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Fixed Income 2025: Yields trump possibility of spread correction
10 Dec 2024 TwentyFour Blog

Fixed Income 2025: Yields trump possibility of spread correction

With a macro backdrop of falling rates and solid global growth, TwentyFour Asset Management's Eoin Walsh says fixed income investors can expect healthy total returns in 2025.
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A difference of opinion in US and European CLOs
9 Dec 2024 TwentyFour Blog

A difference of opinion in US and European CLOs

Last week, members of TwentyFour’s asset-backed securities (ABS) portfolio management team were in Dana Point, California for the Opal Group CLO Summit, an annual event with over 2,000 participants made up of investors, bankers, CLO managers, service providers and lawyers.
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Eurozone inflation, growth and ECB speak
29 Nov 2024 TwentyFour Blog

Eurozone inflation, growth and ECB speak

Thanksgiving week is usually a lighter one when it comes to data releases in the US. Apart from a PCE and core PCE inflation numbers that came in line with expectations at 2.3% and 2.8% respectively, there has not been much data to move the dial. In Europe, on the other hand, there have been a few data releases and central banker interviews that are worth commenting on.
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Should investors care about negative swap spreads?
13 Nov 2024 TwentyFour Blog

Should investors care about negative swap spreads?

The relationship between government bond yields and swap rates – otherwise known as the swap spread – has been increasingly in focus, with the market’s attention turning to Europe last week as the 10-year German Bund yield traded higher than the 10-year euro swap rate for the first time ever.
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Does Trump’s win change anything for fixed income?
7 Nov 2024 TwentyFour Blog

Does Trump’s win change anything for fixed income?

With Donald Trump’s solid victory helping the dust around the US election result settle faster than many might have expected, investors’ attention has promptly shifted to the potential economic and financial market implications of the new administration.
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Non-farm payroll post-mortem
7 Oct 2024 TwentyFour Blog

Non-farm payroll post-mortem

Friday’s blockbuster jobs report saw a sharp sell-off in the government bond markets, with 10-year US Treasuries selling off by close to 15 basis points (bps), while the 2-year US Treasuries posted a 30 bps move in the same direction, dragging gilts and German bunds with them.
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How many credit cheerleaders are on the sidelines?
25 Sep 2024 TwentyFour Blog

How many credit cheerleaders are on the sidelines?

The quantity of cash parked in money market funds has been at the forefront of investors’ minds for some time now. The surge of inflows for these short term risk-free instruments as rates rose was no surprise considering they now yield more than a single-B rated high yield corporate was offering just a few years ago.
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The cutting cycle begins
19 Sep 2024 TwentyFour Blog

The cutting cycle begins

Uncertainty is over, it was a 50 basis points (bps) move. As we mentioned in our previous blog, the most important take away from the Federal Open Market Committee (FOMC) meeting would be their assessment of the economy.
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Fed preview: Look beyond the size of the cut
17 Sep 2024 TwentyFour Blog

Fed preview: Look beyond the size of the cut

While the majority of headlines have concerned whether the Fed will do 25bp or 50bp to kick off its cutting cycle, we think this is only one part of the discussion – and not necessarily the most important one.
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US inflation cools case for 50bp cut
12 Sep 2024 TwentyFour Blog

US inflation cools case for 50bp cut

With the Federal Reserve (Fed) set to begin its long-awaited interest rate easing cycle at next week’s Federal Open Market Committee (FOMC) meeting, Wednesday’s Consumer Price Index (CPI) inflation report for August was the last big economic release investors could comb for clues as to the size of the first cut.
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Volatile week possible after inconclusive US labour market data
9 Sep 2024 TwentyFour Blog

Volatile week possible after inconclusive US labour market data

We struggle to recall a more eagerly awaited US labour market report than that published last week. Stakes were high given the previous report showed a steep rise in unemployment and caused market mayhem in early August, but anyone hoping for a conclusive picture was left disappointed as a mixed set of figures left the strength of the US economy open to interpretation.
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Investors and issuers vote with their feet in bond supply deluge
4 Sep 2024 TwentyFour Blog

Investors and issuers vote with their feet in bond supply deluge

Any market participants hoping for a quiet few days to ease back into “work mode” after the summer break have had to rapidly adjust their expectations.
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