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CLOs

What next for European ABS post-tariffs?
22 Apr 2025 TwentyFour Blog

What next for European ABS post-tariffs?

Markets settled down last week thanks to the absence of headlines around tariffs. There is a universal acceptance that uncertainty and volatility will remain, though a series of constructive data prints relating to inflation and labour markets have now been navigated, and investors are shifting their focus to how central banks will weigh up the growth and inflationary impact of tariffs at the next round of meetings.
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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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CLO popularity growing but secondary could offer better value
28 Jan 2025 TwentyFour Blog

CLO popularity growing but secondary could offer better value

It has been two weeks since the primary market for collateralised loan obligations (CLOs) re-opened and 2025 has already proven to be quite a year from multiple angles.
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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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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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Astonishing July demand shows appetite for mezz ABS
22 Jul 2024 TwentyFour Blog

Astonishing July demand shows appetite for mezz ABS

A consumer loan ABS issued last week by Consors Finanz, a fully-owned subsidiary of BNP Personal Finance, highlights the remarkable appetite investors are currently showing for mezzanine ABS bonds.
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CLO outlook: value remains but watch for greed on pricing
4 Jul 2024 TwentyFour Blog

CLO outlook: value remains but watch for greed on pricing

Having been the best performing asset class across fixed income in 2023, collateralised loan obligations (CLOs) have spent the first half of this year on similar form with record levels of issuance meeting equally strong demand from a broadening range of investors.
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ABS and CLOs break 2.0 issuance records
23 May 2024 TwentyFour Blog

ABS and CLOs break 2.0 issuance records

The European asset-backed securities (ABS) market saw a record issuance last week with €5bn of primary issuance.
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The alternative:  AAA CLOs
8 May 2024 TwentyFour Blog

The alternative: AAA CLOs

Following an incredible 2023, collateralised loan obligation (CLO) investors are again having a great year with the asset class outperforming the more traditional asset classes.
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Bumps in the road but CLOs delivered in Q1
4 Apr 2024 TwentyFour Blog

Bumps in the road but CLOs delivered in Q1

After delivering a stunning 2023, collateralised loan obligations (CLOs) were once again one of the top performers in Q1. That leaves us with the question, where do we go from here?
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CLO metrics remain robust as leveraged loans beat expectations
30 Nov 2023 TwentyFour Blog

CLO metrics remain robust as leveraged loans beat expectations

Recently, our credit experts delved into the performance of the high-yield market, revealing how the maturity wall does not seem to be a significant challenge for most companies.
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