Bank of England joins the ECB on hierarchy
The Bank of England joins the European Central Bank in stating that there is a clear hierarchy when it comes to a resolution or an insolvency scenario.
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TwentyFour Blog
Credit Suisse - In the eye of the storm
Partner Eoin Walsh explores what the potential outcome of regulatory intervention for Credit Suisse could mean as negative headlines persist for the bank.
Idiosyncratic or wider bank issue?
Deposit outflows at Silicon Valley Bank raise concerns over lending quality and mark-to-market losses, but is this a wider issue for the global banking sector?
CLO documentation provides downside protection to investors
As we approach the end of the economic cycle, tighter documentation is becoming increasingly important in providing downside protection against credit and extension risk of CLOs, says Pauline Quirin.
February pull-back widens the entry point for fixed income
February was a nasty throwback to the sort of market conditions that battered fixed income in 2022, but the pull-back has given anyone worried they’d missed the January rally an even better opportunity, says Charlene Malik.
Financial conditions are tightening – what comes next?
With banks tightening lending criteria in the US, Felipe Villarroel explains why macro trends like this will have more influence on the Fed’s thinking than the recent strong jobs data when it comes to the path for monetary policy.
Are markets finally following the Fed?
With 2023’s rally halted by the Fed’s hawkish messaging, Felipe Villarroel questions whether markets read the recent jobs data correctly and looks at what it means for terminal rate expectations.
High yield data shows buffer in corporate balance sheets
While corporate fundamentals are expected to deteriorate as rate hikes hit the economy, many metrics are pointing to record strength in the European high yield space, says George Curtis.
UK consumer caution bad for growth, but good for bonds
With UK consumers holding on to more of their pandemic-era savings than their US counterparts, Felipe Villarroel looks at what it means for bond investors.
Let it go, turn away and slam the door
With commercial real estate continuing to suffer the effects of the COVID pandemic and inflation, Elena Rinaldi looks at one CMBS transaction highlighting the challenges facing the asset class.
Fundamentals suggest more upside for high yield bonds
With risk assets rallying hard in the early weeks of 2023, Chris Holman reviews fundamentals in high yield bonds to see if recent performance has left any value in the market.
Is the CLO whale back in the water?
With Norinchukin Bank reportedly looking again at CLOs, Aza Teeuwen looks at the potential impact the return of the one of the market’s biggest buyers might have on spreads.