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
4 Jun 2025 TwentyFour Blog Section 899: A big, beautiful source of uncertainty for foreign investors? As markets digest and speculate about the implications of the Trump administration’s 1,000+ page One Big Beautiful Bill Act (OBBBA), new details are beginning to emerge. Read more
2 Jun 2025 TwentyFour Blog ECB preview: Is this the bottom for monetary policy rates? The European Central Bank (ECB) will be alone this week in delivering its latest monetary policy decision, with the next Federal Reserve, Bank of England and Bank of Japan meetings not until the week commencing June 16. Read more
27 May 2025 TwentyFour Blog JGBs: are rising yields a risk to insurers? Over the last couple weeks, we have seen an ongoing increase in government bond yields across the major global economies, with a particular focus on Japan as yields on longer dated Japanese government bonds (JGBs) have moved sharply higher. Read more
20 May 2025 TwentyFour Blog Reaction to eventful Monday bodes well for markets Monday was a somewhat eventful day for markets with several headlines in the US and Europe. Risk assets did not necessarily reflect the eventfulness of the day, finishing virtually unchanged, while rates had a volatile day that ultimately produced a sizeable rally. Read more
14 May 2025 TwentyFour Blog US Autos: a bottom-up view of tariffs and the macro Thus far in 2025, the prevailing and overriding topic of conversation amongst economists and market participants has been tariffs and what they might mean for the global macro outlook. Read more
12 May 2025 TwentyFour Blog European banks bullish despite tariff uncertainty European banks are coming to the end of the Q1 2025 reporting season, and on the surface there are multiple headwinds to contend with. Read more
9 May 2025 TwentyFour Blog What does UK deal tell us about tariffs? With much fanfare, President Trump and Prime Minister Starmer announced a “historic” trade deal between the US and UK on Thursday. The main points for the UK are a reduction in auto tariffs from 27.5% to 10% for the first 100,000 cars that enter the US, and the removal of steel and aluminium tariffs. Read more
6 May 2025 TwentyFour Blog The state of play in fixed income after April turmoil April was one of the most volatile months across financial markets in recent memory, triggered by President Trump’s sweeping tariff announcement on April 2. Read more
1 May 2025 TwentyFour Blog Was negative US growth actually negative? The Bureau of Economic Analysis (BEA) published its first estimate for Q1 US GDP growth, which at -0.3% was slightly worse than the Bloomberg consensus of -0.2% on a quarter-on-quarter (QoQ), seasonally adjusted, annualised basis. Read more
28 Apr 2025 TwentyFour Blog Lottomatica reopens high yield for right names The high yield bond market reopened in Europe last week after a three-week hiatus triggered by the US tariffs fallout. Aside from a private placement by Very Group on April 10, the last public European high yield deal was from UK homebuilder Miller Homes on March 31, so we were interested to see how the first post-tariffs deal would be received. Read more
23 Apr 2025 TwentyFour Blog Rating upgrades highlight Europe’s improved position With a week currently feeling like a long time in geopolitics, the European sovereign crisis at the beginning of the last decade feels even more like a distant memory. The road to recovery for Europe’s periphery economies has been long and windy, but post-Covid it has been surprisingly smooth. Read more