{"id":946,"date":"2019-07-22T08:30:41","date_gmt":"2019-07-22T08:30:41","guid":{"rendered":"http:\/\/coolabahcap.wpengine.com\/?p=946"},"modified":"2020-07-23T12:09:05","modified_gmt":"2020-07-23T02:09:05","slug":"complexity-premia-podcast-episode-10","status":"publish","type":"post","link":"https:\/\/coolabahcapital.com\/en-au\/blog\/2019\/07\/22\/complexity-premia-podcast-episode-10\/","title":{"rendered":"Complexity Premia Podcast, Episode 9"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"946\" class=\"elementor elementor-946\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-78d8f0a elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"78d8f0a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-72ba950\" data-id=\"72ba950\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-1fa1ab9 elementor-widget elementor-widget-heading\" data-id=\"1fa1ab9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">\u201cBail-In-Able\u201d Debt Tsunami Special \u2013 Markets In June &amp; July; The TLAC Tidal-Wave; How Early Deals Performed; Can Banks Fund $90bn of Bail-In-Able Bonds; And Thinking About Fair Value<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-cc0adb5 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"cc0adb5\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4f18bdd\" data-id=\"4f18bdd\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-e48ec7a elementor-widget elementor-widget-text-editor\" data-id=\"e48ec7a\" data-element_type=\"widget\" data-e-type=\"widget\" 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7\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Grid 8\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 7\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table List 8\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table 3D effects 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Contemporary\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Elegant\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Table Professional\"><\/w:LsdException><br \/>\n 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1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" Name=\"Revision\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"34\" QFormat=\"true\" Name=\"List Paragraph\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"29\" QFormat=\"true\" Name=\"Quote\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"30\" QFormat=\"true\" Name=\"Intense Quote\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"60\" Name=\"Light Shading Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"61\" Name=\"Light List Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"62\" Name=\"Light Grid Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"63\" Name=\"Medium Shading 1 Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"64\" Name=\"Medium Shading 2 Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"65\" Name=\"Medium List 1 Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"66\" Name=\"Medium List 2 Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"67\" Name=\"Medium Grid 1 Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"68\" Name=\"Medium Grid 2 Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"69\" Name=\"Medium Grid 3 Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"70\" Name=\"Dark List Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"71\" Name=\"Colorful Shading Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"72\" Name=\"Colorful List Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"73\" Name=\"Colorful Grid Accent 6\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"19\" QFormat=\"true\" Name=\"Subtle Emphasis\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"21\" QFormat=\"true\" Name=\"Intense Emphasis\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"31\" QFormat=\"true\" Name=\"Subtle Reference\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"32\" QFormat=\"true\" Name=\"Intense Reference\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"33\" QFormat=\"true\" Name=\"Book Title\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"37\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Bibliography\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"39\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" QFormat=\"true\" Name=\"TOC Heading\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"41\" Name=\"Plain Table 1\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"42\" Name=\"Plain Table 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"43\" Name=\"Plain Table 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"44\" Name=\"Plain Table 4\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"45\" Name=\"Plain Table 5\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"40\" Name=\"Grid Table Light\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 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2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"52\" Name=\"Grid Table 7 Colorful Accent 2\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"46\" Name=\"Grid Table 1 Light Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"47\" Name=\"Grid Table 2 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"48\" Name=\"Grid Table 3 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"49\" Name=\"Grid Table 4 Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"50\" Name=\"Grid Table 5 Dark Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"51\" Name=\"Grid Table 6 Colorful Accent 3\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" Priority=\"52\" 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Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Mention\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Smart Hyperlink\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Hashtag\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Unresolved Mention\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Smart Link\"><\/w:LsdException><br \/>\n  <w:LsdException Locked=\"false\" SemiHidden=\"true\" UnhideWhenUsed=\"true\" Name=\"Smart Link Error\"><\/w:LsdException><br \/>\n <\/w:LatentStyles><br \/>\n<\/xml><![endif]--><!