Rates Become The Source of Risk Again
From time to time, Treasury yields actually become the source of risk for financial markets.
Insights Topic
TwentyFour Blog
Should Investors Fear a Hawkish Tilt?
On Wednesday, the Fed moved one step closer to tapering and even put quite a clear timeframe for it, while on Thursday, the Bank of England openly talked about rate hikes.
Winter is Coming
It will take time for this sector to recover and we are likely to see more suppliers collapse in the coming weeks and months.
Stagflation – Probable or Panic?
Our base case is for a continuation of quite high growth and a modest inflation overshoot. For bond investors, positioning for stagflation could be a dangerous trade if that base case bears out
The Conditions for Tapering Already Exist
With ample job openings, inflation well ahead of target, financial conditions that are certainly not tight and strong economic growth, the obvious question is what does the Fed need to see to finally start tapering its asset purchases?
How do ABS and CLO Investors Trade Bonds?
BWIC – or bids wanted in competition – lists, are a unique characteristic of the ABS and CLO markets, where they are widely used in secondary trading when investors are looking to sell bonds.
For Bonds, Q4 Will Present Similar Challenges to Q1
As we rapidly descend upon the fourth quarter of this extraordinary year, we think some of the risks fixed income investors faced back in Q1 will rear their heads again before the end of 2021.
Credit Backdrop Shows More Upside for Euro High Yield
Despite the impressive returns of Euro HY over the last year or so, the backdrop for the asset class continues to suggest there is more upside to come.
How Much Supply is There to Come?
This supply surge can be very welcome for those investors with cash to put to work, though it is also eyed with caution.
Markets Rangebound For Now
As the Delta variant establishes a hold in many countries, forcing some governments to re-assess reopening policies, the market is beginning to feel its impact. The implication on growth remains unclear, but early indications suggest the growth rate may have peaked for this year, albeit continuing its recovery.
German Multifamily CMBS – HAUS or BRIDGE?
Last week, Morgan Stanley successfully brought the first public German Multifamily CMBS deal (HAUS - Eloc 39) to market since 2013. Despite coming to the market in the middle of the summer, the deal has attracted strong demand across the capital stack.
Don’t Fight the Fundamentals on US High Yield
When combined with other prevalent market dynamics, the favourable ratings trend paves the way for a highly supportive fundamental terrain as we advance through the cycle and one that is ideal for portfolio managers selecting credits.