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    That shrinking feeling: Money supply tightens as rate hikes feed through
    That shrinking feeling: Money supply tightens as rate hikes feed through
    Following the recent publication of the European Central Bank's monthly “Monetary Developments in the Euro Area” report, Felipe Villarroel takes a deep dive into how this report evidences the impact that successive rate hikes are having on the economy

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Insights Topic

Europe

That shrinking feeling: Money supply tightens as rate hikes feed through
TwentyFour Blog | Read | 3 min 27 Sep 2023

That shrinking feeling: Money supply tightens as rate hikes feed through

Following the recent publication of the European Central Bank's monthly “Monetary Developments in the Euro Area” report, Felipe Villarroel takes a deep dive into how this report evidences the impact that successive rate hikes are having on the economy

Read more

That's all folks
TwentyFour Blog | Read | 3 min 15 Sep 2023

ECB: That's All Folks?

Felipe Villarroel argues that it will not be long before we see yields in fixed income assets at levels markedly above spot inflation which could translate in investors racing to lock in those yields.

Read more

ECB's turn to skip?
TwentyFour Blog | Read | 2 min 11 Sep 2023

ECB’s turn to skip?

Dillon Lancaster comments on the divergence in views from ECB members, and whether the end of the week will see a 'skip' or 'hawkish pause'. He believes either outcome is not likely to have a huge effect on the market.

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Poor PMI Data weigh on Soft Landing narrative
TwentyFour Blog | Read | 2 min 24 Aug 2023

Poor PMI data weigh on soft landing narrative

Felipe Villarroel shares his thoughts on the recently released preliminary PMI data, which he concludes is a reminder that the hiking cycle only started 18 months ago and there are lags that are yet to be felt in the real economy, reiterating some of his previous views.

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2023-09-01_US-Brand_paris_teaser.jpg
Viewpoint | Read | 6 min 21 Aug 2023

Fixed income opportunities in a soft landing scenario

After a difficult 2022, bonds may be poised for unusually high returns compared to historic averages. And not just in the US -- we see opportunities in European CLOs and RMBS. They offer double digit yields for short-dated debt and look very attractive on a relative value basis compared to domestic credit.

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Savings ratios diverging dynamics
TwentyFour Blog | Read | 2 min 4 Aug 2023

Diverging dynamics in savings ratios

As governments around the world provided support in various manners during the pandemic, savings ratios increased to levels that were twice as large as the previous all time highs in some countries. Felipe Villarroel takes a look at some countries' spending vs savings monthly data patterns and lays out what he thinks this means for fixed income investors.

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ECB's bank lending survey has something for everyone
TwentyFour Blog | Read | 2 min 27 Jul 2023

ECB's bank lending survey has something for everyone

Felipe Villarroel gives an overview of what he believes to be important features of the survey, reflecting on both the good and the bad news.

Read more

 PMIs Below Expectations in Europe and the UK
TwentyFour Blog | Read | 1 min 24 Jul 2023

PMIs Below Expectations in Europe and the UK

Felipe Villarroel looks at the preliminary numbers for July PMI Manufacturing and PMI Services data, and how from a markets point of view, he thinks volatility will remain in place while both rates and spreads should trade in a range as we await for more clarity on whether inflation will allow Central Banks to pause and the extent of the slowdown in H2, particularly considering August is looming.

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Reinvestment risk growing, along with the soft landing narrative
TwentyFour Blog | Read | 3 min 19 Jul 2023

Reinvestment risk growing, along with the soft landing narrative

What level of risk are investors willing to take? As central bank rates hike and a soft landing narrative makes its way into analysts’ forecasts, Eoin Walsh takes a look at what affects this has on investment risk and reinvestment risk.

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Rainbows from Barca
TwentyFour Blog | Read | 3 min 21 Jun 2023

Rainbows from Barca

Last week Aza Teeuwen and our ABS team visited the Global ABS conference in Barcelona. One key discussion point in CLOs was around the lack of leveraged loan supply and the resultant sharp slowdown in the primary market

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Central Banks did not rock the boat
TwentyFour Blog | Read | 2 min 16 Jun 2023

Central Banks did not rock the boat

In a week with several important releases and monetary policy decisions, what have we learnt?

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BBVA take a significant step forward for AT1s
TwentyFour Blog | Read | 2 min 13 Jun 2023

BBVA take a significant step forward for AT1s

BBVA have announced they are issuing a new AT1. What does this mean for the market? Eoin Walsh believes this could be the catalyst investors have been waiting for to help AT1 spreads grind tighter.

Read more

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