Are markets pricing in the threat to Fed independence?
The next few days could be pivotal to any concerns around the independence of the US Federal Reserve (Fed).
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TwentyFour Blog
How will digital currencies impact banks?
The European Central Bank (ECB) is reportedly accelerating its work on a digital version of the euro (the dEuro), having seen the US pass the Genius Act in July which paved the way for broader adoption of so-called stablecoins.
Credit’s cash pile ready for September supply
We have long harked on about the strength of the technical in credit, with solid fundamentals, resilient inflows and defensive positioning continuing to provide a tailwind for the market.
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.
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.
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.
BoE: A historic vote and a hawkish cut
The Bank of England (BoE) delivered a widely expected 25bp cut on Thursday, taking interest rates to a two-year low of 4%. But the real story was in the balance of views on the Monetary Policy Committee (MPC), which for the first time in its 28-year history had to conduct two rounds of voting and has forced markets to reassess the path of future rate cuts.
US labour market data busts benign macro narrative
In describing how markets have been pricing risk in recent months, the word “complacent” has been uttered on multiple occasions. If that was your view, then Friday’s sharp risk-off move could be seen as a wake-up call, or at least evidence that investors are keenly watching for any change in the more benign macro story that has dominated recently.
UK banks shrug off tariffs and fiscal concerns with higher margins
Over the last week or so, the major UK banks have been reporting results for the first six months of 2025. Considering the noise around the UK’s fiscal situation and some softening in broader macroeconomic conditions, these releases offer another valuable data point for analysing the health of the UK economy and the operating environment of UK banks.
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.
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.
A closer look at River Green and CMBS losses
A French CMBS transaction named River Green – a deal we exited a few years ago at a price in the mid-90s as part of a broader review of our CMBS exposure – has come under renewed scrutiny after a new valuation triggered expectations of principal losses on what were originally AAA rated bonds. Here’s how we got here.