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Securitisation

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TwentyFour Blog | Read | 2 min 22 May 2023

Prime on the menu

Last week saw three UK Prime RMBS deals served up to ABS investors, the most liquid part of the European ABS market. In our latest blog we hear from Douglas Charleston who analyses these recent deals and what it means for this market segment.

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French CMBS deal repaid in full: A beacon of hope for struggling commercial real estate sector
TwentyFour Blog | Read | 3 min 16 May 2023

French CMBS deal repaid in full: A beacon of hope for struggling commercial real estate sector

Given the current macro environment, Pauline Quirin believes loans with near term maturities provide a useful insight into where risk lie.

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Funding, capital and ABS as financial market stability tool
TwentyFour Blog | Read | 3 min 30 Mar 2023

Funding, capital and ABS as financial market stability tool

Douglas Charleston looks at the wider implications of recent bank sector volatility and the opportunities it presents for credit investors.

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

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

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

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

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

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

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

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

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

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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