The TwentyFour Blog
Trade war volatility maintains grip on bonds
By now investors should be getting used to the ever more frequent hiccups in the trade negotiations between the US and the rest of the world.
Data decline eases for Germany and US
"In some parts of the global economy, we might be seeing a bottom in terms of low activity levels." TwentyFour's Felipe Villarroel discusses the factors behind these improving trends.
NIBC leading the way in ESG
“NIBC, has been involved in ESG/CSR focused lending in Europe for some time, and is the first manager to issue what we might call an ESG CLO." Elena Rinaldi discusses why in terms of ESG, NIBC would receive a high score from us.
Fitch keeps AT1 investors on their toes
"We have been participants in the Additional Tier 1 (AT1) sector since its introduction in 2013, albeit with a high degree of selectivity, but the risk-reward has been obvious to us." Gary Kirk discusses the latest AT1 news from Fitch
IG demand would be key to Walgreens buyout
At this late point in the cycle, fixed income investors are on high alert for signs of potential excess in the capital markets, and a proposal for potentially the biggest leveraged buyout (LBO) in history would certainly fall into that category.
US corporate credit demand slows again
The Senior Loan Officer Opinion Survey, combined with financial results from the banks, is probably still the most useful tool we have for gauging the cycle’s life expectancy.
Risk well underpinned going into year-end
A number of threats to risk assets have dissipated and could become positive tail risks for markets moving into 2020.
What Does US Loan Underperformance Mean for Bondholders?
"The European CLO market is much smaller, but given the US is further ahead in the economic cycle, the US market can provide a good indication of what might happen in Europe."
Bank Earnings – US consumer remains in good health
For us, it is the insight into the US economy and the strength or weakness of their customers, that we find most interesting in the banking results, and especially so when the US economic data is increasingly pointing to a slowdown.
Trade, Brexit and Earnings an Unholy Trinity for Markets
It is not clear to us just how much more monetary easing will placate equity investors, and we see a real risk that when we enter the third quarter earnings season next week, company specific data from the bottom up will be more of a shock than the macro picture has been.
The Conundrum Facing Treasury Investors
"We think the downside to markets is still underappreciated, and thus we would prefer to stay long protection."
Will ESG Investing Save Active Management?
The active versus passive management debate is well documented, but with ESG or sustainable investing the debate takes on a new dimension.