Top articles

  • CLOs have the fundamentals to absorb recession
  • Credit Suisse’s chunky coupon a sign of the times
  • What has driven yields higher – rates or credit?
  • Has inflation peaked? Ask the housing market.
  • Just how healthy is the consumer?
  • Value has returned to AAA CLOs
  • Even in recession, defaults will be lower than previous cycles
  • ABS spreads are pricing in a lot of downside
  • Global ABS: A cloudy outlook from sunny Barcelona
  • Return of bond-equity correlations could offer respite for investors

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Fixed Income

Will high yields stay high? Teaser
TwentyFour Blog | Read | 2 min 23 Jun 2022 by Pierre Beniguel

Will high yields stay high?

For all of these observations, there is one common observation – yields did not stay at these high levels for very long.

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What has driven yields higher – rates or credit size
TwentyFour Blog | Read | 2 min 24 May 2022 by Mark Holman

What has driven yields higher – rates or credit?

With investors having endured a painful period of rising yields in 2022, Mark Holman looks at whether rates weakness or credit spread widening has been most to blame.

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Just how healthy is the consumer?
TwentyFour Blog | Read | 4 min 19 May 2022 by Felipe Villarroel

Just how healthy is the consumer?

Consumers are being hit from seemingly all angles at the moment. Higher interest rates are coming, higher inflation is already hitting their pockets hard and economic growth is expected to slow.

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Even in recession, defaults will be lower than previous cycles Teaser
TwentyFour Blog | Read | 3 min 16 May 2022 by George Curtis

Even in recession, defaults will be lower than previous cycles

The vast majority of the high yield universe used the attractive funding conditions last year to term out their maturity profiles. In fact, 2022 maturities in both US and European high yield equate to just 1% of their respective indices.

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The solace provided by a robust earnings season
TwentyFour Blog | Read | 2 min 4 May 2022 by Felipe Villarroel

The solace provided by a robust earnings season

Earnings season is now in full swing, and it has undoubtedly been eventful. During the first quarter, companies have had to navigate multiple obstacles, including surging commodity prices, hawkish central bank policies, a Russian invasion, further supply chain disruptions caused by lockdowns in China, and dwindling consumer confidence.

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Growing CRE ABS offers diversification and yield Teaser
TwentyFour Blog | Read | 4 min 20 Apr 2022 by Pauline Quirin

Growing CRE ABS offers diversification and yield

CRE ABS offers conservatively structured debt features, with generally short duration exposure and a spread premium rewarding the more intensive underwriting and due diligence required.

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Taking stock of recent bond moves Teaser
TwentyFour Blog | Read | 2 min 12 Apr 2022 by George Curtis

Taking stock of recent bond moves

So far, most fixed income asset classes have experienced a tumultuous 2022. With high yield markets bucking the trend in recent weeks, George Curtis takes a closer look at the drivers of the sector’s recent strength and its current opportunity set.

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Rationality will win out for AT1s in the real world Teaser
TwentyFour Blog | Read | 2 min 11 Apr 2022 by Dillon Lancaster

Rationality will win out for AT1s in the real world

Despite the ECB's recent review bringing some previously debated points surrounding AT1s to the forefront, we believe any changes would create undesired, real-world consequences if implemented.

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TwentyFour Blog | Read | 3 min 14 Mar 2022 by Gary Kirk

Investors face conundrum on government bond allocations

We think a base case that central banks will follow a more measured monetary policy path than markets are currently pricing in is reasonable given the current backdrop.

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Rising HY defaults more than priced in
TwentyFour Blog | Read | 2 min 9 Mar 2022 by George Curtis

Rising HY defaults more than priced in

Default rate estimations depend on how you define defaults and what index you use, but there is no doubt we are at record lows in European high yield at the moment.

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Yields soften blow of Powell’s hard words Teaser
TwentyFour Blog | Read | 3 min 27 Jan 2022 by David Norris

Yields soften blow of Powell’s hard words

Powell’s hard line may have surprised investors, particularly in light of recent market volatility and increasing geopolitical risk in Eastern Europe, but the Fed’s fear of prolonged higher inflation looks to be trumping those concerns.

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Comprehending the latest Treasury spike Teaser
TwentyFour Blog | Read | 3 min 6 Jan 2022 by Mark Holman

Comprehending the latest Treasury spike

Given the swiftness of the Fed’s pivot we think risks are tilted towards the central bank doing more and not less. We wouldn’t even rule out a 50bp rate hike at some point.

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