12 Jan 2023 TwentyFour Blog AroundTown: bad call (again) After shocking investors in November by floating the idea of deferring its hybrid coupons, AroundTown has begun 2023 in similar fashion with a senior bond tender, says Pierre Beniguel. Read more
3 Jan 2023 TwentyFour Blog High starting yields to boost IG demand With fixed income starting yields at their highest level for a decade, George Curtis expects increasing demand for investment grade bonds to boost the market as we enter 2023. Read more
8 Dec 2022 TwentyFour Blog AroundTown: bad call In our latest blog, Pierre Beniguel looks at the implications of AroundTown’s corporate hybrid non-call and the shock announcement that it will also consider deferring coupon payments. Read more
6 Dec 2022 TwentyFour Blog The Rodney Blog 2023: A return to returns In our annual ‘Rodney Blog’, Eoin Walsh says that with rates now offering both yield and downside mitigation, and credit yields at near-decade highs, fixed income investors could enjoy strong returns in 2023 Read more
22 Nov 2022 TwentyFour Blog Highest starting yields since ‘08 predict strong five-year returns Chris Bowie explains why he believes analysing starting yields can explain improved returns over the next five years Read more
15 Nov 2022 TwentyFour Blog Reasons to be constructive on extension risk Telefonica’s reopening of the corporate hybrid market is further evidence that large issuers with proven track records and strong financials will call their bonds even if it looks uneconomic to do so, says Johnathan Owen. Read more
8 Nov 2022 TwentyFour Blog Healthy premiums drive big day for primary markets With well over €10bn of new bonds sold by European banks and corporates on Monday, Felipe Villarroel analyses the pricing and looks at the patterns that usually emerge when primary markets reopen. Read more
1 Nov 2022 TwentyFour Blog UK risk premium looks too steep with stability restored With Rishi Sunak and Jeremy Hunt leading a more fiscally conservative UK government, Johnathan Owen checks in on sterling asset valuations and argues the UK premium is overcompensating for underlying risks. Read more
7 Oct 2022 TwentyFour Blog Are BBBs still the place to be? With rates volatility persisting and developed markets likely sliding toward recession, Jack Daley revisits our research on BBB defaults and returns and explains why we tend to maintain a significant allocation to BBB credit. Read more
19 Jul 2022 TwentyFour Blog US bank chiefs still like the consumer US banks remain bullish about the health of the consumer, but credit spreads are still pricing in not only a recession, but a fairly severe one. Are the banks wrong? Or have credit markets just backed up too far on negative fund flows? Read more
14 Jul 2022 TwentyFour Blog Buy now while spreads last With corporate bond spreads having risen to not far short of crisis levels, Johnathan Owen argues the 4%-plus yields on offer in short dated investment grade are an attractive entry point for investors that might not be around for long. Read more
12 Jul 2022 TwentyFour Blog Heimstaden and hybrids: to call or not to call With Heimstaden showing its commitment to corporate hybrids with a €600m tender offer, Pierre Beniguel looks at the complex decision issuers have to make and says more could follow suit with bonds trading at steep discounts. Read more