The TwentyFour Blog

September’s surge in high yield (HY) issuance tested the limits of investor appetite in an evolving market.

It has been another strong year for European asset-backed securities (ABS), and securitised markets have looked through the recent rates volatility well, with spreads broadly stable across the capital structure in Q3 2026.

France has been the primary focus of the European rates markets in the past week, with domestic political risk and debt concerns adding to a general sell-off across government bonds.

E-commerce platform InPost has entered the European high yield (HY) market this week with a new seven-year senior secured bond as part of a €3bn financing package to help fund its acquisition by an Advent led consortium.

Looking at the sharp moves in government bond markets in recent days, one would be forgiven for thinking we are seeing some level of forced selling that is pushing valuations lower.

Prediction markets suggest the Democrats are capable of gaining a majority in both the Senate and the House of Representatives at the US midterm elections on November 3, with Polymarket putting the chance of a “sweep” at 64% as of Friday morning.

The topic of banking “deregulation” has come back to the fore this year, mainly fuelled by initiatives from the US authorities.

The importance of “term premium” in discussions about yield curves has been on the rise this year.

The latest FOMC meeting delivered more than a rate hike. Chair Warsh's clear hawkish message that inflation has been too high for too long helped restore confidence in the Fed's commitment to tackling inflation, with important implications for bond markets and rate expectations.