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    T-Bill and Chill: Running out of steam?
    T-Bill and Chill: Running out of steam?
    Earlier this month, we wrote about the high cost of staying in cash in the Euro market. In that note, we argued that a combination of inflation, low front-end rates and steeper curves, favoured a rotation out of cash and cash like instruments into other alternatives that delivered better real returns, including credit. Building on this argument, we wanted to extend this perspective to the US dollar market and highlight a few key points.

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TwentyFour

T-Bill and Chill: Running out of steam?
16 Oct 2025 TwentyFour Blog

T-Bill and Chill: Running out of steam?

Earlier this month, we wrote about the high cost of staying in cash in the Euro market. In that note, we argued that a combination of inflation, low front-end rates and steeper curves, favoured a rotation out of cash and cash like instruments into other alternatives that delivered better real returns, including credit. Building on this argument, we wanted to extend this perspective to the US dollar market and highlight a few key points.
Read more
Maybe the stars align for an earlier cut from the Bank of England?
15 Oct 2025 TwentyFour Blog

Maybe the stars align for an earlier cut from the Bank of England?

The labour market in the UK continues to cool off along the lines of what the Bank of England (BoE) expects. Yesterday, the Office for National Statistics (ONS), released its monthly labour market data report, highlighting a rise in the unemployment rate and a reduction in some wage inflation measures.
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CLOs prove resilient amid First Brands loan rout
9 Oct 2025 TwentyFour Blog

CLOs prove resilient amid First Brands loan rout

The sharp sell-off in loans tied to First Brands Group, a US auto-parts supplier, has rippled through credit markets in recent weeks — but for investors' outstanding senior secured loans held in Collateralised Loan Obligations (CLOs), the damage appears modest and distinct from reported off balance sheet financings.
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French Politics: Deja Vu
7 Oct 2025 TwentyFour Blog

French politics: déjà vu

France is in the news again. Prime Minister Lecornu became the latest casualty of the French politics saga that began just over a year ago when president Macron called a surprise early election.
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Despite tight spreads, European HY is not overheating
2 Oct 2025 TwentyFour Blog

Despite tight spreads, European HY is not overheating

Tight spreads and elevated supply are often key signs that fixed income markets are overheating. Despite these all being present within the European High Yield market today, the underlying data points to a more measured backdrop characterised by the printing of high-quality new issues, improving credit fundamentals and a stubbornly supportive technical background, offering investors reassurance over the medium-term future of the asset class.
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The pain is getting real for those long cash
1 Oct 2025 Market Update

The pain is getting real for those long cash

In November 2023, we estimated that holding cash, as opposed to staying invested, could cost investors 10-30% over a three-year period. At the time, we highlighted that interest rates had reached their cyclical peaks and were likely to decrease from that point.
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AI investment boom hits the bond market
25 Sep 2025 TwentyFour Blog

AI investment boom hits the bond market

Oracle priced an $18bn six-tranche (5yr/7yr/10yr/20yr/30yr/40yr) bond deal which was increased from an initial $15bn on the back of exceptionally strong demand. It is the latest sign that the AI investment boom, long the focus of equity markets, is now spilling into credit.
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Santander setting the pace in European ABS
23 Sep 2025 TwentyFour Blog

Santander setting the pace in European ABS

Following the end of quantitative easing in 2023, the European ABS market has gone from strength to strength and 2025 is set to overtake the post-2008 new issuance record set in 2024.
Read more
Flash Fixed Income
22 Sep 2025 Flash Fixed Income

Flash Fixed Income: Rate cuts won’t help long-dated bonds

With the Fed’s stance suggesting it is prioritising growth over sticky inflation risks, volatility in longer dated bonds is likely to persist and the case for increasing duration in fixed income is not compelling.
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Fed rate cut does little for clarity on policy path
18 Sep 2025 TwentyFour Blog

Fed rate cut does little for clarity on policy path

The Federal Reserve (Fed) cut interest rates by 25 basis points (bp) on Wednesday, exactly as markets had anticipated, marking its first rate reduction since December 2024.
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Is there value in the troubled European chemicals sector?
16 Sep 2025 TwentyFour Blog

Is there value in the troubled European chemicals sector?

As active managers we are naturally looking for bonds that we believe are mispriced, therefore offering attractive risk-adjusted carry or, sometimes, a capital gain if market pricing falls into line with our view. Equally important is to avoid sectors facing structural or protracted cyclical downturns where we don’t think valuations reflect the fundamentals.
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How worrying is low job growth?
11 Sep 2025 TwentyFour Blog

How worrying is low job growth?

Job creation, or rather a lack of it, has been in the spotlight recently as weak non-farm payrolls data in the US has driven a rally in government bonds and strengthened market projections for rate cuts.
Read more
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