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Insights Topic

Europe

7 Sep 2021 TwentyFour Blog

Credit Backdrop Shows More Upside for Euro High Yield

Despite the impressive returns of Euro HY over the last year or so, the backdrop for the asset class continues to suggest there is more upside to come.
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5 Jul 2021 TwentyFour Blog

Labour Support Tapering Need Not Be Feared

Douglas Charleston examines the health of labour markets across key developed economies and why ABS investors shouldn’t fear the gradual removal of COVID related job support schemes
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6 May 2021 TwentyFour Blog

What's Happened to the Brexit Premium?

There has been a lot of focus on the performance of the high yield markets since the start of the year, particularly in Q1 when many rates markets were selling off aggressively.
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28 Apr 2021 TwentyFour Blog

CoCo Re-rating Underway as Euro Banks Prove Mettle

Having been at the heart of the GFC and then contributing to the Eurozone sovereign crisis, we have long argued the European banking sector would have to prove its newfound resilience to investors by successfully navigating a challenging period.
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26 Mar 2021 TwentyFour Blog

A New Low for Investor Protection in Euro High Yield

Primary deals launched in the European high yield market over the last two weeks have been diverse, and at times opportunistic.
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2 Mar 2021 TwentyFour Blog

US Yield Curve Set To Continue Underperforming

In summary things are going quite well, and in this scenario a rise in government bond yields does not necessarily bring about a tightening of financial conditions.
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9 Feb 2021 Market Update

European ABS: A natural home for ESG and sustainable investing

Fixed income investors increasingly desire their investments to have a positive societal impact, but in the rush to scrutinise the Environmental, Social and Governance (ESG) credentials of government and corporate bond issuers, we believe the natural ESG advantages of asset-backed securities (ABS) have so far been overlooked.
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30 Oct 2020 TwentyFour Blog

Confidence in the Euro Yield Curve

Thursday’s ECB meeting left us in little doubt that we should expect some serious action in December, including the possibility of some new, as yet unused measures.
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26 Oct 2020 Market Update

European ABS looks mispriced and set for Q4 rally

Having fallen behind other markets in the post-COVID rally due to a lack of direct central bank support, we believe European ABS is set to outperform other parts of fixed income in the coming months as supply wanes and investors look to pick up on what we think could be a compelling relative value opportunity.
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17 Sep 2020 Market Update

Why did Q2 see record bond issuance?

Jack Daley discusses the record bond issuance that was seen in Q2 2020 across gross and net levels in global fixed income markets, particularly in Europe and the US.
Watch now
7 Sep 2020 TwentyFour Blog

Caixa-Bankia Talks a Step in Right Direction

There are a number of countries in Europe where the banking sector remains very fragmented, and while a lot of work has been done in Spain with the mergers of multiple ‘cajas’ in the last few years, there is still scope for further consolidation.
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18 Jun 2020 TwentyFour Blog

Central Bank Liquidity Will Dampen Default Cycle

The European high yield market has shown remarkable resilience in the face of what will likely go down as one of the sharpest and most severe recessions in history. The benchmark iTraxx Xover index (a widely used proxy for Euro HY credit risk) has tightened from an intraday high of 730bp in March to 342bp earlier this week, a retracement of almost 75% from the January lows of approximately 200bp.
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