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MIF delivered 0.30% (gross) for January, taking the quarterly return to 0.74% and annual return to 3.73%. Credit markets performed well in January, with the investor ‘hunt for yield’ continuing. Australian major Bank Tier 2 issues were the best performing assets in the portfolio. Two of the majors went to US markets to raise T2 capital during the month, with the economics favouring offshore over domestic issuance. Locally we are left to ponder when the majors will tap investors for AUD T2 in 2020.