All insights
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.
QMUL mentoring scheme
TwentyFour are proud to have teamed up with Queen Mary University of London’s (QMUL) mentoring scheme with the aim of specifically providing female undergraduates less familiar with the workings of the City with advice, guidance and encouragement.
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.
Strategic Income – Quarterly update – October 2019
Partner and Portfolio Manager Felipe Villarroel discusses Q3 performance for the Strategic Income strategy and looks forward to the rest of the year.
Asset Backed Securities - Quarterly update - October 2019
Ben Hayward looks at the Q3 performance for Asset Backed Securities and provides an outlook for the year ahead.
Outcome Driven - Quarterly update - October 2019
Chris Bowie looks at the performance of the Outcome Driven strategy over the last quarter and provides his outlook for the rest of 2019.
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."