Top articles

  • What are AT1 bonds, and how do they work?
  • CLOs have the fundamentals to absorb recession
  • Credit Suisse’s chunky coupon a sign of the times
  • What has driven yields higher – rates or credit?
  • Has inflation peaked? Ask the housing market.
  • Just how healthy is the consumer?
  • Value has returned to AAA CLOs
  • Even in recession, defaults will be lower than previous cycles
  • Return of bond-equity correlations could offer respite for investors
  • ABS spreads are pricing in a lot of downside

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Insights Topic

Banks

Credit Suisse’s chunky coupon a sign of the times
TwentyFour Blog | Read | 1 min 20 Jun 2022 by Dillon Lancaster

Credit Suisse’s chunky coupon a sign of the times

After 18 months of difficult headlines Credit Suisse could ill afford more negative press, and we therefore welcomed its decision to refinance its 7.125% Additional Tier 1 (AT1) bond last week at its first call date.

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AT1 issuance offers optimism for credit investors
TwentyFour Blog | Read | 2 min 1 Jun 2022 by Dillon Lancaster

AT1 issuance offers optimism for credit investors

The past couple of weeks have seen a flurry of new issuance as rates and credit markets have stabilised, and the European summer lull is approaching fast.

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Rationality will win out for AT1s in the real world Teaser
TwentyFour Blog | Read | 2 min 11 Apr 2022 by Dillon Lancaster

Rationality will win out for AT1s in the real world

Despite the ECB's recent review bringing some previously debated points surrounding AT1s to the forefront, we believe any changes would create undesired, real-world consequences if implemented.

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Deutsche Bank lures CoCo investors
TwentyFour Blog | Read | 2 min 30 Mar 2022 by Mark Holman

Deutsche Bank lures CoCo investors

The reshaping of Deutsche Bank since the end of the global financial crisis has been one of the longest-running transformation stories in the banking sector.

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Market Update | Read | 8 min 10 Mar 2022 by Mark Holman

Letter to investors

Global bond markets have moved sharply in the wake of Russia’s invasion of Ukraine as investors have tried to assess the impact of an unprecedented raft of financial and economic sanctions. Mark Holman looks at the potential implications for inflation and growth, and highlights some areas of fixed income where yields have risen to near-crisis levels.

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Investors are overreacting to banks’ Russia exposure
TwentyFour Blog | Read | 2 min 3 Mar 2022 by Mark Holman

Investors are overreacting to banks’ Russia exposure

European bank equity has been among the hardest hit sectors since Russia’s invasion of Ukraine, as fears of losses and a flight to quality have prompted investors to change positioning.

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TwentyFour Blog | Read | 3 min 11 Feb 2022 by Gary Kirk

Managing the downturn

As 2021 wore on we became increasingly concerned that the disconnect between asset prices, economic fundamentals and monetary policy was becoming more acute.

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Market Update | Read | 5 min 20 Jan 2022 by Mark Holman

Three strategies for beating inflation with bonds

Inflation was the dominant theme across financial markets in 2021, and we think it is likely to be a big driver of returns again in 2022.

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UK banks pass the solvency test Teaser
TwentyFour Blog | Read | 2 min 14 Dec 2021 by Gary Kirk

UK banks pass the solvency test

As bondholders, we are comforted by all the banks passing such a severe test.

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Multi Sector
Event Replay | Watch | 14 min 22 Sep 2021 by David Norris Charlene Malik Pierre Beniguel George Curtis

Insights from the Multi Sector team - Fixed Income Festival 2021

TwentyFour Asset Management's annual conference took place virtually for the second year running on September 15 & 16, with hundreds of attendees tuning in live for interactive sessions with TwentyFour's portfolio management team. All the insights from the Multi-Sector team are now available

Watch now

TwentyFour Blog | Read | 2 min 28 Jul 2021 by Gary Kirk

Bank Balance Sheets Continue to Strengthen

We agree that banks are sitting with an abundance of excess capital and will use some of it to repay shareholder support. However, capital buffers will remain elevated for some time to come,

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24_2021-05-13_mu_esg-what-makes-34-our-chosen-score_teaser
Market Update | Watch | 27 min 13 May 2021 by Eoin Walsh

Multi-Sector Bond Q2 2021 Update

In TwentyFour's Multi-Sector Bond update on Thursday 13th May 2021, Partner & Portfolio Manager Eoin Walsh provided an update on investment themes and positioning in the fixed income market.

Watch now

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