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15 Jul 2022 TwentyFour Blog

Why are CLOs pricing in a worse recession than Moody’s?

With yields on B rated CLO bonds now as high as 18%, Elena Rinaldi looks at various scenarios for corporate default rates and questions why investors are overshooting even the most pessimistic scenarios.
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Buy now while spreads last
14 Jul 2022 TwentyFour Blog

Buy now while spreads last

With corporate bond spreads having risen to not far short of crisis levels, Johnathan Owen argues the 4%-plus yields on offer in short dated investment grade are an attractive entry point for investors that might not be around for long.
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Heimstaden and hybrids to call or not to call
12 Jul 2022 TwentyFour Blog

Heimstaden and hybrids: to call or not to call

With Heimstaden showing its commitment to corporate hybrids with a €600m tender offer, Pierre Beniguel looks at the complex decision issuers have to make and says more could follow suit with bonds trading at steep discounts.
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Liquidity is expensive, but it’s there
11 Jul 2022 TwentyFour Blog

Liquidity is expensive, but it’s there

European ABS and CLOs had a turbulent Q2 as broader macro headwinds sparked heavy selling, but investors have made good use of direct trading to pick up bonds at prices not seen since Europe’s sovereign debt crisis.
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away from downing street some prudence in the uk
8 Jul 2022 TwentyFour Blog

Away from Downing Street, some prudence in the UK

Political chaos is once again taking the headlines in the UK, but bond investors should be cheering the UK regulator’s decision to raise banks’ capital buffers in preparation for an anticipated economic downturn, says Gary Kirk.
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Two pieces of good news for investors on inflation teaser
7 Jul 2022 TwentyFour Blog

Two pieces of good news for investors on inflation

With investors seemingly unwilling to put money to work until they see clear evidence of the inflation trend reversing, Felipe Villarroel looks at two developments that tentatively suggest central banks’ delicate balancing act is actually working.
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The Fed and the flows are looking at inflation head-on teaser
4 Jul 2022 TwentyFour Blog

The Fed and the flows are looking at inflation head-on

After H1 2022 broke market records for all the wrong reasons, Gary Kirk says fixed income outflows could reverse quickly if investors see evidence that central banks are turning the tide on inflation.
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Low issuance – a sign of strong fundamentals?
30 Jun 2022 TwentyFour Blog

Low issuance – a sign of strong fundamentals?

The US high yield market has experienced the third lightest month in terms of new issue flows since the Global Financial Crisis. Chris Holman explains what this means for default rates going into the second half of the year.
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BB CLOs approaching 12% yield
29 Jun 2022 TwentyFour Blog

BB CLOs approaching 12% yield

Aza Teeuwen explains how market moves have impacted BB CLOs and looks at historic trends analysing their behaviour during crisis scenarios.
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Can investment grade be a safe harbour in stormy markets?
28 Jun 2022 TwentyFour Blog

Can investment grade be a safe harbour in stormy markets?

At this stage in the economic cycle investors may need to think about ways to protect their portfolios while providing strong relative value. Johnathan Owen explains why short dated investment grade can offer exactly that in his latest blog.
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Treasuries to stabilise amid aggressive Fed hiking
27 Jun 2022 TwentyFour Blog

Treasuries to stabilise amid aggressive Fed hiking

With Fed rate hikes continuing and the economy progressing into late cycle stages, Mark Holman presents his expectations from the Fed going into the second half of the year and explains why he believes Treasuries can provide the protection investors may need.
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Will high yields stay high? Teaser
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.
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