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Banks

1 May 2020 TwentyFour Blog

Behind Headlines, Banks Show Resilience

Over the past couple of months risk markets have experienced unprecedented volatility, and the economic uncertainty caused by the COVID-19 pandemic looks set to continue while a proven vaccine or an effective treatment both remain elusive.
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27 Apr 2020 TwentyFour Blog

The Beginning of The End For Government Bonds

The list of policy actions from the major central banks keeps getting longer, and today the Bank of Japan has added the purchase of “as many Japanese government bonds (JGBs) as necessary” so as to keep the 10-year rate at around zero percent.
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24 Apr 2020 TwentyFour Blog

Santander Shows Leadership in UK RMBS

We engage with Santander as a debt issuer across many jurisdictions and various fixed income products, and we have had mixed views on the bank’s behaviour in recent years following a controversial approach to a 2018 AT1 refinancing and the exercise of an early call in a Spanish ABS deal in 2019. On both these occasions, we felt bondholders were treated poorly and this was reflected in our ESG analysis of the issuer.
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15 Apr 2020 TwentyFour Blog

HY Demands Caution Through Riskiest Phase

The European high yield sector has seen a sharp correction from its highs earlier this year, with the Crossover index moving from a tight of 203bp in January to an intraday wide of 730p on March 18 (by this morning it had also seen a retracement of around 50% to 470bp).
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9 Apr 2020 TwentyFour Blog

Primary Bond Markets Escape Lockdown

It has been a positive sign for us that despite lockdowns being enforced in most of the major economies around the world, in the last two weeks several issuers have managed to successfully raise new debt via the primary market.
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8 Apr 2020 TwentyFour Blog

Primary Pause Positive for Prices in ABS

After a period of material weakness in spreads and general market stress, the common ingredient to recent corporate bond spread stability and subsequent strength has been the resurgence of the primary market.
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1 Apr 2020 TwentyFour Blog

Bond Basics Add Comfort Amid Virus Uncertainty

In response to the exceptional circumstances brought about by Covid-19, the Prudential Regulation Authority (PRA) at the Bank of England has written to UK banks asking them to ‘consider’ appropriate action regarding the payment, accrual and vesting of variable remuneration (i.e. bonuses) for senior staff, together with any dividend payments or share buyback plans.
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30 Mar 2020 TwentyFour Blog

CCDS Should Escape Payout Suspensions

With central banks and governments pumping huge amounts of funding into their domestic economies, they are obviously very keen that companies act with prudence and look after their surplus cash sparingly, by cutting back on distributions such as dividend payments and any share buyback plans.
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26 Mar 2020 TwentyFour Blog

Banks Lead New Issue Market Thaw

After a considerable period of zero activity new issue bond markets have reopened this week with a flurry of deals in the US and now in Europe. As usual it has been frequent high quality borrowers reopening the marketplace, and they have done so with confidence from their syndicate bankers that attractive pricing will result in successful transactions.
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24 Mar 2020 TwentyFour Blog

Panic Eases, But Pricing Peculiarities Persist in Fixed Income

Some of the panic selling has also abated as investors are gradually building their cash piles to desirable levels. However, we are still a long way away from normal bond markets.
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23 Mar 2020 TwentyFour Blog

Bond Market Recovery Will Outpace Equities

In the last two weeks we have seen savage falls in risk assets, but with the unprecedented stimulus and support action taken by policymakers globally, many investors’ minds have inevitably turned to when risk assets might be a buy again. More specifically, given equities are higher beta assets in multi-asset portfolios, when should asset allocators be buying equities again?
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23 Mar 2020 TwentyFour Blog

Not All AT1 Extensions Are Bad

In the case of Aareal Bank the management decision is understandable in our view; should the market panic and begin to offer extended AT1 bonds at a heavy discount, then investors could see this as a real opportunity over the medium term.
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