Market Update

Amid tariffs, bankruptcies, and uncertainty, credit fundamentals remain strong. Elevated yields and solid corporate balance sheets favour income-focused fixed income strategies over government bonds, even as volatility persists.

The Net Zero Banking Alliance (NZBA) has formally ceased operations as a member-based organisation, following a vote by its remaining members. This marks the end of what we believe is one of the most significant collective efforts to align global banking with the goal of net zero emissions by 2050.

As we begin the final stretch of 2025, market conditions appear challenging. Inflation remains sticky across a range of economies, preventing major central banks from enacting rapid rate cuts to support GDP growth.

As fixed income investors face inflation surprises, tariff rhetoric and growing concerns around central bank independence, Gordon Shannon, Partner and Co-Head of Investment Grade, explains why the focus remains on resilience.

In our latest Multi-Sector Bond quarterly update, Jakub Lichwa, Portfolio Management, discusses why we retain a favourable view on credit despite tighter spreads.

In our latest Asset-Backed Securities (ABS) quarterly update, Aza Teeuwen, Partner and Co-Head of ABS, explains how strong CLO issuance, robust investor demand and tightening spreads have driven a standout year for the European ABS market.

In November 2023, we estimated that holding cash, as opposed to staying invested, could cost investors 10-30% over a three-year period. At the time, we highlighted that interest rates had reached their cyclical peaks and were likely to decrease from that point.

The $5.2tr asset-backed finance (ABF) market represents a growing opportunity to gain exposure to high quality loan pools and the returns they can generate.

TwentyFour Asset Management’s Gordon Shannon reflects on a volatile but resilient second quarter of 2025 for the Investment Grade team, shaped by shifting tariff policies and evolving central bank actions.

In his latest update, TwentyFour Asset Management’s George Curtis looks back at a volatile yet resilient Q2 2025 for the Multi-sector bond team.

As the second quarter of 2025 draws to a close, TwentyFour Asset Management’s Elena Rinaldi shares her insights on a period shaped by significant geopolitical and macroeconomic developments.

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.