Top articles

  • CLOs have the fundamentals to absorb recession
  • Credit Suisse’s chunky coupon a sign of the times
  • What has driven yields higher – rates or credit?
  • Has inflation peaked? Ask the housing market.
  • Just how healthy is the consumer?
  • Value has returned to AAA CLOs
  • Even in recession, defaults will be lower than previous cycles
  • Return of bond-equity correlations could offer respite for investors
  • ABS spreads are pricing in a lot of downside
  • Global ABS: A cloudy outlook from sunny Barcelona

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High Yield Bonds

Will high yields stay high? Teaser
TwentyFour Blog | Read | 2 min 23 Jun 2022 by Pierre Beniguel

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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European high yield supply drought will ease
TwentyFour Blog | Read | 2 min 24 May 2022 by George Curtis

European high yield supply drought will ease

European high yield supply has endured its weakest start to a year in over a decade. The total supply to May 13th equalled €12.89bn, a fall of 75% year on year, with the market effectively closed for a large portion of the year.

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What has driven yields higher – rates or credit size
TwentyFour Blog | Read | 2 min 24 May 2022 by Mark Holman

What has driven yields higher – rates or credit?

With investors having endured a painful period of rising yields in 2022, Mark Holman looks at whether rates weakness or credit spread widening has been most to blame.

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CLOs have the fundamentals to absorb recession
TwentyFour Blog | Read | 3 min 17 May 2022 by Elena Rinaldi

CLOs have the fundamentals to absorb recession

As inflation continues to outstay its welcome in the global economy, we have previously discussed the impact of rising input costs on corporates and how crucial pricing power can be in such a challenging environment.

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Even in recession, defaults will be lower than previous cycles Teaser
TwentyFour Blog | Read | 3 min 16 May 2022 by George Curtis

Even in recession, defaults will be lower than previous cycles

The vast majority of the high yield universe used the attractive funding conditions last year to term out their maturity profiles. In fact, 2022 maturities in both US and European high yield equate to just 1% of their respective indices.

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Return of bond-equity correlations could offer respite for investors
TwentyFour Blog | Read | 2 min 13 May 2022 by Eoin Walsh

Return of bond-equity correlations could offer respite for investors

The broad-based sell-off that has faced investors since the start of this year has been all the more painful because of the breakdown in traditional correlations, which has put conventional hiding places out of reach.

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Taking stock of recent bond moves Teaser
TwentyFour Blog | Read | 2 min 12 Apr 2022 by George Curtis

Taking stock of recent bond moves

So far, most fixed income asset classes have experienced a tumultuous 2022. With high yield markets bucking the trend in recent weeks, George Curtis takes a closer look at the drivers of the sector’s recent strength and its current opportunity set.

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The evidence doesn’t point to recession
TwentyFour Blog | Read | 3 min 25 Mar 2022 by Felipe Villarroel

The evidence doesn’t point to recession

Growth in 2022 is likely to be above historical averages for most developed economies, even after adjusting forecasts for the impact of the Russian invasion.

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Wave of inflation means companies will sink or swim on pricing power
TwentyFour Blog | Read | 4 min 17 Mar 2022 by Gordon Shannon

Wave of inflation means companies will sink or swim on pricing power

Soaring inflation was already a dominant theme for markets coming into 2022. The sanctions imposed on Russia in response to its invasion of Ukraine have only exacerbated its expected rise, and pushed its expected peak further out.

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Rising HY defaults more than priced in
TwentyFour Blog | Read | 2 min 9 Mar 2022 by George Curtis

Rising HY defaults more than priced in

Default rate estimations depend on how you define defaults and what index you use, but there is no doubt we are at record lows in European high yield at the moment.

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Investors are overreacting to banks’ Russia exposure
TwentyFour Blog | Read | 2 min 3 Mar 2022 by Mark Holman

Investors are overreacting to banks’ Russia exposure

European bank equity has been among the hardest hit sectors since Russia’s invasion of Ukraine, as fears of losses and a flight to quality have prompted investors to change positioning.

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Steady Fed makes short end look attractive
TwentyFour Blog | Read | 2 min 21 Feb 2022 by Gary Kirk

Steady Fed makes short end look attractive

Escalating geopolitical tensions have contributed to a volatile past week for investors, but uncertainty regarding central bank action continues to dominate the bond markets, with one investment bank now predicting nine straight hikes from the Fed beginning at its March meeting.  

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