Ann: AMP Limited announces changes to Company Secretary, page-21

A move by AMP in recent days to put its residential mortgage-backed security raising on hold provides further evidence of the volatility playing out in the bond market.

Uncertainty surrounding interest rate rises has been compounded with the Russian invasion of Ukraine.

AMP had been looking to raise about $500m last week, but the deal was pulled.

Bond market observers say that typically asset-backed raisings are four to five times oversubscribed, but transactions now happening in the market are barely getting away.

Much of the problem – for the equity market as well as the bond market – is that it remains unclear what impact rising inflation and higher commodity prices will have on Australian companies.

Few raisings are coming to the market as a result.

The Wall Street Journal reported last week that many analysts and investors say they still expect the Federal Reserve to start raising interest rates in March and continue lifting gradually throughout the year, and for Treasury yields to keep rising as a result.

AMP has been looking to tap the bond market as suitors run the ruler over its funds management unit Collimate Capital.

The group has been weighing up whether to sell or demerge the unit, as earlier planned before June.

Among the parties looking at the business are Blackstone, Charter Hall, Capitaland and infrastructure investor EIG.