Top articles

  • CLOs have the fundamentals to absorb recession
  • Credit Suisse’s chunky coupon a sign of the times
  • What has driven yields higher – rates or credit?
  • Has inflation peaked? Ask the housing market.
  • Just how healthy is the consumer?
  • Value has returned to AAA CLOs
  • Even in recession, defaults will be lower than previous cycles
  • ABS spreads are pricing in a lot of downside
  • Global ABS: A cloudy outlook from sunny Barcelona
  • Return of bond-equity correlations could offer respite for investors

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Securitisation

Value has returned to AAA CLOs
TwentyFour Blog | Read | 3 min 31 May 2022 by Aza Teeuwen

Value has returned to AAA CLOs

We can debate whether the European Central Bank is behind the curve or not, but Christine Lagarde says rates will be in non-negative territory by September.

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TwentyFour Blog | Read | 5 min 6 Jan 2022 by Silvia Piva

Voting rights and the myth of future proofing documentation

As we enter the New Year, we say goodbye to an old “friend” that has accompanied us (for better and for worse) since the inception of the UK ABS market in the late 1980s – Sterling LIBOR.

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TwentyFour Blog | Read | 4 min 28 Oct 2021 by Kevin Law

Is There Value in Student Housing CMBS?

With a student housing CMBS deal recently brought to market, Kevin Law evaluates the sector’s outlook in the aftermath of COVID-19

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TwentyFour Blog | Read | 3 min 13 Sep 2021 by Pauline Quirin

How do ABS and CLO Investors Trade Bonds? 

BWIC – or bids wanted in competition – lists, are a unique characteristic of the ABS and CLO markets, where they are widely used in secondary trading when investors are looking to sell bonds.

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TwentyFour Blog | Read | 3 min 18 Aug 2021 by Marko Feiertag

German Multifamily CMBS – HAUS or BRIDGE?

Last week, Morgan Stanley successfully brought the first public German Multifamily CMBS deal (HAUS - Eloc 39) to market since 2013. Despite coming to the market in the middle of the summer, the deal has attracted strong demand across the capital stack.

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TwentyFour Blog | Read | 3 min 4 Aug 2021 by Aza Teeuwen

The End of the Road for Petrolheads

We can model all kinds of credit risk as long as there is enough protection in the structure for investors to get comfortable with a degree of residual value risk.

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TwentyFour Blog | Read | 3 min 3 Aug 2021 by Elena Rinaldi

Dull Summer in CLO Land? Maybe Not

After a hectic first half of the year, most investors, including us, were hoping for a dull summer to recharge our batteries, but it seems there’s no respite from the CLO machine.

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TwentyFour Blog | Read | 2 min 29 Jul 2021 by Mark Holman

What We Can Learn From Spread Differentials

It is quite rare that we recommend playing in the very bottom of the credit spectrum because CCC rated bonds are where at least 95% of all defaults come from, and are significantly more volatile than we would like.

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 2019-08-16_24_AAAs-dont-yield_teaser.jpg
TwentyFour Blog | Read | 2 min 16 Aug 2019 by Aza Teeuwen

AAAs Don’t Yield 2.3%, Do They?

Rates risk is not something we concern ourselves with too much in the European ABS market, so normally news of inverted yield curves and 30-year US Treasury yields dropping below 2% would largely wash over us. This is because pretty much all ABS bonds are floating rate, so there is no duration. Or is there?

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“So here it is, Merry Christmas…”
TwentyFour Blog | Read | 2 min 21 Dec 2018 by Rob Ford

“So here it is, Merry Christmas…”

“…everybody’s having fun. Look to the future now, it’s only just begun.”

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Is High Yield Weakness a Risk to CLOs?
TwentyFour Blog | Read | 2 min 16 Nov 2018 by Elena Rinaldi

Is High Yield Weakness a Risk to CLOs?

On Monday my colleagues on TwentyFour’s Multi-Sector Bond desk published a blog on rising default risks in high yield credit. Dummen Orange, Douglas, Boparan, Moby, Galapagos and CMC Ravenna are some of the obvious under-pressure names held in loan funds and CLO portfolios that are trading at a significant discount in the market.

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STS: Feel the Squeeze
TwentyFour Blog | Read | 3 min 8 Nov 2018 by Rob Ford

STS: Feel the Squeeze

Changes in regulations are typically long and drawn out, but their impact can often be felt quite quickly. There is every chance that this could soon be the case in ABS markets.

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