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    European fixed income offers value, not just diversification
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Insights Topic

Global High Yield Bonds

No, you haven’t missed the fixed income rally
2 Feb 2023 TwentyFour Blog

No, you haven’t missed the fixed income rally

Strong performance across markets in January has left some investors feeling they’ve missed out on the rally in bonds. No need to worry, says Felipe Villarroel.
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25 Jan 2023 TwentyFour Blog

Having your cake and eating it

While yields have soared in recent months and created a broad buying opportunity in fixed income, Aza Teeuwen says investors should look at floating rate bonds to benefit from higher coupons today.
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Time to extract Europe’s elevated bond spreads
18 Jan 2023 TwentyFour Blog

Time to extract Europe’s elevated bond spreads

With projections for European growth and inflation being hastily revised in early 2023, the region’s bonds are still paying investors a premium that may not be around for long, says Dillon Lancaster.
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High starting yields to boost IG demand
3 Jan 2023 TwentyFour Blog

High starting yields to boost IG demand

With fixed income starting yields at their highest level for a decade, George Curtis expects increasing demand for investment grade bonds to boost the market as we enter 2023.
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6 Dec 2022 TwentyFour Blog

The Rodney Blog 2023: A return to returns

In our annual ‘Rodney Blog’, Eoin Walsh says that with rates now offering both yield and downside mitigation, and credit yields at near-decade highs, fixed income investors could enjoy strong returns in 2023
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Credit quality deterioration is inevitable
9 Nov 2022 TwentyFour Blog

Credit quality deterioration is inevitable

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
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Has the UK risk premium gone too far?
14 Oct 2022 TwentyFour Blog

Has the UK risk premium gone too far?

With some UK bank bonds now trading with higher yields than their counterparts in Turkey, Mark Holman questions whether the dumping of UK and sterling assets has gone too far.
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Default risk still subdued despite escalating energy crisis
8 Sep 2022 TwentyFour Blog

Default risk still subdued despite escalating energy crisis

While economic uncertainty in Europe is building, the healthy cash balances and low refinancing needs of Europe’s high yield bond issuers make a spike in defaults unlikely, says George Curtis.
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Europe vs. the US – it's just a question of value
19 Aug 2022 TwentyFour Blog

Europe vs. the US – it's just a question of value

With Europe facing an energy crisis and the UK bracing for a five-quarter recession, a strong allocation bias to the US seems a no-brainer. However, George Curtis says that when looking at relative value in fixed income, the decision is never that simple.
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why 85 is the new par in high yield size
28 Jul 2022 TwentyFour Blog

Why 85 is the new par in high yield

Pierre Beniguel explains why high yield issuers are selling new bonds at steep discounts to par value, and why this represents an opportunity to build potentially significant performance into fixed income portfolios going forward.
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US bank chiefs still like the consumer
19 Jul 2022 TwentyFour Blog

US bank chiefs still like the consumer

US banks remain bullish about the health of the consumer, but credit spreads are still pricing in not only a recession, but a fairly severe one. Are the banks wrong? Or have credit markets just backed up too far on negative fund flows?
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Heimstaden and hybrids to call or not to call
12 Jul 2022 TwentyFour Blog

Heimstaden and hybrids: to call or not to call

With Heimstaden showing its commitment to corporate hybrids with a €600m tender offer, Pierre Beniguel looks at the complex decision issuers have to make and says more could follow suit with bonds trading at steep discounts.
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