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TwentyFour Blog

When Will The Fed Stop Hiking?
2 Aug 2018 TwentyFour Blog

When Will The Fed Stop Hiking?

Whilst no hike from the FOMC was expected overnight, markets are still pricing in an eighth hike in September and a ninth in December, which would take the upper bound of the Fed Funds rate to 2.5%.
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Should Italian yields really be more Greek than Spanish?
30 Jul 2018 TwentyFour Blog

Should Italian yields really be more Greek than Spanish?

It’s been nearly five months since the Italian general elections, with the result and the process of forming a coalition government eventually leading to the steepest selloff in BTPs we’ve seen for a long time, and the spread to bunds touching levels not seen since 2013.
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Yield Curve Flattening to Pause
26 Jul 2018 TwentyFour Blog

Yield Curve Flattening to Pause

This significant flattening came about as the Fed signalled its determination to push through policy normalisation, with four hikes now expected for the calendar year 2018, which would take the upper bound of the Fed Funds rate to 2.5% by year-end.
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UK Rate Hike Now Nailed on
24 Jul 2018 TwentyFour Blog

UK Rate Hike Now Nailed on

Even in the midst of a busy earning season, discussions on central bank policy never seem to go away.
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Is the Feds Independence Being Tested?
20 Jul 2018 TwentyFour Blog

Is the Feds Independence Being Tested?

Looking at the state of the Turkish economy since President Erdogan decided to meddle in the affairs of its central bank; with the Lira down about 20% vs the US dollar, inflation running at 15%, and the yield on the 10yr government bond running at almost 17%, you might be tempted to think that most leaders would stay well away from the subject.
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Spanish Lenders Continue to Tidy Up
19 Jul 2018 TwentyFour Blog

Spanish Lenders Continue to Tidy Up

So far the US earnings season has been positive, with the major US banks being the outperformers to date – both Goldman Sachs and Bank of America strongly beat profit estimates and JP Morgan posted record Q2 profits.
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Credit Conditions Survey- steady as she goes
12 Jul 2018 TwentyFour Blog

Credit Conditions Survey- steady as she goes

The area that caused the most concern in the Q1 report was the big drop in availability of unsecured credit to households; however, availability was unchanged in Q2, thanks in particular to a change in appetite for risk from lenders, and also an improvement in market share objectives.
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Welcome Diversity
11 Jul 2018 TwentyFour Blog

Welcome Diversity

In the past two years the diversity of supply in the ABS market has been restricted by the availability of cheaper funding alternatives, both in the Eurozone through the TLTRO and in the UK, where the BoE Term Funding Scheme has suppressed issuance from the traditional banks and building societies.
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Summer Supply Creates Pricing Opportunity
5 Jul 2018 TwentyFour Blog

Summer Supply Creates Pricing Opportunity

It’s been an interesting week for European CLOs; one of our favourite picks in fixed income. 
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This Cycle’s Low Yields Are Behind Us
3 Jul 2018 TwentyFour Blog

This Cycle’s Low Yields Are Behind Us

Credit metrics, as measured by the rating agencies, continued to improve throughout the first half of this year, with all corners of the globe having comfortably more upgrades than downgrades.
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Resurrection Of A Market
27 Jun 2018 TwentyFour Blog

Resurrection Of A Market

The last ten year period has seen supply from various parts of the ABS market ebb and flow.
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AT1 ETF
26 Jun 2018 TwentyFour Blog

AT1 ETF

Today sees the launch of the first dedicated Additional Tier 1 Exchange Traded Fund. As first mover, Invesco Powershares gets to claim the simplest ticker, AT1 LN.
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