Major Bank Tier 2 delivered solid returns in the second half of December as investors chased yield on portfolios to position for the quieter Christmas/New Year period.  We expect new issuance to come from the Banks in early January, however with benign lending growth continuing it is expected new deals will be comfortably absorbed by the market.