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US earnings season: What the micro tells us about the macro
As earnings season ends, we take stock of the latest US results and what it tells us about the health of corporates, the consumer, and the outlook for the broader economy.
Short Term Bond Strategy Update - November 2023
In the session, Chris Bowie and Johnathan Owen, provides an update on the Vontobel Fund - TwentyFour Absolute Return Credit Fund and Vontobel Fund - TwentyFour Sustainable Short Term Bond Income.
UBS deal a cathartic moment for AT1s
UBS came to the market yesterday with a two-tranche $ additional tier 1 transaction, which was highly anticipated and didn’t disappoint.
Fed survey points to a slowdown of the US economy
Following yesterday’s publication of the quarterly Senior Loan Officer Opinion Survey (SLOOs) by the Fed, it revealed how lending conditions have evolved over the quarter amongst US banks.
A big week for US treasuries as the Fed holds rates steady
George Curtis breaks down the latest developments following this week’s Quarterly Refunding Announcement and the Treasury Borrowing Advisory Committee update.
Why staying in cash could cost you 10% to 30%
While bonds are once again finding their feet, investors have found themselves sitting on cash balances of 30% to 50%. This capital preservation trade has made perfect sense, but does it still make sense as we reach terminal rates?
Fundamentals show European banks well set up as bonds are still cheap
Whilst bank debt has recovered from the contagion of the US regional banking crisis and the Credit Suisse write down event earlier this year, many bonds are still trading wider than they were at the beginning of the year.
The ECB hiking cycle is likely to be over
Yesterday, market participants received two important reports about the state of the economy in the Eurozone. Firstly, the October Markit PMI – Purchasing Managers’ Index - reports showed a continued deterioration in growth in the manufacturing as well as the services sector.
Some recent ESG examples
A member of the Multi-Sector Bond team outlines the significance of active engagement within the ESG process at TwentyFour, and provides some examples of our recent engagements.
How ESG analysis has evolved in fixed income
Our Investment Grade team discusses the notable improvements seen in ESG disclosures over the past 24 months, categorising them into three main aspects; environmental, social and governance.
Hitting the wall: What next for high yield default rates?
Thomas Barkin, President of the Richmond Fed, called any (potential) upcoming recession "the most predicted recession ever".
Temperature alignment within portfolios
Gordon Shannon, Partner and Portfolio Management, highlights climate change as one of the main topics which gathers a tremendous amount of attention within ESG investing, discussing the Paris Agreement, lack of data and poor transparency.
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