Morningstar ceased distributing ASX income research on 31 January 2026. The independent credit analysis you relied on was always produced by BondAdviser — and it's still here. Now with expanded alternative credit coverage.
Morningstar distributed BondAdviser's independent credit research to advisers. When they exited, the analysis you relied on didn't disappear — just the pathway to access it.
Morningstar ceased distributing ASX income research as of 31 January 2026, citing a strategic pivot toward ETF coverage. Advisers who accessed credit ratings, analysis, and risk commentary through Morningstar lost that workflow overnight.
BondAdviser's independent credit research continues — the same methodology, the same analyst team, the same rigorous framework. Now accessed directly, without an intermediary. Plus expanded coverage into alternative credit funds.
Bank hybrids are rolling off. Alternative credit is absorbing that demand. Independent research is more important now than ever.
Traditional products are disappearing as regulatory changes restrict retail access
The money hasn't gone away — clients still need income-generating assets
New structures — SPVs, ABS, warehousing, managed funds — are replacing old ones. Less familiar, harder to compare.
Risks aren't obvious from issuer marketing — specialist analysis fills the gap
Morningstar cited declining usage. What's actually happening is a structural shift: as bank hybrids roll off, alternative credit structures are emerging as the replacement — funds using SPVs, asset-backed securities, warehouse facilities, and other non-traditional lending structures. These are less familiar, harder to compare, and the risks aren't obvious from issuer marketing alone.
Morningstar's pivot to ETF coverage leaves this gap wide open. BondAdviser is the only independent provider that spans both ASX-listed credit securities and the alternative credit funds replacing them.
BondAdviser's independence model: Whether research is investor-funded or issuer-sponsored, our ratings are produced using the same disciplined, purpose-built methodology — ensuring integrity regardless of funding source. Advisers can reference our research in SOAs and compliance files with confidence.
29 ASX-listed AT1 hybrids are scheduled for call between now and 2032. Alternative credit structures are absorbing that capital. The private debt market alone has reached A$224B in AUM, while Australian securitisation assets exceed A$205B — and both are growing.
Sources: BondAdviser AT1 hybrid database (29 securities, issue-size weighted call schedule), APRA December 2024 AT1 phase-out announcement, Alvarez & Marsal Australian Private Debt Market Review 2025 (November 2025, A$224B private debt AUM; A$132B corporate/business lending; A$92B CRE lending), Australian Bureau of Statistics Assets & Liabilities of Australian Securitisers (September 2025, A$205.1B outstanding), RBC Capital Markets Securitisation Monthly (December 2024, A$80.3B public issuance; A$16.21B ABS issuance). Figures are sourced as cited and may vary with subsequent updates.
BondAdviser spans the full lifecycle of credit analysis — from raw data through to investable solutions.
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Join Nicholas Yaxley, Managing Director, for exclusive market briefings covering the hybrid transition, alternative credit landscape, and how to use BondAdviser in practice.
A deep dive into the structural shift from bank hybrids to alternative credit, and what it means for adviser portfolios and compliance frameworks.
See how advisers are using BondAdviser day-to-day — from building compliant SOAs to evaluating new alternative credit offerings for client portfolios.
A structured programme designed to help you evaluate BondAdviser at your own pace — from trial access through to subscription.
Your coverage is back, from the source. We reach out to introduce BondAdviser as the original provider behind Morningstar's ASX income research.
EmailWhat replaces hybrids and why independent research matters more now than ever. Join our first live market briefing.
Email WebinarWhy BondAdviser research is defensible — our independence model, methodology rigour, and how advisers use it for compliance.
EmailLock in your subscription at cohort pricing. See BondAdviser in practice during our second webinar — real use cases, real workflows.
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Transition pricing is available exclusively until 30 June 2026 for advice groups that accessed BondAdviser research through Morningstar.
DeadlineThe research you used hasn't changed. The way you access it has improved.
BondAdviser was the underlying provider behind Morningstar's ASX income coverage. The methodology, analyst team, and rigour are unchanged — you're now accessing the source directly.
As bank hybrid issuance declines, alternative credit funds are emerging as the replacement. BondAdviser covers both — from direct lending through to SPVs, ABS, and structured credit vehicles — spanning the transition that other providers have walked away from.
AIF methodology (PDF)Reference our research in SOAs and compliance files. When clients ask "why this security?" and compliance reviews your files, BondAdviser analysis provides a documented, defensible rationale.
See the risk assessment frameworkExclusive rates available until 30 June 2026 for advice groups transitioning from Morningstar's ASX income coverage.
Cohort pricing is available exclusively for advice groups that previously accessed BondAdviser research through Morningstar. Offer valid until 30 June 2026.
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