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Europe

The compelling case for ABS in 2023
TwentyFour Blog | Read | 5 min 30 Jan 2023

The compelling case for ABS in 2023

Having done its job of delivering lower volatility and better performance than mainstream bond markets in 2022, the income and defensive characteristics of European ABS look equally compelling in 2023, says Doug Charleston.

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Bracing for impact in commercial real estate
TwentyFour Blog | Read | 4 min 23 Jan 2023

Bracing for impact in commercial real estate

With commercial real estate seen to be in the eye of the storm as interest rates rise, Aza Teeuwen looks at the potential impact on CMBS and CRE loans and highlights where valuations could be most at risk.

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New year, new mood as ABS supply ramps up
TwentyFour Blog | Read | 3 min 19 Jan 2023

New year, new mood as ABS supply ramps up

European ABS is enjoying a spurt of new issuance and a parallel rally in spreads, with investors having entered the new year with cash to invest and buoyed by renewed hope around inflation and monetary policy, says Pauline Quirin.

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Time to extract Europe’s elevated bond spreads
TwentyFour Blog | Read | 3 min 18 Jan 2023

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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24_2023-01-12_Blog_Teaser
TwentyFour Blog | Read | 1 min 12 Jan 2023

AroundTown: bad call (again)

After shocking investors in November by floating the idea of deferring its hybrid coupons, AroundTown has begun 2023 in similar fashion with a senior bond tender, says Pierre Beniguel.

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AroundTown: bad call
TwentyFour Blog | Read | 3 min 8 Dec 2022

AroundTown: bad call

In our latest blog, Pierre Beniguel looks at the implications of AroundTown’s corporate hybrid non-call and the shock announcement that it will also consider deferring coupon payments.

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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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24_2021-11-22_Blog_Teaser
TwentyFour Blog | Read | 2 min 22 Nov 2022

Highest starting yields since ‘08 predict strong five-year returns

Chris Bowie explains why he believes analysing starting yields can explain improved returns over the next five years

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Reasons to be constructive on extension risk
TwentyFour Blog | Read | 4 min 15 Nov 2022

Reasons to be constructive on extension risk

Telefonica’s reopening of the corporate hybrid market is further evidence that large issuers with proven track records and strong financials will call their bonds even if it looks uneconomic to do so, says Johnathan Owen.

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ABS liquidity is there when you need it most
TwentyFour Blog | Read | 4 min 11 Nov 2022

ABS liquidity is there when you need it most

With the UK pension fund liquidity crisis sparking heavy selling in ABS, Pauline Quirin looks at how the market absorbed all the supply, and which investors have stepped in sensing a buying opportunity.

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Credit quality deterioration is inevitable
TwentyFour Blog | Read | 4 min 9 Nov 2022

Credit quality deterioration is inevitable

Credit metrics will continue to deteriorate in the next year or two, but European high yield bonds in particular are pricing in too severe a downturn, says Mark Holman

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