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  • 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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TwentyFour Blog | Read | 3 min 20 Mar 2023

Rules of the Game - from Swiss Finish to Finished

Swiss regulators' decision to bail out Credit Suisse equity holders while wiping out AT1 debtholders will see long-term effects on bank debt markets and likely legal action says Eoin Walsh

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TwentyFour Blog | Read | 1 min 20 Mar 2023

Bank of England joins the ECB on hierarchy

The Bank of England joins the European Central Bank in stating that there is a clear hierarchy when it comes to a resolution or an insolvency scenario.

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TwentyFour Blog | Read | 3 min 15 Mar 2023

Credit Suisse - In the Eye of the Storm

Partner Eoin Walsh explores what the potential outcome of regulatory intervention for Credit Suisse could mean as negative headlines persist for the bank.

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TwentyFour Blog | Read | 3 min 6 Mar 2023

Will bank lending change the ECB’s view on inflation?

European banks’ tighter lending standards are chipping away at corporate loan volumes and adding to the uncertainty surrounding the ECB’s inflation projections due later this month, says Felipe Villarroel.

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TwentyFour Blog | Read | 2 min 14 Feb 2023

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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TwentyFour Blog | Read | 3 min 1 Feb 2023

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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Is pricing AT1s to call back in vogue?
TwentyFour Blog | Read | 2 min 5 Jan 2023

Is pricing AT1s to call back in vogue?

With the reopening of primary bond markets in Europe being met with strong demand, the AT1 market is seeing an overdue shift away from pricing to perpetuity, says Eoin Walsh

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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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What everyone is talking about in Switzerland
TwentyFour Blog | Read | 2 min 5 Dec 2022

What everyone is talking about in Switzerland

UBS announced a call of its low-reset 5% Additional Tier 1 (AT1) notes on Monday, showing call risk in the AT1 sector isn’t just a matter of economics, says Dillon Lancaster.

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Labour market the driving force for the Fed
TwentyFour Blog | Read | 3 min 1 Dec 2022

Labour market the driving force for the Fed

Following Chairman Powell’s speech last night, George Curtis looks at what the latest labour market data means for the Fed’s war on inflation.

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To call or not to call – who decides?
TwentyFour Blog | Read | 3 min 2 Nov 2022

To call or not to call – who decides?

With a surprising statement issued by the Australian regulator, Eoin Walsh looks at the wider implications for the calling of AT1 bonds

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Non-call doesn’t necessarily mean price pain in AT1s
TwentyFour Blog | Read | 2 min 17 Oct 2022

Non-call doesn’t necessarily mean price pain in AT1s

After Banco Sabadell declined to call its 6.125% AT1s at their first call date due to current market conditions, Dillon Lancaster looks at the structure of the bonds and explains what the move means for investors.

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