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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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Thames Water: Government must deploy the life raft
18 Jul 2024 TwentyFour Blog

Thames Water: Government must deploy the life raft

Back in April we looked in detail at the challenges and potential outcomes facing Thames Water, the debt-laden UK utility company battling to avoid government intervention. On the back of a lacklustre set of financial results and being placed into a “turnaround oversight regime” by the regulator Ofwat, Thames Water’s situation took a further turn for the worse last week.
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The Rodney blog 2024: strong returns ahead
7 Dec 2023 TwentyFour Blog

Fixed Income outlook 2024: strong returns ahead

After a horrible year for financial markets in 2022, the macro-outlook for 2023 had a lot of consensus views, with most predicting a much better year ahead, helped by supportive rate cuts from central banks and positive returns from both government bonds and credit.  
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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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US debt - stuck in a vicious cycle
1 Jun 2023 TwentyFour Blog

US debt - stuck in a vicious cycle

In recent weeks the US debt ceiling has been dominating headlines with investors focused on the imminent threat of a US default which would be extremely unnerving for global markets. Johnathan Owen looks at the wider implications facing the US economy.
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Stubborn inflation, cheaper gilts
26 May 2023 TwentyFour Blog

Stubborn inflation, cheaper gilts

Following higher than expected inflation data in the UK, Gordon Shannon looks at the knock on effects within the Gilt market and the increased pressure on the Bank of England.
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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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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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1 Feb 2023 TwentyFour Blog

Discipline crucial amid surge in bond supply

With banks and corporates breaking records for January bond issuance, Johnathan Owen looks at the drivers of the surge in supply and sounds a warning for investors on sharp pricing.
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25 Jan 2023 TwentyFour Blog

Having your cake and eating it

While yields have soared in recent months and created a broad buying opportunity in fixed income, Aza Teeuwen says investors should look at floating rate bonds to benefit from higher coupons today.
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Time to extract Europe’s elevated bond spreads
18 Jan 2023 TwentyFour Blog

Time to extract Europe’s elevated bond spreads

With projections for European growth and inflation being hastily revised in early 2023, the region’s bonds are still paying investors a premium that may not be around for long, says Dillon Lancaster.
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