29 Jun 2022 TwentyFour Blog BB CLOs approaching 12% yield Aza Teeuwen explains how market moves have impacted BB CLOs and looks at historic trends analysing their behaviour during crisis scenarios. Read more
28 Jun 2022 TwentyFour Blog Can investment grade be a safe harbour in stormy markets? At this stage in the economic cycle investors may need to think about ways to protect their portfolios while providing strong relative value. Johnathan Owen explains why short dated investment grade can offer exactly that in his latest blog. Read more
27 Jun 2022 TwentyFour Blog Treasuries to stabilise amid aggressive Fed hiking With Fed rate hikes continuing and the economy progressing into late cycle stages, Mark Holman presents his expectations from the Fed going into the second half of the year and explains why he believes Treasuries can provide the protection investors may need. Read more
23 Jun 2022 TwentyFour Blog Will high yields stay high? For all of these observations, there is one common observation – yields did not stay at these high levels for very long. Read more
22 Jun 2022 TwentyFour Blog Global ABS: A cloudy outlook from sunny Barcelona After two COVID-hit years last week the European ABS market decamped once again to Barcelona for the 26th annual AFME & IMN Global ABS conference. Read more
20 Jun 2022 TwentyFour Blog Credit Suisse’s chunky coupon a sign of the times After 18 months of difficult headlines Credit Suisse could ill afford more negative press, and we therefore welcomed its decision to refinance its 7.125% Additional Tier 1 (AT1) bond last week at its first call date. Read more
20 Jun 2022 TwentyFour Blog ABS spreads are pricing in a lot of downside In fast-moving markets there is no perfect time to provide an update on valuations. Read more
13 Jun 2022 TwentyFour Blog The early bird catches the MPR worm Inflation rates have been rising for over a year now. While the increasing levels may eventually moderate, inflation is still likely to be with us for some time, especially with the Russian invasion of Ukraine exacerbating post-Covid supply constraints. Read more
10 Jun 2022 TwentyFour Blog Widening spreads are not the only consideration for AT1 investors Given the widening of spreads in Additional Tier 1 (AT1) bonds, in line with general spread widening across all of credit, the prospect of AT1s not being called on their first call date is beginning to generate a few headlines again. Read more
6 Jun 2022 TwentyFour Blog Has inflation peaked? Ask the housing market. Given inflation has been running hot for more than a year now, it was no surprise to see the recent dip in US data greeted with a muted sigh of relief across the markets. Read more
1 Jun 2022 TwentyFour Blog AT1 issuance offers optimism for credit investors The past couple of weeks have seen a flurry of new issuance as rates and credit markets have stabilised, and the European summer lull is approaching fast. Read more
31 May 2022 TwentyFour Blog 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. Read more