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  • 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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Multi-Sector Bonds

Credit Suisse’s chunky coupon a sign of the times
TwentyFour Blog | Read | 1 min 20 Jun 2022 by Dillon Lancaster

Credit Suisse’s chunky coupon a sign of the times

After 18 months of difficult headlines Credit Suisse could ill afford more negative press, and we therefore welcomed its decision to refinance its 7.125% Additional Tier 1 (AT1) bond last week at its first call date.

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Widening spreads are not the only consideration for AT1 investors
TwentyFour Blog | Read | 3 min 10 Jun 2022 by Eoin Walsh

Widening spreads are not the only consideration for AT1 investors

Given the widening of spreads in Additional Tier 1 (AT1) bonds, in line with general spread widening across all of credit, the prospect of AT1s not being called on their first call date is beginning to generate a few headlines again.

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How advanced is the current cycle?
TwentyFour Blog | Read | 3 min 27 May 2022 by Felipe Villarroel

How advanced is the current cycle?

The most important asset allocation decisions for global investors ought to originate by answering a seemingly simple question: Where in the cycle are we?

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The solace provided by a robust earnings season
TwentyFour Blog | Read | 2 min 4 May 2022 by Felipe Villarroel

The solace provided by a robust earnings season

Earnings season is now in full swing, and it has undoubtedly been eventful. During the first quarter, companies have had to navigate multiple obstacles, including surging commodity prices, hawkish central bank policies, a Russian invasion, further supply chain disruptions caused by lockdowns in China, and dwindling consumer confidence.

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Peak hawkishness for rates, but can the consumer handle it?
TwentyFour Blog | Read | 3 min 26 Apr 2022 by Eoin Walsh

Peak hawkishness for rates, but can the consumer handle it?

Since the end of last year, central bank officials have been falling over themselves to increase their hawkishness around rates, particularly in the US. Even the ECB Governing Council members have been vocal of late.

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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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Deutsche Bank lures CoCo investors
TwentyFour Blog | Read | 2 min 30 Mar 2022 by Mark Holman

Deutsche Bank lures CoCo investors

The reshaping of Deutsche Bank since the end of the global financial crisis has been one of the longest-running transformation stories in the banking sector.

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Taking the temperature of credit markets
TwentyFour Blog | Read | 2 min 17 Feb 2022 by Pierre Beniguel

Taking the temperature of credit markets

So far this year, the spread between two-year and 10-year US Treasury yields has declined from 77bp to 51bp.

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What will turn this market around?
TwentyFour Blog | Read | 4 min 8 Feb 2022 by Mark Holman

What will turn this market around?

For fixed income investors, the start to 2022 has been trickier than any we have experienced for many years, but we think this difficulty is to be expected and aligns with our macro view.

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Making sense of corporate bond softness
TwentyFour Blog | Read | 3 min 7 Feb 2022 by George Curtis

Making sense of corporate bond softness

After a challenging January, which saw markets beginning to come to terms with a very hawkish Fed pivot and rising Russia-Ukraine tensions, it is worth taking stock of the moves we have seen in fixed income over the last few weeks.

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The Rodney Blog 2021: Policy, economy and markets must converge teaser
TwentyFour Blog | Read | 11 min 29 Nov 2021 by Mark Holman

The Rodney Blog 2022: Policy, economy and markets must converge

What we are currently experiencing is a disconnect between monetary policy, the economy and the markets, a disconnect that in our view will struggle to survive much longer.

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TwentyFour Blog | Read | 2 min 24 Sep 2021 by Dillon Lancaster

Stagflation – Probable or Panic?

Our base case is for a continuation of quite high growth and a modest inflation overshoot. For bond investors, positioning for stagflation could be a dangerous trade if that base case bears out

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