The Southgate bond strategy – no subs in the second half
For any fixed income investors that follow the England football team, the plan for H2 2024 may feel somewhat familiar – no substitutions in the second half.
Insights Topic
TwentyFour
CMBS shows ongoing challenges for commercial real estate
Securitisation made its latest appearance in the mainstream financial press this week with the news that the European commercial mortgage-backed security (CMBS) market is set to experience its first losses on AAA bonds since the global financial crisis.
Back to Basics: Corporate hybrids
In this Back to Basics webinar, Gordon Shannon (Partner, Co-Head of Investment Grade) and Johnathan Owen (Portfolio Management) from our Investment grade team provided a comprehensive understanding of the key aspects of corporate hybrids.
Euro banks well prepared as Basel marathon enters final stretch
The global financial crisis was a seismic shock to banking systems globally, and triggered a regulatory marathon with banks having to adapt to a far stricter set of rules (known as Basel III) set out by the Basel Committee on Banking Supervision (BCBS).
August cut hopes fade despite BoE’s inflation bullseye
The latest UK inflation figures will bring some relief for consumers, but beneath the headline figure the Bank of England’s (BoE) policymakers face a more complex picture that suggests interest rate cuts may still be some way off.
Tight spreads but high yields: spotting value in European credit
On this webinar, Eoin Walsh (Partner, Portfolio Management) provided a macro update on fixed income markets, why he thinks credit spreads could remain resilient and how these views impact duration positioning.
CPI and FOMC post mortem
Consumer Price Index (CPI) inflation as an entrée was well received by the diners, prompting a 15 basis points (bps) rally in the 10-year Treasury. The main course though, was met with some adverse critiques as the Federal Open Market Committee (FOMC) delivered a slightly more hawkish dot plot than expected.
Barcelona outlook, sunny but a stiff breeze!
In the first week of June, the European asset-backed securities (ABS) market participants flocked to sunny Barcelona for the 28th Global ABS conference.
Global headlines aplenty but trends continue
For the fixed income fanatics amongst us, June was always going to be one for the books with all three of the major central banks meeting, elections, and continued data.
US default landscape revisited
From a US high yield (HY) perspective, the month of May turned out to be one of note – for the first time since December 2022, no US HY defaults were recorded, with not one instance of a bankruptcy filing or a missed interest/principal payment.
RT1 redemptions - a trend is your friend
Phoenix Group (Phoenix), a UK-based insurer mostly in the savings and pensions business, announced a tender offer at par for up to $500m of its $750m 5.625% RT1 callable in January 2025, and $350m Tier 2 callable in June 2026.
Bank analysis takes more than one ratio
We do not usually comment on press articles, but we were all quite surprised to read a piece on Bloomberg titled “A fragile banking system won’t make Europe stronger”.