The TwentyFour Blog
Carney to Leave UK Banks on Solid Ground
The Bank of England (BoE) on Monday published its latest financial stability report and the results of its 2019 bank stress tests, and declared that the UK financial system is well prepared for even a worst-case Brexit and consequent trade war.
CoreCivic Shows ESG Will Take No Prisoners
"One group of issuers that appears vulnerable to us as we move into a new decade is those facing increased investor scrutiny due to Environmental, Social and Governance (ESG) factors. The case of CoreCivic, a listed REIT in the US, is a good example"
What Next For Sterling Bonds?
Overnight markets have had significant news to digest, with two of the major geopolitical hurdles that had been worrying investors being removed.
European HY Default Rates Doubling No Reason to Panic
"Where defaults get to exactly depends on a few things, but we can certainly analyse where we think the problem areas could be, whether cracks are already starting to appear, and what investors might do to protect themselves."
Trade war volatility maintains grip on bonds
By now investors should be getting used to the ever more frequent hiccups in the trade negotiations between the US and the rest of the world.
Data decline eases for Germany and US
"In some parts of the global economy, we might be seeing a bottom in terms of low activity levels." TwentyFour's Felipe Villarroel discusses the factors behind these improving trends.
NIBC leading the way in ESG
“NIBC, has been involved in ESG/CSR focused lending in Europe for some time, and is the first manager to issue what we might call an ESG CLO." Elena Rinaldi discusses why in terms of ESG, NIBC would receive a high score from us.
Younited performance shows risks in Fintech ABS
"Younited’s funding strategy is as innovative as its business model... In May this year, the company successfully issued its first #ABS backed by French consumer loans" TwentyFour's Ben Hayward discusses.
Fitch keeps AT1 investors on their toes
"We have been participants in the Additional Tier 1 (AT1) sector since its introduction in 2013, albeit with a high degree of selectivity, but the risk-reward has been obvious to us." Gary Kirk discusses the latest AT1 news from Fitch
IG demand would be key to Walgreens buyout
At this late point in the cycle, fixed income investors are on high alert for signs of potential excess in the capital markets, and a proposal for potentially the biggest leveraged buyout (LBO) in history would certainly fall into that category.
US corporate credit demand slows again
The Senior Loan Officer Opinion Survey, combined with financial results from the banks, is probably still the most useful tool we have for gauging the cycle’s life expectancy.
Risk well underpinned going into year-end
A number of threats to risk assets have dissipated and could become positive tail risks for markets moving into 2020.