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CLOs

What next for European ABS post-tariffs?
22 Apr 2025 TwentyFour Blog

What next for European ABS post-tariffs?

Markets settled down last week thanks to the absence of headlines around tariffs. There is a universal acceptance that uncertainty and volatility will remain, though a series of constructive data prints relating to inflation and labour markets have now been navigated, and investors are shifting their focus to how central banks will weigh up the growth and inflationary impact of tariffs at the next round of meetings.
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Asset-Backed Securities Quarterly Update – April 2025
1 Apr 2025 Market Update

Asset-Backed Securities Quarterly Update – April 2025

As the first quarter of 2025 concludes, TwentyFour Asset Management’s Pauline Quirin shares her take on the strong performance of the securitisation market and insights for European ABS and Collateralised Loan Obligations (CLOs).
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What does shifting sentiment mean for ABS and CLOs?
18 Mar 2025 TwentyFour Blog

What does shifting sentiment mean for ABS and CLOs?

Last week we wrote about a notable shift in market sentiment and how this had impacted our view of relative value within fixed income. So, where has the impact been felt, and has it changed our view on relative value?
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CLO popularity growing but secondary could offer better value
28 Jan 2025 TwentyFour Blog

CLO popularity growing but secondary could offer better value

It has been two weeks since the primary market for collateralised loan obligations (CLOs) re-opened and 2025 has already proven to be quite a year from multiple angles.
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Asset-Backed Securities Quarterly Update – July 2024
22 Jan 2025 Market Update

Asset-Backed Securities Quarterly Update – January 2025

As the fourth quarter of 2024 comes to a close, TwentyFour Asset Management’s Douglas Charleston reflects on the past year’s events and explains why, in his view, the record supply of European ABS and CLOs in 2024 is likely to be matched in 2025.
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A difference of opinion in US and European CLOs
9 Dec 2024 TwentyFour Blog

A difference of opinion in US and European CLOs

Last week, members of TwentyFour’s asset-backed securities (ABS) portfolio management team were in Dana Point, California for the Opal Group CLO Summit, an annual event with over 2,000 participants made up of investors, bankers, CLO managers, service providers and lawyers.
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Rates uncertainty prolongs ABS buying opportunity
5 Dec 2024 Market Update

Rates uncertainty prolongs ABS buying opportunity

With fresh uncertainty surrounding the path for interest rate cuts, we believe the high current income and typically lower volatility offered by European asset-backed securities (ABS) and Collateralised Loan Obligations (CLOs) make them an attractive allocation option for this stage of the cycle.
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Asset-Backed Securities Quarterly Update – October 2024
10 Oct 2024 Market Update

Asset-Backed Securities Quarterly Update – October 2024

As the third quarter of 2024 comes to a close, TwentyFour Asset Management's Aza Teeuwen reflects on what this has meant for the Asset-Backed Securities (ABS) team. Not only were volumes across European ABS elevated throughout July and August, we also saw €34 billion in primary issuance – a significant increase from previous years.
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CLO update
20 Sep 2024 Market Update

CLO Update

Pauline Quirin, Portfolio Management, provides an update on the global Collateralised Loan Obligation (CLO) market, highlighting why we think CLOs are positioned to deliver the strongest performance across fixed income markets for the rest of the year.
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Can we complain about ABS supply?
2 Sep 2024 TwentyFour Blog

Can we complain about ABS supply?

The start of the school year ordinarily also marks the end of summer for the primary bond markets as issuance restarts, though this year feels rather different.
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ABS performance review - fundamental focus
12 Aug 2024 TwentyFour Blog

ABS performance review - fundamental focus

Headlines have painted a nervous picture of the health of consumers across Europe. Simultaneously, rating agencies have upgraded their outlook on the same consumer assets to neutral. The short story is that, although there has been a mild weakening in performance metrics, the consumer has held up well and is ahead of our base case expectations in almost all areas.
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Astonishing July demand shows appetite for mezz ABS
22 Jul 2024 TwentyFour Blog

Astonishing July demand shows appetite for mezz ABS

A consumer loan ABS issued last week by Consors Finanz, a fully-owned subsidiary of BNP Personal Finance, highlights the remarkable appetite investors are currently showing for mezzanine ABS bonds.
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