-- [if gte mso 10]><\/p>\n<style>\n \/* Style Definitions *\/<br \/>\n table.MsoNormalTable<br \/>\n\t{mso-style-name:\"Table Normal\";<br \/>\n\tmso-tstyle-rowband-size:0;<br \/>\n\tmso-tstyle-colband-size:0;<br \/>\n\tmso-style-noshow:yes;<br \/>\n\tmso-style-priority:99;<br \/>\n\tmso-style-parent:\"\";<br \/>\n\tmso-padding-alt:0cm 5.4pt 0cm 5.4pt;<br \/>\n\tmso-para-margin-top:0cm;<br \/>\n\tmso-para-margin-right:0cm;<br \/>\n\tmso-para-margin-bottom:8.0pt;<br \/>\n\tmso-para-margin-left:0cm;<br \/>\n\tline-height:107%;<br \/>\n\tmso-pagination:widow-orphan;<br \/>\n\tfont-size:11.0pt;<br \/>\n\tfont-family:\"Calibri\",sans-serif;<br \/>\n\tmso-ascii-font-family:Calibri;<br \/>\n\tmso-ascii-theme-font:minor-latin;<br \/>\n\tmso-hansi-font-family:Calibri;<br \/>\n\tmso-hansi-theme-font:minor-latin;<br \/>\n\tmso-bidi-font-family:\"Times New Roman\";<br \/>\n\tmso-bidi-theme-font:minor-bidi;<br \/>\n\tmso-fareast-language:EN-US;}<br \/>\n<\/style>\n<p><![endif]--><\/p><p class=\"MsoNormal\">Welcome to the Complexity Premia podcast from Coolabah Capital, which is hosted by Christopher Joye, CIO and portfolio manager of Coolabah Capital, and Ying Yi Ann Cheng, a portfolio management director. The Complexity Premia podcast strives to deconstruct modern investment problems for wholesale (not retail) participants in capital markets.<\/p><p class=\"MsoNormal\">In this special episode focussing on the \u201cbail-in-able\u201d debt tsunami we discuss: markets in June and July; the TLAC tidal-wave; how early deals performed; what APRA got wrong; whether banks can fund the $90bn of issuance; where fair value lies; and much, much more\u2026<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-top-section elementor-element elementor-element-219aa1d elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"219aa1d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-4dd50cb\" data-id=\"4dd50cb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-202f06b elementor-widget elementor-widget-heading\" data-id=\"202f06b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">You can listen on:<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-inner-section elementor-element elementor-element-b9d981d elementor-section-content-middle elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"b9d981d\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-7b3135e\" data-id=\"7b3135e\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-b2903ce elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"b2903ce\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/podcasts.apple.com\/au\/podcast\/complexity-premia\/id1455064499\" target=\"_blank\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-podcast\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Apple Podcasts<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-ab08338\" data-id=\"ab08338\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-efe3911 elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"efe3911\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"http:\/\/coolabah.podbean.com\/\" target=\"_blank\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-podcast\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Podbean<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t<div class=\"elementor-column elementor-col-33 elementor-inner-column elementor-element elementor-element-02e53c2\" data-id=\"02e53c2\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7f4a0ca elementor-align-start elementor-icon-list--layout-traditional elementor-list-item-link-full_width elementor-widget elementor-widget-icon-list\" data-id=\"7f4a0ca\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"icon-list.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t<ul class=\"elementor-icon-list-items\">\n\t\t\t\t\t\t\t<li class=\"elementor-icon-list-item\">\n\t\t\t\t\t\t\t\t\t\t\t<a href=\"https:\/\/open.spotify.com\/show\/6OJtREPHLXUE1I7QAhlN3o\" target=\"_blank\">\n\n\t\t\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-icon\">\n\t\t\t\t\t\t\t<i aria-hidden=\"true\" class=\"fas fa-podcast\"><\/i>\t\t\t\t\t\t<\/span>\n\t\t\t\t\t\t\t\t\t\t<span class=\"elementor-icon-list-text\">Spotify<\/span>\n\t\t\t\t\t\t\t\t\t\t\t<\/a>\n\t\t\t\t\t\t\t\t\t<\/li>\n\t\t\t\t\t\t<\/ul>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section data-particle_enable=\"false\" data-particle-mobile-disabled=\"false\" class=\"elementor-section elementor-inner-section elementor-element elementor-element-69b2486 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"69b2486\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-inner-column elementor-element elementor-element-42735cb\" data-id=\"42735cb\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-2621d3c elementor-widget elementor-widget-text-editor\" data-id=\"2621d3c\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p><strong>Disclaimer:<\/strong> This information is suitable for wholesale investors only and has been produced by Coolabah Capital Institutional Investments Pty Ltd ACN 605806059, which holds Australian Financial Services Licence No. 482238 (CCII). The views expressed in this recording represent the personal opinions of the speakers and do not represent the view of any other party. The information does not take into account the particular investment objectives or financial situation of any potential listener. It does not constitute, and should not be relied on as, financial or investment advice or recommendations (expressed or implied) and it should not be used as an invitation to take up any investments or investment services. Whilst we believe that the information discussed in the podcast is correct, no warranty or representation is given to this effect, and listeners should not rely on this information when making any decisions. No responsibility can be accepted by CCII to any end users for any action taken on the basis of this information. Any performance data presented on this site is pre-fees for institutional clients that negotiate custom fee rates, and these solutions are not available to retail investors. No investment decision or activity should be undertaken without first seeking qualified and professional advice. CCII may have a financial interest in any assets discussed during the podcast. Listeners in Australia are encouraged to visit ASIC&#8217;s MoneySmart website to obtain information regarding financial advice and investments.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>\u201cBail-In-Able\u201d Debt Tsunami Special \u2013 Markets In June &#038; July; The TLAC Tidal-Wave; How Early Deals Performed; Can Banks Fund $90bn of Bail-In-Able Bonds; And Thinking About Fair Value<\/p>\n","protected":false},"author":19,"featured_media":1057,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"default","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"default","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center 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