Top articles

  • Rules of the Game - from Swiss Finish to Finished
  • Credit Suisse - In the Eye of the Storm
  • No, you haven’t missed the fixed income rally
  • Is the CLO whale back in the water?
  • Idiosyncratic or wider bank issue?
  • Let it go, turn away and slam the door
  • Are markets finally following the Fed?
  • CLO documentation provides downside protection to investors
  • February pull-back widens the entry point for fixed income
  • What is the AT1 market pricing in?

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Multi-Sector Bonds

TwentyFour Blog | Read | 2 min 20 Feb 2023

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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TwentyFour Blog | Read | 15 min 6 Dec 2022

The Rodney Blog 2023: A return to returns

In our annual ‘Rodney Blog’, Eoin Walsh says that with rates now offering both yield and downside mitigation, and credit yields at near-decade highs, fixed income investors could enjoy strong returns in 2023

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The Fed and the flows are looking at inflation head-on teaser
TwentyFour Blog | Read | 2 min 4 Jul 2022

The Fed and the flows are looking at inflation head-on

After H1 2022 broke market records for all the wrong reasons, Gary Kirk says fixed income outflows could reverse quickly if investors see evidence that central banks are turning the tide on inflation.

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

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

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

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

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

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

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

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

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

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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