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  • Section 899: A big, beautiful source of uncertainty for foreign investors?
  • JGBs: are rising yields a risk to insurers?
  • European high yield untroubled by default rate spike
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  • Watching spreads and structures as ABS momentum builds
  • ECB preview: Is this the bottom for monetary policy rates?
  • SRTs not sounding any alarms - despite the headlines
  • The growing appeal of Significant Risk Transfer in private credit
  • Patchy UK labour data strengthens case for BoE cuts
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How do higher Gilt yields impact banks and insurers?
13 Jan 2025 TwentyFour Blog

How do higher Gilt yields impact banks and insurers?

Last week’s rise in UK government bond yields prompted the bonds of UK financial institutions, both banks and insurers, to underperform other regions, a trend also seen in the equity market.
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Gilt yields gap higher
9 Jan 2025 TwentyFour Blog

Gilt yields gap higher

We saw a sell-off across the UK Gilt curve on Wednesday with yields rising by 4bp at the short end and 11bp at the long end. This took the 10-year Gilt to 4.80% and the 30-year Gilt to 5.35%, with the latter bringing the unwelcome headline that UK borrowing costs are at their highest since the last century.
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Busy primary shows fixed income’s strong technical backdrop
8 Jan 2025 TwentyFour Blog

Busy primary shows fixed income’s strong technical backdrop

It has been a busy start to 2025 in fixed income markets. After the Federal Reserve’s (Fed) hawkish December dot plot, which added fuel to a sell-off in rates last month, you might have thought primary market activity would be more cautious than both issuers and investors would have anticipated a month ago.
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Macro data and central banks miss the year-end memo
18 Dec 2024 TwentyFour Blog

Macro data and central banks miss the year-end memo

Primary market and trading activity may be declining as is typical in late December, but macro data doesn’t sleep, and central banks haven’t got the memo on the wind-down into year-end either with policy meetings at the Federal Reserve (Fed) and the Bank of England (BoE) scheduled for Wednesday and Thursday respectively.
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Two overlooked economic variables that matter for bonds
12 Dec 2024 TwentyFour Blog

Two overlooked economic variables that matter for bonds

With analysts steadily publishing their projections for 2025 (ours are here), the macro variables that tend to get the spotlight are naturally growth and inflation.
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Fixed Income 2025: Yields trump possibility of spread correction
10 Dec 2024 TwentyFour Blog

Fixed Income 2025: Yields trump possibility of spread correction

With a macro backdrop of falling rates and solid global growth, TwentyFour Asset Management's Eoin Walsh says fixed income investors can expect healthy total returns in 2025.
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A difference of opinion in US and European CLOs
9 Dec 2024 TwentyFour Blog

A difference of opinion in US and European CLOs

Last week, members of TwentyFour’s asset-backed securities (ABS) portfolio management team were in Dana Point, California for the Opal Group CLO Summit, an annual event with over 2,000 participants made up of investors, bankers, CLO managers, service providers and lawyers.
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Motor finance won’t put brakes on UK banking sector
6 Dec 2024 TwentyFour Blog

Motor finance won’t put brakes on UK banking sector

An otherwise fairly uneventful year for the UK banking sector has occasionally been dented by headlines concerning the Financial Conduct Authority’s (FCA) investigation into motor finance commission arrangements.
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French stalemate not a severe scenario for markets
5 Dec 2024 TwentyFour Blog

French stalemate not a severe scenario for markets

As most analysts expected, the French parliament on Wednesday brought the metaphorical guillotine down on Prime Minister Michel Barnier’s minority government. The no-confidence motion, brought by an alliance of left-wing parties while Barnier was attempting to pass a budget, was supported by Marine Le Pen’s far-right National Rally party.
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Eurozone inflation, growth and ECB speak
29 Nov 2024 TwentyFour Blog

Eurozone inflation, growth and ECB speak

Thanksgiving week is usually a lighter one when it comes to data releases in the US. Apart from a PCE and core PCE inflation numbers that came in line with expectations at 2.3% and 2.8% respectively, there has not been much data to move the dial. In Europe, on the other hand, there have been a few data releases and central banker interviews that are worth commenting on.
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 Heimstaden shows rate cuts are reviving real estate
27 Nov 2024 TwentyFour Blog

Heimstaden shows rate cuts are reviving real estate

Real estate, and in particular real estate investment trusts (REITs), was one of the first sectors to come under market scrutiny as interest rates rose, but a strong return to market from Swedish real estate company Heimstaden on Tuesday was the latest sign that expected rate cuts in Europe are easing pressure on the industry.
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Is payday over for German workers?
21 Nov 2024 TwentyFour Blog

Is payday over for German workers?

The European Central Bank (ECB) on Wednesday published its quarterly negotiated wages indicator for Q3, and while this is only one indicator the ECB uses to determine wage inflation across the Eurozone, the growth rate of 5.4% was the highest since the early 1990s.
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