TwentyFour Blog | Read | 4 min 29 Nov 2023 Shop till you drop? What the holiday season tells us about US consumer health As we dive into the festive season, recent retail sales hint at a mixed bag for US retailers. In his latest blog, David Norris tells us what it all means for the health of the consumer and guides us through the latest events. Read more
TwentyFour Blog | Read | 2 min 24 Nov 2023 Good but not perfect: European and UK PMIs beat expectations Yesterday unveiled the latest Manufacturing and Services PMIs in Europe, bringing a mix of economic news. Dive into the results with Felipe Villarroel as he looks at the numbers and what they mean for central banks in the battle against inflation. Read more
TwentyFour Blog | Read | 2 min 23 Nov 2023 Far-right leader wins Dutch election but markets remain calm The Dutch elections took an unexpected turn as it looks like Geert Wilders' Freedom Party (PVV) will gain 20 seats and become the largest party with 37 of 150 seats. Read more
TwentyFour Blog | Read | 4 min 22 Nov 2023 Overcoming the US maturity wall is not as fraught as the headlines suggest Despite concerns about a maturity wall, Chris Holman explains how research shows the high yield maturity profile in the US is less concerning. Overall, a focus on higher-rated bonds suggests a relatively healthy outlook for the primary market and a default rate in line with historical averages. Read more
TwentyFour Blog | Read | 2 min 13 Nov 2023 US earnings season: What the micro tells us about the macro As earnings season ends, we take stock of the latest US results and what it tells us about the health of corporates, the consumer, and the outlook for the broader economy. Read more
TwentyFour Blog | Read | 3 min 9 Nov 2023 UBS deal a cathartic moment for AT1s UBS came to the market yesterday with a two-tranche $ additional tier 1 transaction, which was highly anticipated and didn’t disappoint. Read more
TwentyFour Blog | Read | 2 min 7 Nov 2023 Fed survey points to a slowdown of the US economy Following yesterday’s publication of the quarterly Senior Loan Officer Opinion Survey (SLOOs) by the Fed, it revealed how lending conditions have evolved over the quarter amongst US banks. Read more
TwentyFour Blog | Read | 3 min 2 Nov 2023 A big week for US treasuries as the Fed holds rates steady George Curtis breaks down the latest developments following this week’s Quarterly Refunding Announcement and the Treasury Borrowing Advisory Committee update. Read more
TwentyFour Blog | Read | 3 min 27 Oct 2023 Fundamentals show European banks well set up as bonds are still cheap Whilst bank debt has recovered from the contagion of the US regional banking crisis and the Credit Suisse write down event earlier this year, many bonds are still trading wider than they were at the beginning of the year. Read more
TwentyFour Blog | Read | 2 min 25 Oct 2023 The ECB hiking cycle is likely to be over Yesterday, market participants received two important reports about the state of the economy in the Eurozone. Firstly, the October Markit PMI – Purchasing Managers’ Index - reports showed a continued deterioration in growth in the manufacturing as well as the services sector. Read more
TwentyFour Blog | Read | 5 min 23 Oct 2023 Hitting the wall: What next for high yield default rates? Thomas Barkin, President of the Richmond Fed, called any (potential) upcoming recession "the most predicted recession ever". Read more
TwentyFour Blog | Read | 5 min 20 Oct 2023 AT1s: to call or not to call – that is the question A recent article in Bloomberg has generated some discussion around proposed changes to the way AT1 bonds are called. Read more