All insights

Following Chairman Powell’s speech last night, George Curtis looks at what the latest labour market data means for the Fed’s war on inflation.

The TwentyFour Advent Calendar is a collection of 24 stats telling the story of fixed income this year. The calendar covers everything from yields and issuance records to fund flows and inflation figures, and our ESG filter has even ruled out lumps of coal.

Chris Bowie explains why he believes analysing starting yields can explain improved returns over the next five years

With investors caught between inflation and recession, Chris Bowie argues current valuations in short term, investment grade bonds can offer portfolios both downside protection and attractive yields.

Telefonica’s reopening of the corporate hybrid market is further evidence that large issuers with proven track records and strong financials will call their bonds even if it looks uneconomic to do so, says Johnathan Owen.

With a US inflation print finally coming in below expectations, can investors start to picture decent returns again? Or will this latest relief rally prove another false dawn?

With the UK pension fund liquidity crisis sparking heavy selling in ABS, Pauline Quirin looks at how the market absorbed all the supply, and which investors have stepped in sensing a buying opportunity.

Credit metrics will continue to deteriorate in the next year or two, but European high yield bonds in particular are pricing in too severe a downturn, says Mark Holman

With well over €10bn of new bonds sold by European banks and corporates on Monday, Felipe Villarroel analyses the pricing and looks at the patterns that usually emerge when primary markets reopen.

Since we published our October 2019 whitepaper, ‘ESG and ABS at TwentyFour’, the global ESG market has continued to grow dramatically. We have seen a Green ABS market begin to emerge, improvements in sustainable data and an increasing focus on ESG in the leveraged loan and CLO markets. But what does all this mean for investors?

With European energy prices well off their peaks, Felipe Villarroel breaks down the myriad factors impacting the region’s economic prospects in the next few months.

While rising interest rates are generally positive news for European ABS due to the resulting increase in their floating rate coupons, the substantial volatility in UK government bonds recently has seen ABS spreads widen, we believe due in large part to the popularity of the asset class with pension funds as a liquid fixed income allocation alternative.