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Europe

BoE: Lender of (not so) last resort
30 Jul 2024 TwentyFour Blog

BoE: Lender of (not so) last resort

Last week, the Bank of England (BoE) published a speech by its Executive Director for Markets, Victoria Saporta, in which she laid out the central bank’s evolving role as a lender to the UK banking system. More specifically, the speech highlighted how the BoE expects to see UK banks having a greater reliance on its funding facilities going forward.
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Astonishing July demand shows appetite for mezz ABS
22 Jul 2024 TwentyFour Blog

Astonishing July demand shows appetite for mezz ABS

A consumer loan ABS issued last week by Consors Finanz, a fully-owned subsidiary of BNP Personal Finance, highlights the remarkable appetite investors are currently showing for mezzanine ABS bonds.
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Wages continue to rein in pace of ECB rate cuts
16 Jul 2024 TwentyFour Blog

Wages continue to rein in pace of ECB rate cuts

Last month saw the European Central Bank (ECB) get their cutting cycle underway with a 25bp cut in the deposit rate to 3.75%. However, any expectations for a rapid series of reductions after the first move were tempered by President Christine Lagarde, who at the subsequent press conference was clear that the ECB could move in phases in which they left interest rates unchanged.
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French result supports European spreads but budget concerns remain
8 Jul 2024 TwentyFour Blog

French result supports European spreads but budget concerns remain

After weeks of volatility following President Emmanuel Macron’s decision to call snap parliamentary elections in France, markets were breathing a sigh of cautious relief on Monday after the far-right Rassemblement National (RN) underperformed the polls.
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Euro banks well prepared as Basel marathon enters final stretch
26 Jun 2024 Outlook

Euro banks well prepared as Basel marathon enters final stretch

The global financial crisis was a seismic shock to banking systems globally, and triggered a regulatory marathon with banks having to adapt to a far stricter set of rules (known as Basel III) set out by the Basel Committee on Banking Supervision (BCBS).
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Global headlines aplenty but trends continue
10 Jun 2024 TwentyFour Blog

Global headlines aplenty but trends continue

For the fixed income fanatics amongst us, June was always going to be one for the books with all three of the major central banks meeting, elections, and continued data.
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RT1 redemptions - a trend is your friend
6 Jun 2024 TwentyFour Blog

RT1 redemptions - a trend is your friend

Phoenix Group (Phoenix), a UK-based insurer mostly in the savings and pensions business, announced a tender offer at par for up to $500m of its $750m 5.625% RT1 callable in January 2025, and $350m Tier 2 callable in June 2026.
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 In the spotlight: European Parliament election
31 May 2024 TwentyFour Blog

In the spotlight: European Parliament election

When market participants were asked at the end of last year to enumerate the main risks investors would face in 2024, the vast majority of those surveyed counted politics and elections amongst the top factors to consider for the unrewarding task of forecasting total returns for major asset classes over the following twelve months.
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ABS and CLOs break 2.0 issuance records
23 May 2024 TwentyFour Blog

ABS and CLOs break 2.0 issuance records

The European asset-backed securities (ABS) market saw a record issuance last week with €5bn of primary issuance.
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 ECB wage data - can I get a raise?
17 May 2024 TwentyFour Blog

ECB wage data - can I get a raise?

The European Central Bank (ECB) will almost certainly start their rates cutting cycle next month. Supportive inflation data and clear guidance from the governing council has driven market implied probabilities of a June cut to almost 100%, with little in the way to derail that.
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Don't miss out on scarcity premium in AT1s
7 May 2024 TwentyFour Blog

Don't miss out on scarcity premium in AT1s

The first four months of this year have seen €11.6bn in gross Additional Tier 1 (AT1) issuance from European banks, across euros, dollars and sterling markets.
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European banking M&A gathering pace
1 May 2024 TwentyFour Blog

European banking M&A gathering pace

Recently, BBVA announced that it had approached the management of Banco Sabadell, to explore a possible merger between both entities, with BBVA also appointing advisers for this purpose.
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