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Securitisation

24 Sep 2021 TwentyFour Blog

Winter is Coming

It will take time for this sector to recover and we are likely to see more suppliers collapse in the coming weeks and months.
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13 Sep 2021 TwentyFour Blog

How do ABS and CLO Investors Trade Bonds? 

BWIC – or bids wanted in competition – lists, are a unique characteristic of the ABS and CLO markets, where they are widely used in secondary trading when investors are looking to sell bonds.
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7 Sep 2021 TwentyFour Blog

Credit Backdrop Shows More Upside for Euro High Yield

Despite the impressive returns of Euro HY over the last year or so, the backdrop for the asset class continues to suggest there is more upside to come.
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18 Aug 2021 TwentyFour Blog

German Multifamily CMBS – HAUS or BRIDGE?

Last week, Morgan Stanley successfully brought the first public German Multifamily CMBS deal (HAUS - Eloc 39) to market since 2013. Despite coming to the market in the middle of the summer, the deal has attracted strong demand across the capital stack.
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4 Aug 2021 TwentyFour Blog

The End of the Road for Petrolheads

We can model all kinds of credit risk as long as there is enough protection in the structure for investors to get comfortable with a degree of residual value risk.
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3 Aug 2021 TwentyFour Blog

Dull Summer in CLO Land? Maybe Not

After a hectic first half of the year, most investors, including us, were hoping for a dull summer to recharge our batteries, but it seems there’s no respite from the CLO machine.
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29 Jul 2021 TwentyFour Blog

What We Can Learn From Spread Differentials

It is quite rare that we recommend playing in the very bottom of the credit spectrum because CCC rated bonds are where at least 95% of all defaults come from, and are significantly more volatile than we would like.
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 2019-08-16_24_AAAs-dont-yield_teaser.jpg
16 Aug 2019 TwentyFour Blog

AAAs Don’t Yield 2.3%, Do They?

Rates risk is not something we concern ourselves with too much in the European ABS market, so normally news of inverted yield curves and 30-year US Treasury yields dropping below 2% would largely wash over us. This is because pretty much all ABS bonds are floating rate, so there is no duration. Or is there?
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