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Global High Yield Bonds

Don't forget about money supply measures M1 and M2
25 Apr 2024 TwentyFour Blog

Don't forget about money supply measures M1 and M2

Money supply measures such as M1 and M2 enjoyed a relatively brief period of fame and glory just after the pandemic.
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US Credit shows healthy supply and demand dynamics
12 Feb 2024 TwentyFour Blog

US Credit shows healthy supply and demand dynamics

US corporate bond primary markets have had a robust start to the year as both Investment Grade (IG) and High Yield (HY) companies have looked to take advantage of the recent rally in rates and spreads that we have experienced since Fed Chairman Powell's December FOMC comments up until his more cautious stance in the January meeting.
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Ford’s upgrade helps the US high-yield market to motor
4 Dec 2023 TwentyFour Blog

Ford’s upgrade helps the US high-yield market to motor

Ford reclaims its investment-grade status after almost four years in high-yield territory. Chris Holman's latest blog reveals why this isn’t just a win for the car company and will have a positive impact on the entire US high-yield market.
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Hitting the wall: What next for high yield default rates?
23 Oct 2023 TwentyFour Blog

Hitting the wall: What next for high yield default rates?

Thomas Barkin, President of the Richmond Fed, called any (potential) upcoming recession "the most predicted recession ever".
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A helpful technical
7 Jul 2023 TwentyFour Blog

A helpful technical

As mid-year investment bank reviews hit our screens, we are seeing a shared expectation of spread decompression between IG and HY bonds, signalling rising defaults. Pierre Beniguel argues that tightening HY spreads and resilient performance suggest surprising sector support due to lower issuance and available cash.
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High yield supply points to buoyant market
24 Apr 2023 TwentyFour Blog

High yield supply points to buoyant market

In the last few weeks the high yield primary market has seen a resumption of issuance which Portfolio Manager George Curtis believes points to a relatively buoyant market.
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4 Apr 2023 TwentyFour Blog

Negative credit migration calls for caution

Despite the recent volatility in the banking sector, corporate credit has remained strong. Pierre Beniguel looks at the interesting rating action which caught attention last week.
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2 Mar 2023 TwentyFour Blog

February pull-back widens the entry point for fixed income

February was a nasty throwback to the sort of market conditions that battered fixed income in 2022, but the pull-back has given anyone worried they’d missed the January rally an even better opportunity, says Charlene Malik.
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20 Feb 2023 TwentyFour Blog

High yield data shows buffer in corporate balance sheets

While corporate fundamentals are expected to deteriorate as rate hikes hit the economy, many metrics are pointing to record strength in the European high yield space, says George Curtis.
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14 Feb 2023 TwentyFour Blog

UK consumer caution bad for growth, but good for bonds

With UK consumers holding on to more of their pandemic-era savings than their US counterparts, Felipe Villarroel looks at what it means for bond investors.
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Fundamentals suggest more upside for high yield bonds
7 Feb 2023 TwentyFour Blog

Fundamentals suggest more upside for high yield bonds

With risk assets rallying hard in the early weeks of 2023, Chris Holman reviews fundamentals in high yield bonds to see if recent performance has left any value in the market.
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No, you haven’t missed the fixed income rally
2 Feb 2023 TwentyFour Blog

No, you haven’t missed the fixed income rally

Strong performance across markets in January has left some investors feeling they’ve missed out on the rally in bonds. No need to worry, says Felipe Villarroel.
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