16 Apr 2024 TwentyFour Blog 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. Read more
12 Apr 2024 TwentyFour Blog European banking stocks - flying! The Additional Tier 1's product was first launched in early 2013, so the asset class has mostly seen the period of negative interest rates and challenging operating environment post the Euro zone crisis. Read more
11 Apr 2024 TwentyFour Blog CPI surprises again on the upside The US Consumer Price Index (CPI) surprised on the upside for the third month in a row. There was nowhere to hide in the release with a majority of sub categories and sub aggregates posting worse numbers than expected. Read more
9 Apr 2024 TwentyFour Blog Thames Water – A fluid situation We previously blogged about Thames Water in July last year but it’s rapidly refloated to the top of UK credit market concerns. Following more recent events, where do we think Thames Water go from here? Read more
8 Apr 2024 TwentyFour Blog Labour markets strength continues Labour market data in the US was stronger than expected on Friday. US Treasuries reacted accordingly with a 10 bps sell-off with Gilts and Bunds moving in the same direction but in a calmer fashion. Read more
4 Apr 2024 TwentyFour Blog Bumps in the road but CLOs delivered in Q1 After delivering a stunning 2023, collateralised loan obligations (CLOs) were once again one of the top performers in Q1. That leaves us with the question, where do we go from here? Read more
3 Apr 2024 TwentyFour Blog Eventful few weeks in European high yield It has been an eventful few weeks in the European high yield market. After waiting a long time for a bus to come along, three have come along at once. Read more
2 Apr 2024 TwentyFour Blog Q1 recap: macro drivers and fixed income performance Quarter ends are always a useful time to take a step back and assess what the main macro drivers during the quarter were, which trades worked and which did not and to refresh macro views for the next period. Read more
25 Mar 2024 TwentyFour Blog AT1s caught in the crossfire but junior bank debt is here to stay Over the course of last week, we saw several headlines around Additional Tier 1s (AT1s). First, the Dutch Finance Ministry indicated it is exploring the possibility of modifying or abolishing the asset class. Read more
19 Mar 2024 TwentyFour Blog Maturity wall: what maturity wall? We saw a great disparity among strategists in terms of default-rate projections for this year. With the cost for corporates to refinance their debt considerably higher than we saw in 2020 and 2021, and an elevated volume of upcoming maturities, many market participants predicted a default rate markedly higher than what we have seen so far. Read more
13 Mar 2024 TwentyFour Blog Mixed news from the CPI release - but what does it mean for rate cuts? Yesterday’s US CPI report delivered a few interesting numbers but is still consistent with the Fed’s goals and timelines, which should allow it to cut rates in the context of some sort of a soft landing. Read more
12 Mar 2024 TwentyFour Blog Unemployment in the US: a tale of two surveys The latest US non-farm payroll numbers increased by 275,000 for February (payroll survey) incorporating a two-month payroll revision of -167,000, most likely due to seasonal factors, leaving a net revision of just 108,000 jobs added. Read more