24 Jul 2020 Market Update Strategic Income – Quarterly update – July 2020 Partner and Portfolio Manager Eoin Walsh discusses Q2 performance for the Strategic Income strategy and provides his outlook for 2020. Watch now
7 Jul 2020 TwentyFour Blog Green AT1 Raises More Questions Than Answers Today BBVA announced it would be issuing the first ever green Additional Tier 1 (AT1) bond, a perpetual non-call 5.5-year with initial price thoughts at 6.5%, and immediately sparked a spirited debate among the TwentyFour team over how green bank capital can be. Read more
6 Jul 2020 TwentyFour Blog Anticipation Building for Q2 Reporting Season Like many market participants we are looking ahead to a much anticipated Q2 reporting season, which is even more pertinent this year given the unprecedented environment we have all found ourselves in. We are particularly interested in reviewing the major banks given they are at the centre of the transmission mechanism and hence a barometer for the wider economy. Read more
16 Jun 2020 TwentyFour Blog AIB Steps Forward With Quirky AT1 Tender On what was a very busy morning for new issues, AIB probably came with one of the most interesting, announcing a €500m Additional Tier 1 (AT1) deal with a 5.5-year maturity with initial price thoughts of 7%, though we expect this will be tightened as the order book builds. Read more
27 May 2020 TwentyFour Blog Is Bank Loss Provisioning Behind Us Already? A few weeks ago Bank of America Merrill Lynch’s CEO, Brian Moynihan, said that loan losses were not coming through as thick or as fast as he would normally expect for a recession, in particular a recession of this magnitude. Read more
26 May 2020 Market Update Fixed Income Market Update - 26th May 2020 Partner and Portfolio Manager Felipe Villarroel provides an update on fixed income markets. Watch now
14 May 2020 TwentyFour Blog Two Key Questions as AT1 Reopens Thursday saw the reopening of the bond market for bank Additional Tier 1 (AT1) debt, more colloquially known as ‘Coco’ bonds. Read more
7 May 2020 Market Update Quarterly Update - 7th May 2020 CEO Mark Holman provides his outlook for credit markets in 2020, highlighting investment themes and sectors that still offer fixed income investors good relative value. Watch now
7 May 2020 TwentyFour Blog PRA Offers More Help to Banks With Subtle Switch One of the big support mechanisms for the UK economy during this pandemic has been the availability of grants and corporate loans via the banking system, aided by unlimited liquidity from the central bank. Read more
29 Apr 2020 Market Update What’s happening in fixed income markets? Partner and Portfolio Manager Felipe Villarroel provides an update on fixed income markets. Watch now
27 Apr 2020 Market Update Investors could face another decade of income scarcity The coronavirus pandemic has brought about perhaps the greatest– and fastest – repricing of risk fixed income investors have ever witnessed. Read more
27 Apr 2020 TwentyFour Blog The Beginning of The End For Government Bonds The list of policy actions from the major central banks keeps getting longer, and today the Bank of Japan has added the purchase of “as many Japanese government bonds (JGBs) as necessary” so as to keep the 10-year rate at around zero percent. Read more