TwentyFour

Volatility has spiked in financial markets over the past couple of weeks, driven by the tech and AI-related sell-off, US midterm elections and falling oil prices.

Higher starting yields have unsurprisingly driven a resurgence in demand for multi-asset credit strategies, which may be well placed to take advantage of a structural backdrop that we think will be a tailwind for credit assets in the medium term.

When government finances deteriorate, how much of that risk should be priced into the borrowing costs of otherwise healthy businesses?

French government bonds (OATs) keep on breaking records and psychological barriers, with the latest being 10-year yields smashing through 5% for the first time since 2002 this week.

TwentyFour Asset Management’s Pauline Quirin reflects on a quarter in which securitised markets remained resilient despite interest rate volatility and growing concerns around inflation.

TwentyFour Asset Management’s Gordon Shannon reflects on a quarter shaped by higher energy prices, persistent inflation and government bond volatility.

TwentyFour Asset Management’s Felicity Juckes reflects on a quarter shaped by renewed geopolitical tensions, higher energy prices and government bond volatility.

This week a small Austrian lender, KommunalKredit, brought to the market a €150m Additional Tier 1 (AT1) transaction.

September’s surge in high yield (HY) issuance tested the limits of investor appetite in an evolving market.

It has been another strong year for European asset-backed securities (ABS), and securitised markets have looked through the recent rates volatility well, with spreads broadly stable across the capital structure in Q3 2026.

France has been the primary focus of the European rates markets in the past week, with domestic political risk and debt concerns adding to a general sell-off across government bonds.

Fixed income investors have had to adjust to a dramatic shift in market conditions as the year has evolved.