High yield pricing and covenants test investor demand
September’s surge in high yield (HY) issuance tested the limits of investor appetite in an evolving market.
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TwentyFour
ABS: Why it can pay to stay floating
It has been another strong year for European asset-backed securities (ABS), and securitised markets have looked through the recent rates volatility well, with spreads broadly stable across the capital structure in Q3 2026.
French banks caught in crossfire, but fundamentals are solid
France has been the primary focus of the European rates markets in the past week, with domestic political risk and debt concerns adding to a general sell-off across government bonds.
InPost puts bondholder protections to the test
E-commerce platform InPost has entered the European high yield (HY) market this week with a new seven-year senior secured bond as part of a €3bn financing package to help fund its acquisition by an Advent led consortium.
Are bond market technicals better than price action suggests?
Looking at the sharp moves in government bond markets in recent days, one would be forgiven for thinking we are seeing some level of forced selling that is pushing valuations lower.
Markets can’t rely on midterms to change course of Iran war
Prediction markets suggest the Democrats are capable of gaining a majority in both the Senate and the House of Representatives at the US midterm elections on November 3, with Polymarket putting the chance of a “sweep” at 64% as of Friday morning.
The ECB pushes back on bank “deregulation”
The topic of banking “deregulation” has come back to the fore this year, mainly fuelled by initiatives from the US authorities.
Term premium has risen, and may not have peaked
The importance of “term premium” in discussions about yield curves has been on the rise this year.
Warsh delivers a boost to Fed's credibility
The latest FOMC meeting delivered more than a rate hike. Chair Warsh's clear hawkish message that inflation has been too high for too long helped restore confidence in the Fed's commitment to tackling inflation, with important implications for bond markets and rate expectations.
Reinsurance: Pressure on premiums and AI opportunities
The Rendez-Vous de Septembre (RVS) reinsurance conference was held last week in Monte Carlo. This annual event began in 1957 and is the largest gathering in the reinsurance sector, bringing together participants across the insurance and reinsurance market for bilateral discussions ahead of annual renewals (with a major share of contracts renewing on January 1).
Are Bunds poised to outperform US Treasuries?
On Thursday, the European Central Bank (ECB) delivered a well telegraphed 25bp rate hike and updated its projections for growth and inflation.
Waller vs Warsh: Finding the Fed’s strike zone
New Federal Reserve Chair Kevin Warsh’s reluctance to define a clear “strike zone” for forward guidance has put him increasingly at odds with Governor Christopher Waller.