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Europe

T-Bill and Chill: Running out of steam?
16 Oct 2025 TwentyFour Blog

T-Bill and Chill: Running out of steam?

Earlier this month, we wrote about the high cost of staying in cash in the Euro market. In that note, we argued that a combination of inflation, low front-end rates and steeper curves, favoured a rotation out of cash and cash like instruments into other alternatives that delivered better real returns, including credit. Building on this argument, we wanted to extend this perspective to the US dollar market and highlight a few key points.
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French Politics: Deja Vu
7 Oct 2025 TwentyFour Blog

French politics: déjà vu

France is in the news again. Prime Minister Lecornu became the latest casualty of the French politics saga that began just over a year ago when president Macron called a surprise early election.
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Despite tight spreads, European HY is not overheating
2 Oct 2025 TwentyFour Blog

Despite tight spreads, European HY is not overheating

Tight spreads and elevated supply are often key signs that fixed income markets are overheating. Despite these all being present within the European High Yield market today, the underlying data points to a more measured backdrop characterised by the printing of high-quality new issues, improving credit fundamentals and a stubbornly supportive technical background, offering investors reassurance over the medium-term future of the asset class.
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Santander setting the pace in European ABS
23 Sep 2025 TwentyFour Blog

Santander setting the pace in European ABS

Following the end of quantitative easing in 2023, the European ABS market has gone from strength to strength and 2025 is set to overtake the post-2008 new issuance record set in 2024.
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Is there value in the troubled European chemicals sector?
16 Sep 2025 TwentyFour Blog

Is there value in the troubled European chemicals sector?

As active managers we are naturally looking for bonds that we believe are mispriced, therefore offering attractive risk-adjusted carry or, sometimes, a capital gain if market pricing falls into line with our view. Equally important is to avoid sectors facing structural or protracted cyclical downturns where we don’t think valuations reflect the fundamentals.
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Ratings uplift a boost for European financials
15 Sep 2025 TwentyFour Blog

Ratings uplift a boost for European financials

A trio of rating upgrades in European financials late last week has highlighted the strength of fundamentals in the sector. With the proportion of the subordinated financials that is rated investment grade continuing to grow, the wider pool of investors targeting these bonds could help to dampen volatility in the asset class.
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How will digital currencies impact banks?
2 Sep 2025 TwentyFour Blog

How will digital currencies impact banks?

The European Central Bank (ECB) is reportedly accelerating its work on a digital version of the euro (the dEuro), having seen the US pass the Genius Act in July which paved the way for broader adoption of so-called stablecoins.
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Credit’s cash pile ready for September supply
29 Aug 2025 TwentyFour Blog

Credit’s cash pile ready for September supply

We have long harked on about the strength of the technical in credit, with solid fundamentals, resilient inflows and defensive positioning continuing to provide a tailwind for the market.
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Improving growth forecasts matter for markets
22 Aug 2025 TwentyFour Blog

Improving growth forecasts matter for markets

On Thursday, markets received preliminary Purchasing Managers’ Index (PMI) figures for August. As a reminder, PMIs are timely indicators of trends in manufacturing and services, with a number above 50 signalling an expansion and below 50 a contraction.
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Allianz’s blockbuster RT1 underpinned by insurance fundamentals
20 Aug 2025 TwentyFour Blog

Allianz’s blockbuster RT1 underpinned by insurance fundamentals

Restricted Tier 1 (RT1) investors have been woken from an otherwise sleepy summer after Allianz Group, one of the largest insurers and asset managers globally, brought a $1.25bn deal to the market on Tuesday.
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Aggressive high yield deals call for heightened vigilance
11 Aug 2025 TwentyFour Blog

Aggressive high yield deals call for heightened vigilance

Urbaser, a Spanish waste management specialist, came to the market last week with a controversial new deal. The company launched a €1bn payment-in-kind (PIK) toggle note to fund a dividend to its owner Platinum Equity, just six weeks after it issued a new €2.3bn debt package to refinance its existing debt and fund a further €1bn of dividends.
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US corporate hybrids gain momentum after ratings shift
29 Jul 2025 TwentyFour Blog

US corporate hybrids gain momentum after ratings shift

The European corporate hybrid market has been established for some time. It is dominated by investment grade issuers seeking to raise capital with limited impact on their leverage ratios, thanks to rating agency treatment that classifies hybrids as 50% equity and 50% debt from a balance sheet perspective.
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