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ECB echoes subtle change in central bank tone
27 Oct 2022 TwentyFour Blog

ECB echoes subtle change in central bank tone

While central banks remain committed to battling inflation with big rate hikes, George Curtis detects a clear change in tone which has seen market expectations of terminal rates tumble in recent days.
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Non-call doesn’t necessarily mean price pain in AT1s
17 Oct 2022 TwentyFour Blog

Non-call doesn’t necessarily mean price pain in AT1s

After Banco Sabadell declined to call its 6.125% AT1s at their first call date due to current market conditions, Dillon Lancaster looks at the structure of the bonds and explains what the move means for investors.
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Has the UK risk premium gone too far?
14 Oct 2022 TwentyFour Blog

Has the UK risk premium gone too far?

With some UK bank bonds now trading with higher yields than their counterparts in Turkey, Mark Holman questions whether the dumping of UK and sterling assets has gone too far.
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AT1s: when refinancing a 5% bond at 7.25% makes sense
11 Oct 2022 TwentyFour Blog

AT1s: when refinancing a 5% bond at 7.25% makes sense

With call risk in Additional Tier 1 (AT1) bonds back in the headlines, Felipe Villarroel explains how banks think about the economics of calling, and why he believes market participants frequently overestimate this risk.
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Are BBBs still the place to be?
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.
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Where are CLOs trading after the Truss Tantrum?
5 Oct 2022 TwentyFour Blog

Where are CLOs trading after the Truss Tantrum?

With the higher rated tranches of euro CLOs popular with UK pension funds, Aza Teeuwen looks at how the market coped with heavy selling in recent days and notes investment grade CLO bonds are now yielding close to 10%.
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UK Fundamentals turn into Technical
4 Oct 2022 TwentyFour Blog

UK fundamentals turn into technical

Will Kwasi Kwarteng’s U-turn bring some much needed stability to the UK economy? Dillon Lancaster shares his thoughts
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is the uk mortgage market closed
27 Sep 2022 TwentyFour Blog

Is the UK mortgage market ‘closed’?

With UK banks pulling mortgages from the market, Douglas Charleston explains why this doesn’t reflect any fundamental weakness in the UK banking sector, but rather the uncertainty created by the sharp moves in UK rates.
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24_2022-09-26_Second_Blog_Teaser
26 Sep 2022 TwentyFour Blog

UK learns confidence needs communication

With the UK’s mini-Budget sending its currency and bonds into freefall, Gordon Shannon says both the government and the Bank of England need to learn the importance of communication with the markets.
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What does market turmoil mean for UK economy?
26 Sep 2022 TwentyFour Blog

What does market turmoil mean for UK economy?

With reaction to the UK’s mini-budget roiling markets for a second day, Felipe Villarroel looks at what higher rates and a weaker currency mean for the UK economy.
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Floating rate demand driving deals as ABS reopens
21 Sep 2022 TwentyFour Blog

Floating rate demand driving deals as ABS reopens

Demand for floating rate assets has driven a strong reopening of the European ABS primary market, and is drawing new investors to the asset class, says Kevin Law.
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Rates volatility not quite over yet
14 Sep 2022 TwentyFour Blog

Rates volatility not quite over yet

With US inflation data once again hammering markets, Mark Holman says that with US Treasury yields likely approaching their peak, a shift in sentiment for risk assets isn’t far away.
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