I worked for two large institutional investors some years ago...

I worked for two large institutional investors some years ago and most current managers might have been in kindergarten when I was buying Bank NCDs with a 4 year coupon rate of 26% pa yes in Australia during Mr Whitlam years. the ALP would never tell you that, but then not many people would know it except the HBA manager who did the deals with NAB. the modern manager is stressed out with his superiors looking down on him and he/she looking for short term results and can't wait 2-3 years. they need an instant result which can't be won so easily. so just let's wait and see.