19 Mar 2018 TwentyFour Blog Comparing Yields in Different Currencies Fixed income managers always want to have the flexibility to find the best value across their investment sphere and therefore need the capacity to buy bonds in different currencies. Read more
16 Mar 2018 TwentyFour Blog Roll Down explained Several times this year we have discussed the benefits of “roll down” in an environment that for fixed income investing is particularly unfriendly. We believe roll down gains will be one of the best ways to protect portfolios in 2018 from the rising rate curves that we have been experiencing so far. Read more
14 Mar 2018 TwentyFour Blog Aviva Upsetting The Equilibrium As bond investors we always need to make sure that the companies we invest with are managing our interests alongside those of other stakeholders in a manner that protects our interests sufficiently. Historically, this aspect of governance has been most relevant to companies run by private equity managers or companies with a single large investor who is in a high ranking executive position. Read more
8 Mar 2018 TwentyFour Blog Surprise or Shock to the System One of the most important considerations for us as bond investors is determining where we are in the economic cycle. Read more
7 Mar 2018 TwentyFour Blog CLOs 5 years on Five years ago, the European CLO market restarted when Cairn issued the first post-crisis CLO in Europe – the start of the 2.0 market – and after a slow first year we have seen plenty more CLOs coming to market from a large mix of legacy and new managers. Read more
1 Mar 2018 TwentyFour Blog Wishing Upon 5 Star Ballots are still being counted in this weekend’s Italian election but the picture is becoming clear, with two parties emerging stronger from the ashes of a bitter electoral campaign: 5 Star have estimated to have polled 32% and the far right Lega (a.k.a. Northern League) have 18%, but no one coaltion can claim a victory. Read more
1 Mar 2018 TwentyFour Blog Going it Alone All good things must come to an end, and from today UK bank treasurers face life without the Term Funding Scheme (TFS). Read more
28 Feb 2018 TwentyFour Blog Fishing For The Brexit Premium Ever since the result of the Brexit referendum we have seen a premium on £ credit spreads, and we have thought it worthwhile trying to exploit this premium – in a measured way. Read more
23 Feb 2018 TwentyFour Blog Which foot will the Italians’ political boot end up on? Last Friday saw the publication of the last electoral poll before the Italian elections that will be held on the 4th of March. Read more
22 Feb 2018 TwentyFour Blog Fed Minutes and Potential Changes to Mandate Yesterday the Fed published the minutes of their January FOMC meeting and the message regarding the economy and labour markets continues to be one of strength. Read more
20 Feb 2018 TwentyFour Blog Make Way For Supply Today marks the start of a very busy week for participants in the US Treasury market. Read more
16 Feb 2018 TwentyFour Blog Silence is Golden After a volatile fortnight in the market, we appear to be closing this week in a relatively calm manner. Read more