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Help arrives as Ukraine’s allies act on Russia’s energy war
12 Sep 2022 TwentyFour Blog

Help arrives as Ukraine’s allies act on Russia’s energy war

European governments are unveiling hefty support packages to ease the pain of Russia’s gas shutdown, with implications for inflation and the chance of recession, says Dillon Lancaster.
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Default risk still subdued despite escalating energy crisis
8 Sep 2022 TwentyFour Blog

Default risk still subdued despite escalating energy crisis

While economic uncertainty in Europe is building, the healthy cash balances and low refinancing needs of Europe’s high yield bond issuers make a spike in defaults unlikely, says George Curtis.
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50 or 75? Across the board - both are live
31 Aug 2022 TwentyFour Blog

50 or 75? Across the board - both are live

Dillon Lancaster evaluates the impact of Powell’s Jackson Hole speech on inflation and why he believes next month is set to be a very important period for central bank meetings.
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Europe vs. the US – it's just a question of value
19 Aug 2022 TwentyFour Blog

Europe vs. the US – it's just a question of value

With Europe facing an energy crisis and the UK bracing for a five-quarter recession, a strong allocation bias to the US seems a no-brainer. However, George Curtis says that when looking at relative value in fixed income, the decision is never that simple.
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Hint of inflation peak further fuel for fixed income
11 Aug 2022 TwentyFour Blog

Hint of inflation peak further fuel for fixed income

Investors are eyeing a peak in inflation once more after US data came in lower than expected for the first time this year, and with credit finally seeing positive flows again, George Curtis sees markets grinding tighter over the rest of the summer.
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There is plenty more yield to come in floating rate bonds
8 Aug 2022 TwentyFour Blog

There is plenty more yield to come in floating rate bonds

Fixed rate bond yields may have climbed as markets priced in higher interest rates, but both existing and new investors in floating rate bonds have more to gain as central banks keep hiking, says Pauline Quirin
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Abandon all hope ye who enter here size
5 Aug 2022 TwentyFour Blog

"Abandon all hope ye who enter here"

With the Bank of England doling out a double dose of doom on UK inflation and growth on Thursday, Eoin Walsh says it is refreshing for investors to get such a candid assessment from a central bank.
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What is the AT1 market pricing in?
29 Jul 2022 TwentyFour Blog

What is the AT1 market pricing in?

With bank Additional Tier 1 (AT1) bonds broadly trading at a 10% discount to par and many being priced to perpetuity, Dillon Lancaster suggests investors are either missing or ignoring the solid fundamentals on show in Q2 earnings.
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why 85 is the new par in high yield size
28 Jul 2022 TwentyFour Blog

Why 85 is the new par in high yield

Pierre Beniguel explains why high yield issuers are selling new bonds at steep discounts to par value, and why this represents an opportunity to build potentially significant performance into fixed income portfolios going forward.
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Barren Q2 suggests autumn opportunity in ABS Teaser
27 Jul 2022 TwentyFour Blog

Barren Q2 suggests autumn opportunity in ABS

European ABS issuers largely held off on printing new deals in Q2 as broader market volatility saw spreads widen, but we are already seeing more investor-friendly structures and many favoured names are likely to bring deals offering markedly higher yields when activity picks up again.
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Upcoming US earnings season sheds light on the health of corporate America
26 Jul 2022 TwentyFour Blog

Upcoming US earnings season sheds light on the health of corporate America

With earnings season entering full swing, David Norris highlights some indicators to look out for when assessing the current state of the US economy and the resulting actions expected from the Fed.
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US bank chiefs still like the consumer
19 Jul 2022 TwentyFour Blog

US bank chiefs still like the consumer

US banks remain bullish about the health of the consumer, but credit spreads are still pricing in not only a recession, but a fairly severe one. Are the banks wrong? Or have credit markets just backed up too far on negative fund flows?
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