3 Apr 2024 Market Update What are corporate hybrids and how do they work? Corporate hybrids are bonds issued by non-financial companies that combine characteristics of both debt and equity Watch now
3 Apr 2024 TwentyFour Blog Eventful few weeks in European high yield It has been an eventful few weeks in the European high yield market. After waiting a long time for a bus to come along, three have come along at once. Read more
2 Apr 2024 TwentyFour Blog Q1 recap: macro drivers and fixed income performance Quarter ends are always a useful time to take a step back and assess what the main macro drivers during the quarter were, which trades worked and which did not and to refresh macro views for the next period. Read more
25 Mar 2024 TwentyFour Blog AT1s caught in the crossfire but junior bank debt is here to stay Over the course of last week, we saw several headlines around Additional Tier 1s (AT1s). First, the Dutch Finance Ministry indicated it is exploring the possibility of modifying or abolishing the asset class. Read more
21 Mar 2024 Event Replay Back to Basics: CLOs On our next educational webinar in our 'Back to Basics' series Aza Teeuwen (Partner, Portfolio Management) and Elena Rinaldi (Portfolio Management), provided a comprehensive understanding of the key aspects and trends within the European CLO market. Watch now
19 Mar 2024 Market Update Why now for ABS: healthy consumers and attractive income Despite the cost-of-living crisis and inflation crunch on consumers, they have proven exceptionally hardy, with their financial health remaining remarkably strong during a very difficult period. Read more
19 Mar 2024 TwentyFour Blog Maturity wall: what maturity wall? We saw a great disparity among strategists in terms of default-rate projections for this year. With the cost for corporates to refinance their debt considerably higher than we saw in 2020 and 2021, and an elevated volume of upcoming maturities, many market participants predicted a default rate markedly higher than what we have seen so far. Read more
13 Mar 2024 TwentyFour Blog Mixed news from the CPI release - but what does it mean for rate cuts? Yesterday’s US CPI report delivered a few interesting numbers but is still consistent with the Fed’s goals and timelines, which should allow it to cut rates in the context of some sort of a soft landing. Read more
12 Mar 2024 TwentyFour Blog Unemployment in the US: a tale of two surveys The latest US non-farm payroll numbers increased by 275,000 for February (payroll survey) incorporating a two-month payroll revision of -167,000, most likely due to seasonal factors, leaving a net revision of just 108,000 jobs added. Read more
8 Mar 2024 TwentyFour Blog Powell and Lagarde share notes on possible rate cuts We have had a busy week on the central bank front with the Federal Reserve chair Jerome Powell’s semi-annual testimony to congress on Wednesday before Christine Lagarde took centre stage at the European Central Bank press conference yesterday. Read more
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. Read more
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. Read more