Roy Keenan (Co-Head of Australian Fixed Income) sits down with Livewire Markets’ Chris Conway to unpack the risks and opportunities shaping markets as we head into 2026 — and why he believes Australian credit is “in the best shape” he’s seen in his career.

Roy and Chris discuss why the market has become more conditioned to political volatility, why the RBA’s next move could be a cut later in the year, and how global investors rotating away from US dollar assets have boosted liquidity and issuance in the Aussie credit market. Roy also tackles the debate around whether bonds have “lost” their defensive role, and offers a candid view on private credit — including what happens when too much money chases illiquid opportunities and investors stop getting appropriately compensated for the level of underlying risk assumed.