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
7 Dec 2022 TwentyFour Blog Nationwide deal highlights surge in ABS interest and income Higher rates mean the income available on AAA RMBS bonds is eight times what it was at the start of this year, and growing demand for this floating rate asset class is clear, says Kevin Law. Read more
1 Dec 2022 TwentyFour Blog Labour market the driving force for the Fed Following Chairman Powell’s speech last night, George Curtis looks at what the latest labour market data means for the Fed’s war on inflation. 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
23 Jun 2022 TwentyFour Blog 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. Read more
24 May 2022 TwentyFour Blog 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. Read more
19 May 2022 TwentyFour Blog 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. Read more
16 May 2022 TwentyFour Blog 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. Read more
4 May 2022 TwentyFour Blog 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. Read more
20 Apr 2022 TwentyFour Blog 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. Read more
12 Apr 2022 TwentyFour Blog 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. Read more
11 Apr 2022 TwentyFour Blog 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. Read more