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Monday, 1 Apr 2019
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Transurban (TCL)

We are looking at Transurban for multiple reasons. Firstly, it is a well-run infrastructure company with pedigree. Secondly, the current low-rate environment around the world creates the perfect conditions for a ‘bond-proxy’ such as TCL.

For those unfamiliar with the term, ‘bond-proxy’ refers to a stock that exhibits the same characteristics as a bond. That is, low-interest rates push the prices of bonds and bond-proxies higher. Bond proxies also have predictable income and security of capital, just like a bond.

As interest rates decline, bond prices rise. That’s because more people will want to buy bonds that are already on the market because the coupon rate will be higher than on similar bonds

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