14 Sep 2022 TwentyFour Blog Rates volatility not quite over yet With US inflation data once again hammering markets, Mark Holman says that with US Treasury yields likely approaching their peak, a shift in sentiment for risk assets isn’t far away. Read more
12 Sep 2022 TwentyFour Blog Help arrives as Ukraine’s allies act on Russia’s energy war European governments are unveiling hefty support packages to ease the pain of Russia’s gas shutdown, with implications for inflation and the chance of recession, says Dillon Lancaster. Read more
8 Sep 2022 TwentyFour Blog Default risk still subdued despite escalating energy crisis While economic uncertainty in Europe is building, the healthy cash balances and low refinancing needs of Europe’s high yield bond issuers make a spike in defaults unlikely, says George Curtis. Read more
31 Aug 2022 TwentyFour Blog 50 or 75? Across the board - both are live Dillon Lancaster evaluates the impact of Powell’s Jackson Hole speech on inflation and why he believes next month is set to be a very important period for central bank meetings. Read more
19 Aug 2022 TwentyFour Blog Europe vs. the US – it's just a question of value With Europe facing an energy crisis and the UK bracing for a five-quarter recession, a strong allocation bias to the US seems a no-brainer. However, George Curtis says that when looking at relative value in fixed income, the decision is never that simple. Read more
11 Aug 2022 TwentyFour Blog Hint of inflation peak further fuel for fixed income Investors are eyeing a peak in inflation once more after US data came in lower than expected for the first time this year, and with credit finally seeing positive flows again, George Curtis sees markets grinding tighter over the rest of the summer. Read more
8 Aug 2022 TwentyFour Blog There is plenty more yield to come in floating rate bonds Fixed rate bond yields may have climbed as markets priced in higher interest rates, but both existing and new investors in floating rate bonds have more to gain as central banks keep hiking, says Pauline Quirin Read more
5 Aug 2022 TwentyFour Blog "Abandon all hope ye who enter here" With the Bank of England doling out a double dose of doom on UK inflation and growth on Thursday, Eoin Walsh says it is refreshing for investors to get such a candid assessment from a central bank. Read more
29 Jul 2022 TwentyFour Blog What is the AT1 market pricing in? With bank Additional Tier 1 (AT1) bonds broadly trading at a 10% discount to par and many being priced to perpetuity, Dillon Lancaster suggests investors are either missing or ignoring the solid fundamentals on show in Q2 earnings. Read more
28 Jul 2022 TwentyFour Blog Why 85 is the new par in high yield Pierre Beniguel explains why high yield issuers are selling new bonds at steep discounts to par value, and why this represents an opportunity to build potentially significant performance into fixed income portfolios going forward. Read more
27 Jul 2022 TwentyFour Blog Barren Q2 suggests autumn opportunity in ABS European ABS issuers largely held off on printing new deals in Q2 as broader market volatility saw spreads widen, but we are already seeing more investor-friendly structures and many favoured names are likely to bring deals offering markedly higher yields when activity picks up again. Read more
26 Jul 2022 TwentyFour Blog Upcoming US earnings season sheds light on the health of corporate America With earnings season entering full swing, David Norris highlights some indicators to look out for when assessing the current state of the US economy and the resulting actions expected from the Fed. Read more