The TwentyFour Blog
First cut now in sight as interest-rate hikes come to an end
The cuts are coming as the cycle of interest-rate hikes ends. In his latest blog, George Curtis discusses how falling inflation, weaker job reports, and signs of a European recession are reshaping expectations for interest rates.
Ford’s upgrade helps the US high-yield market to motor
Ford reclaims its investment-grade status after almost four years in high-yield territory. Chris Holman's latest blog reveals why this isn’t just a win for the car company and will have a positive impact on the entire US high-yield market.
CLO metrics remain robust as leveraged loans beat expectations
Recently, our credit experts delved into the performance of the high-yield market, revealing how the maturity wall does not seem to be a significant challenge for most companies.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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