25 Apr 2024 TwentyFour Blog Don't forget about money supply measures M1 and M2 Money supply measures such as M1 and M2 enjoyed a relatively brief period of fame and glory just after the pandemic. Read more
24 Apr 2024 TwentyFour Blog Small miss for Enel, big step for the sector Following yesterday’s release of Italian energy company Enel's 2023 annual sustainability report, it was confirmed that they had failed to meet the emissions reduction key performance indicator (KPI) linked to a number of their sustainability linked bonds (SLBs). Read more
18 Apr 2024 TwentyFour Blog Volatility resurfaces this week Volatility made an unwanted come back this week. A combination of rising tensions in the Middle East, strong Consumer Price Index (CPI) and labour market data in the US in previous days, and markets that looked somewhat expensive in certain sectors, all conspired to cause a widening in spreads and a correction in equity prices. Read more
16 Apr 2024 TwentyFour Blog Health of US small business: an indicator for the US economy The NFIB (National Federation of Independent Business) survey can most certainly be considered an important report that monitors the pulse of the US economy. Read more
12 Apr 2024 TwentyFour Blog European banking stocks - flying! The Additional Tier 1's product was first launched in early 2013, so the asset class has mostly seen the period of negative interest rates and challenging operating environment post the Euro zone crisis. Read more
11 Apr 2024 TwentyFour Blog CPI surprises again on the upside The US Consumer Price Index (CPI) surprised on the upside for the third month in a row. There was nowhere to hide in the release with a majority of sub categories and sub aggregates posting worse numbers than expected. Read more
9 Apr 2024 TwentyFour Blog Thames Water – A fluid situation We previously blogged about Thames Water in July last year but it’s rapidly refloated to the top of UK credit market concerns. Following more recent events, where do we think Thames Water go from here? Read more
8 Apr 2024 TwentyFour Blog Labour markets strength continues Labour market data in the US was stronger than expected on Friday. US Treasuries reacted accordingly with a 10 bps sell-off with Gilts and Bunds moving in the same direction but in a calmer fashion. Read more
4 Apr 2024 TwentyFour Blog Bumps in the road but CLOs delivered in Q1 After delivering a stunning 2023, collateralised loan obligations (CLOs) were once again one of the top performers in Q1. That leaves us with the question, where do we go from here? Read more
3 Apr 2024 TwentyFour Blog Eventful few weeks in European high yield It has been an eventful few weeks in the European high yield market. After waiting a long time for a bus to come along, three have come along at once. Read more
2 Apr 2024 TwentyFour Blog Q1 recap: macro drivers and fixed income performance Quarter ends are always a useful time to take a step back and assess what the main macro drivers during the quarter were, which trades worked and which did not and to refresh macro views for the next period. Read more
25 Mar 2024 TwentyFour Blog AT1s caught in the crossfire but junior bank debt is here to stay Over the course of last week, we saw several headlines around Additional Tier 1s (AT1s). First, the Dutch Finance Ministry indicated it is exploring the possibility of modifying or abolishing the asset class. Read more