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Yields

Lottomatica reopens high yield for right names
28 Apr 2025 TwentyFour Blog

Lottomatica reopens high yield for right names

The high yield bond market reopened in Europe last week after a three-week hiatus triggered by the US tariffs fallout. Aside from a private placement by Very Group on April 10, the last public European high yield deal was from UK homebuilder Miller Homes on March 31, so we were interested to see how the first post-tariffs deal would be received.
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 Corporate sector on solid ground entering 2025
21 Jan 2025 TwentyFour Blog

Corporate sector on solid ground entering 2025

One of the key reasons we see credit continuing to outperform government bonds over the medium term is corporate fundamentals.
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How do higher Gilt yields impact banks and insurers?
13 Jan 2025 TwentyFour Blog

How do higher Gilt yields impact banks and insurers?

Last week’s rise in UK government bond yields prompted the bonds of UK financial institutions, both banks and insurers, to underperform other regions, a trend also seen in the equity market.
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Gilt yields gap higher
9 Jan 2025 TwentyFour Blog

Gilt yields gap higher

We saw a sell-off across the UK Gilt curve on Wednesday with yields rising by 4bp at the short end and 11bp at the long end. This took the 10-year Gilt to 4.80% and the 30-year Gilt to 5.35%, with the latter bringing the unwelcome headline that UK borrowing costs are at their highest since the last century.
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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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European High Yield funds post record inflows amid buoyant investor demand
21 Oct 2024 TwentyFour Blog

European High Yield funds post record inflows amid buoyant investor demand

A lot has happened since our last blog about the state of affairs in the European High Yield (HY) market. At the time, the sector had just seen three of the largest capital structures of Altice France, Ardagh Group and Intrum AB announce restructuring advisors in quick succession, with growing fears that it would represent the start of a wider default trend.
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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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Q1 recap: macro drivers and fixed income performance
2 Apr 2024 TwentyFour Blog

Q1 recap: macro drivers and fixed income performance

Quarter ends are always a useful time to take a step back and assess what the main macro drivers during the quarter were, which trades worked and which did not and to refresh macro views for the next period.
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European high yield makes strong start to 2024 with default rates lower than expected
15 Jan 2024 TwentyFour Blog

European high yield makes strong start to 2024 with default rates lower than expected

Last year saw returns in European high yield (HY) of approximately 12%, driven by tighter spreads (-102bps) and lower government bond yields (five-year bunds were -59bps).
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Flows into corporate credit take off as we power into 2024
10 Jan 2024 TwentyFour Blog

Flows into corporate credit take off as we power into 2024

We recently highlighted in our 2024 outlook our expectations of significant inflows into fixed income to be an important technical driver of performance in the year ahead.
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The Rodney blog 2024: strong returns ahead
7 Dec 2023 TwentyFour Blog

Fixed Income outlook 2024: strong returns ahead

After a horrible year for financial markets in 2022, the macro-outlook for 2023 had a lot of consensus views, with most predicting a much better year ahead, helped by supportive rate cuts from central banks and positive returns from both government bonds and credit.  
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First cut now in sight as interest-rate hikes come to an end
5 Dec 2023 TwentyFour Blog

First cut now in sight as interest-rate hikes come to an end

The cuts are coming as the cycle of interest-rate hikes ends. In his latest blog, George Curtis discusses how falling inflation, weaker job reports, and signs of a European recession are reshaping expectations for interest rates.
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