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    Improving growth forecasts matter for markets
    Improving growth forecasts matter for markets
    On Thursday, markets received preliminary Purchasing Managers’ Index (PMI) figures for August. As a reminder, PMIs are timely indicators of trends in manufacturing and services, with a number above 50 signalling an expansion and below 50 a contraction.

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Europe

Improving growth forecasts matter for markets
22 Aug 2025 TwentyFour Blog

Improving growth forecasts matter for markets

On Thursday, markets received preliminary Purchasing Managers’ Index (PMI) figures for August. As a reminder, PMIs are timely indicators of trends in manufacturing and services, with a number above 50 signalling an expansion and below 50 a contraction.
Read more
Allianz’s blockbuster RT1 underpinned by insurance fundamentals
20 Aug 2025 TwentyFour Blog

Allianz’s blockbuster RT1 underpinned by insurance fundamentals

Restricted Tier 1 (RT1) investors have been woken from an otherwise sleepy summer after Allianz Group, one of the largest insurers and asset managers globally, brought a $1.25bn deal to the market on Tuesday.
Read more
Aggressive high yield deals call for heightened vigilance
11 Aug 2025 TwentyFour Blog

Aggressive high yield deals call for heightened vigilance

Urbaser, a Spanish waste management specialist, came to the market last week with a controversial new deal. The company launched a €1bn payment-in-kind (PIK) toggle note to fund a dividend to its owner Platinum Equity, just six weeks after it issued a new €2.3bn debt package to refinance its existing debt and fund a further €1bn of dividends.
Read more
US corporate hybrids gain momentum after ratings shift
29 Jul 2025 TwentyFour Blog

US corporate hybrids gain momentum after ratings shift

The European corporate hybrid market has been established for some time. It is dominated by investment grade issuers seeking to raise capital with limited impact on their leverage ratios, thanks to rating agency treatment that classifies hybrids as 50% equity and 50% debt from a balance sheet perspective.
Read more
US-EU deal welcome news in markets with little room for error
28 Jul 2025 TwentyFour Blog

US-EU deal welcome news in markets with little room for error

The US and the European Union (EU) have reached a trade agreement, averting a worst-case scenario of a more damaging trade war.
Read more
CLO value emerges ahead of likely autumn surge
15 Jul 2025 TwentyFour Blog

CLO value emerges ahead of likely autumn surge

With the summer holiday season fast approaching, now feels like a good moment to pause and take stock of developments in the European ABS market year-to-date.
Read more
Selectivity pays as European high yield hits record
4 Jul 2025 TwentyFour Blog

Selectivity pays as European high yield hits record

Primary issuance in the European high yield (HY) market surged in June with €21.2bn of supply marking the highest monthly volume on record.
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European fixed income offers value, not just diversification
2 Jul 2025 Market Update

European fixed income offers value, not just diversification

The turbulent start to 2025 has sent many investors seeking alternatives to US assets, but in our view European fixed income can offer more than just diversification.
Read more
Flash Fixed Income
24 Jun 2025 Flash Fixed Income

Flash Fixed Income: Rates calm before the storm?

Softer US economic data means the pressures on UST yields now look more balanced, but headlines around President Trump’s pick for the next Fed chair are just one reason investors should expect rates volatility to continue.
Read more
Reform proposals bring fresh hope of deeper ABS market
20 Jun 2025 TwentyFour Blog

Reform proposals bring fresh hope of deeper ABS market

Blog posts about regulation rarely trouble our most-read charts, but on this occasion we think the payback on time invested looks more compelling.
Read more
Watching spreads and structures as ABS momentum builds
18 Jun 2025 TwentyFour Blog

Watching spreads and structures as ABS momentum builds

Last week marked another record-breaking year for the securitisation industry as over 5,500 market participants gathered in Barcelona for the annual Global ABS conference, surpassing last year’s attendance and reflecting the growing momentum across both public asset-backed securities (ABS) and private asset-backed finance (ABF) markets.
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 European high yield untroubled by default rate spike
5 Jun 2025 TwentyFour Blog

European high yield untroubled by default rate spike

The European high yield (HY) default rate spiked higher in May with the largest monthly default volume on record (€6bn).
Read more
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