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Asset Backed Securities

The growing appeal of Significant Risk Transfer in private credit
4 Apr 2025 TwentyFour Blog

The growing appeal of Significant Risk Transfer in private credit

While much of the focus in private credit has been on direct lending, Significant Risk Transfer (SRT) is emerging as a compelling alternative. What began as a regulatory tool is now gaining traction with a growing investor base, as banks look to optimise capital and issuance reaches record highs.
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What does shifting sentiment mean for ABS and CLOs?
18 Mar 2025 TwentyFour Blog

What does shifting sentiment mean for ABS and CLOs?

Last week we wrote about a notable shift in market sentiment and how this had impacted our view of relative value within fixed income. So, where has the impact been felt, and has it changed our view on relative value?
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Value emerges in Prime RMBS amid hunt for yield
18 Feb 2025 TwentyFour Blog

Value emerges in Prime RMBS amid hunt for yield

The recent rally in European fixed income has partly been driven by improved economic sentiment, falling inflation expectations, and a more accommodative monetary policy outlook from the European Central Bank (ECB) and the Bank of England (BoE).
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Servicers key as UK rates put pressure on pre-crisis RMBS
15 Jan 2025 TwentyFour Blog

Servicers key as UK rates put pressure on pre-crisis RMBS

Last week Fitch Ratings published a report concerning asset performance deterioration in UK residential mortgage-backed securities (RMBS) originated prior to the global financial crisis (GFC).
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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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Green shoots in European solar ABS
8 Nov 2024 TwentyFour Blog

Green shoots in European solar ABS

In the past 10 days the European asset-backed securities (ABS) market has welcomed five debut issuers across multiple jurisdictions and asset classes, with the most notable being Europe’s first public solar green ABS from Enpal.
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Appetite for German consumer bonds shows deep demand in ABS
24 Oct 2024 TwentyFour Blog

Appetite for German consumer bonds shows deep demand in ABS

Despite higher interest rates and cost of living increases across jurisdictions, there is no sign as yet of any impact on issuance levels in European consumer ABS.
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Draghi calls on old friend ABS to save Europe
24 Sep 2024 TwentyFour Blog

Draghi calls on old friend ABS to save Europe

Ten years ago this month, Mario Draghi gave a speech to the European Central Bank’s (ECB) Eurofi Financial Forum making the case for reforming securitisation regulation in order to revive the asset-backed securities (ABS) market in the wake of the global financial crisis.
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Can we complain about ABS supply?
2 Sep 2024 TwentyFour Blog

Can we complain about ABS supply?

The start of the school year ordinarily also marks the end of summer for the primary bond markets as issuance restarts, though this year feels rather different.
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ABS performance review - fundamental focus
12 Aug 2024 TwentyFour Blog

ABS performance review - fundamental focus

Headlines have painted a nervous picture of the health of consumers across Europe. Simultaneously, rating agencies have upgraded their outlook on the same consumer assets to neutral. The short story is that, although there has been a mild weakening in performance metrics, the consumer has held up well and is ahead of our base case expectations in almost all areas.
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CMBS shows ongoing challenges for commercial real estate
28 Jun 2024 TwentyFour Blog

CMBS shows ongoing challenges for commercial real estate

Securitisation made its latest appearance in the mainstream financial press this week with the news that the European commercial mortgage-backed security (CMBS) market is set to experience its first losses on AAA bonds since the global financial crisis.
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