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TwentyFour Blog

Opportunity Amid The Outflows
16 Aug 2018 TwentyFour Blog

Opportunity Amid The Outflows

Typically in August, credit liquidity becomes a bit like my lawn this summer: patchy. Over the past few weeks there have been a few stories of large fund groups seeing significant outflows from the asset class, and even of liquidations, which begs the question: what are they selling?
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Is It Time To Buy The Dip?
14 Aug 2018 TwentyFour Blog

Is It Time To Buy The Dip?

We have had a lot of discussion, both internally and externally, over the last few days around when might be the time to begin adding more risk to portfolios again.
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More AT1 Refinancing
7 Aug 2018 TwentyFour Blog

More AT1 Refinancing

Following on from the release of solid Q2 numbers, and no longer in a closed-period, Barclays were quickly out of the blocks and announced the issue of a new AT1 this morning; a $2bn transaction with initial price talk of 8%.
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ABS: 2018 So Far and What To Expect
7 Aug 2018 TwentyFour Blog

ABS: 2018 So Far and What To Expect

Now that the summer lull has finally kicked in, it seems an ideal time to review the ABS market so far this year and try to make a prediction for the remainder of 2018.
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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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