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TwentyFour Blog

Despite tight spreads, European HY is not overheating
2 Oct 2025 TwentyFour Blog

Despite tight spreads, European HY is not overheating

Tight spreads and elevated supply are often key signs that fixed income markets are overheating. Despite these all being present within the European High Yield market today, the underlying data points to a more measured backdrop characterised by the printing of high-quality new issues, improving credit fundamentals and a stubbornly supportive technical background, offering investors reassurance over the medium-term future of the asset class.
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AI investment boom hits the bond market
25 Sep 2025 TwentyFour Blog

AI investment boom hits the bond market

Oracle priced an $18bn six-tranche (5yr/7yr/10yr/20yr/30yr/40yr) bond deal which was increased from an initial $15bn on the back of exceptionally strong demand. It is the latest sign that the AI investment boom, long the focus of equity markets, is now spilling into credit.
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Santander setting the pace in European ABS
23 Sep 2025 TwentyFour Blog

Santander setting the pace in European ABS

Following the end of quantitative easing in 2023, the European ABS market has gone from strength to strength and 2025 is set to overtake the post-2008 new issuance record set in 2024.
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Fed rate cut does little for clarity on policy path
18 Sep 2025 TwentyFour Blog

Fed rate cut does little for clarity on policy path

The Federal Reserve (Fed) cut interest rates by 25 basis points (bp) on Wednesday, exactly as markets had anticipated, marking its first rate reduction since December 2024.
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Is there value in the troubled European chemicals sector?
16 Sep 2025 TwentyFour Blog

Is there value in the troubled European chemicals sector?

As active managers we are naturally looking for bonds that we believe are mispriced, therefore offering attractive risk-adjusted carry or, sometimes, a capital gain if market pricing falls into line with our view. Equally important is to avoid sectors facing structural or protracted cyclical downturns where we don’t think valuations reflect the fundamentals.
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Ratings uplift a boost for European financials
15 Sep 2025 TwentyFour Blog

Ratings uplift a boost for European financials

A trio of rating upgrades in European financials late last week has highlighted the strength of fundamentals in the sector. With the proportion of the subordinated financials that is rated investment grade continuing to grow, the wider pool of investors targeting these bonds could help to dampen volatility in the asset class.
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How worrying is low job growth?
11 Sep 2025 TwentyFour Blog

How worrying is low job growth?

Job creation, or rather a lack of it, has been in the spotlight recently as weak non-farm payrolls data in the US has driven a rally in government bonds and strengthened market projections for rate cuts.
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Are markets pricing in the threat to Fed independence?
4 Sep 2025 TwentyFour Blog

Are markets pricing in the threat to Fed independence?

The next few days could be pivotal to any concerns around the independence of the US Federal Reserve (Fed).
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How will digital currencies impact banks?
2 Sep 2025 TwentyFour Blog

How will digital currencies impact banks?

The European Central Bank (ECB) is reportedly accelerating its work on a digital version of the euro (the dEuro), having seen the US pass the Genius Act in July which paved the way for broader adoption of so-called stablecoins.
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Credit’s cash pile ready for September supply
29 Aug 2025 TwentyFour Blog

Credit’s cash pile ready for September supply

We have long harked on about the strength of the technical in credit, with solid fundamentals, resilient inflows and defensive positioning continuing to provide a tailwind for the market.
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Improving growth forecasts matter for markets
22 Aug 2025 TwentyFour Blog

Improving growth forecasts matter for markets

On Thursday, markets received preliminary Purchasing Managers’ Index (PMI) figures for August. As a reminder, PMIs are timely indicators of trends in manufacturing and services, with a number above 50 signalling an expansion and below 50 a contraction.
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Allianz’s blockbuster RT1 underpinned by insurance fundamentals
20 Aug 2025 TwentyFour Blog

Allianz’s blockbuster RT1 underpinned by insurance fundamentals

Restricted Tier 1 (RT1) investors have been woken from an otherwise sleepy summer after Allianz Group, one of the largest insurers and asset managers globally, brought a $1.25bn deal to the market on Tuesday.
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