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Europe

RT1s in vogue once again as issuance bounces back
6 Mar 2024 TwentyFour Blog

RT1s in vogue once again as issuance bounces back

NN Group, the Dutch insurer, has issued its inaugural €750m Restricted Tier 1 (RT1) deal, which came with a 6.375% coupon and BBB-/BBB rating from S&P/Fitch.
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One year on from the collapse of Credit Suisse - and what a year it has been for AT1s
4 Mar 2024 TwentyFour Blog

One year on from the collapse of Credit Suisse - and what a year it has been for AT1s

Almost a year ago to the day, we were in the midst of banking sector turmoil, which started off with regional banks in the US and spilled over to Europe, eventually culminating in the forced merger between Swiss banks UBS and Credit Suisse.  
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The latest insights on leveraged loans and their impact on CLOs
28 Feb 2024 TwentyFour Blog

The latest insights on leveraged loans and their impact on CLOs

Last year was a volatile year for global markets but also one where economies performed better than expected. If we look at the leveraged loan market, last year was characterised by a surge in so-called amend and extend (A&E).
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Back to Basics: RMBS
6 Feb 2024 Event Replay

Back to Basics: RMBS

In this Back to Basics webinar, Aza Teeuwen (Partner, Co-Head of ABS) and Douglas Charleston, (Partner, Co-Head of ABS) provided a comprehensive understanding of the key aspects and trends within the European RMBS market.
Watch now
Issuer calls drive AT1 spread compression
5 Feb 2024 TwentyFour Blog

Issuer calls drive AT1 spread compression

A few weeks ago, JP Morgan skipped a call on one of its $1,000 par preference shares (“US Prefs”). The perpetual notes had a coupon of 6.75% payable until Jan’24, with a subsequent reset of 3-month SOFR + 404bps. Post the non-call, the coupon changed to 9.35% and will continue to reset every 3 months.
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Volkswagen’s ESG drive hits a bump in the road
23 Jan 2024 TwentyFour Blog

Volkswagen’s ESG drive hits a bump in the road

Within the European ABS landscape, Volkswagen Leasing has solidified its role as a benchmark issuer under the Volkswagen Compartment Leasing (VCL) platform. Volkswagen uses this platform – with over 25 years of history – to finance standard German auto loans. It is probably one of the least exciting platforms but also one of the most liquid ABS investments you can buy.
Read more
Flows into corporate credit take off as we power into 2024
10 Jan 2024 TwentyFour Blog

Flows into corporate credit take off as we power into 2024

We recently highlighted in our 2024 outlook our expectations of significant inflows into fixed income to be an important technical driver of performance in the year ahead.
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European bank capital requirements – steady as it goes
21 Dec 2023 TwentyFour Blog

European bank capital requirements – steady as it goes

The ECB's annual SREP results revealed a resilient European banking sector. Jakub Lichwa discusses that despite facing headwinds in 2023, the overall scores for 106 institutions remained steady at 2.6, with 71% of these institutions maintaining their scores, while 15% showed improvement.
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Beyond The Subprime Crisis: Decrypting the European and US RMBS Markets
20 Dec 2023 TwentyFour Blog

Beyond The Subprime Crisis: Decrypting the European and US RMBS Markets

The tightening of monetary policy has given rise to concerns about the health of mortgage markets due to higher interest rates , leading to questions about the expected resilience of residential mortgage-backed securities (RMBS).
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The Rodney blog 2024: strong returns ahead
7 Dec 2023 TwentyFour Blog

Fixed Income outlook 2024: strong returns ahead

After a horrible year for financial markets in 2022, the macro-outlook for 2023 had a lot of consensus views, with most predicting a much better year ahead, helped by supportive rate cuts from central banks and positive returns from both government bonds and credit.  
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CLO metrics remain robust as leveraged loans beat expectations
30 Nov 2023 TwentyFour Blog

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.
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Eurozone and UK PMIs showing signs of life
24 Nov 2023 TwentyFour Blog

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.
Read more
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