The TwentyFour Blog
ABS and CLOs break 2.0 issuance records
The European asset-backed securities (ABS) market saw a record issuance last week with €5bn of primary issuance.
Navigating UK inflation
The UK’s Office for National Statistics (ONS) released their monthly inflation report this morning. In spite of April’s numbers showing a marked decrease in most inflation measures, it is fair to say that the report was significantly worse than expectations.
ECB wage data - can I get a raise?
The European Central Bank (ECB) will almost certainly start their rates cutting cycle next month. Supportive inflation data and clear guidance from the governing council has driven market implied probabilities of a June cut to almost 100%, with little in the way to derail that.
What's instore for the CPI release?
The most important event this week is likely to be this Wednesday’s US Consumer Prices Index (CPI) release.
The alternative: AAA CLOs
Following an incredible 2023, collateralised loan obligation (CLO) investors are again having a great year with the asset class outperforming the more traditional asset classes.
Don't miss out on scarcity premium in AT1s
The first four months of this year have seen €11.6bn in gross Additional Tier 1 (AT1) issuance from European banks, across euros, dollars and sterling markets.
Not much change at the Fed – so, what now?
The Federal Open Market Committee (FOMC) meeting was a relatively uneventful one, but there are a few points worth highlighting.
European banking M&A gathering pace
Recently, BBVA announced that it had approached the management of Banco Sabadell, to explore a possible merger between both entities, with BBVA also appointing advisers for this purpose.
Don't forget about money supply measures M1 and M2
Money supply measures such as M1 and M2 enjoyed a relatively brief period of fame and glory just after the pandemic.
Small miss for Enel, big step for the sector
Following yesterday’s release of Italian energy company Enel's 2023 annual sustainability report, it was confirmed that they had failed to meet the emissions reduction key performance indicator (KPI) linked to a number of their sustainability linked bonds (SLBs).
Volatility resurfaces this week
Volatility made an unwanted come back this week. A combination of rising tensions in the Middle East, strong Consumer Price Index (CPI) and labour market data in the US in previous days, and markets that looked somewhat expensive in certain sectors, all conspired to cause a widening in spreads and a correction in equity prices.
Health of US small business: an indicator for the US economy
The NFIB (National Federation of Independent Business) survey can most certainly be considered an important report that monitors the pulse of the US economy.