The growing importance of AT1 deal selection

The growing importance of AT1 deal selection

The Additional Tier 1 (AT1) primary market has begun 2025 with a bang, with a sterling perpetual non-call seven transaction from NatWest that hit the screens on Wednesday morning set to take issuance over €16bn equivalent year-to-date, more than double the volume we have seen over the same period in each of the last five years.

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Insights

European banks can cope with pressure on government bond yields

6 Mar 2025 TwentyFour Blog

European banks can cope with pressure on government bond yields

European government bonds have sold off sharply this week in the wake of Germany’s market-moving fiscal measures, while European equities, especially those of banks, have moved in the other direction.

Whatever It Takes, the German edition

5 Mar 2025 TwentyFour Blog

Whatever It Takes, the German edition

Overnight, the CDU/CSU (the winner of the latest German election) and the SPD (the leader of the current parliament set to end on March 25) announced Germany’s largest fiscal policy shift in decades.

Market moves and headlines - not enough to change macro outlook

3 Mar 2025 TwentyFour Blog

Market moves and headlines - not enough to change macro outlook

Last week, risky assets continued to experience a somewhat volatile period. The tone was generally a risk off one, with correlations between risk free and risky assets back to negative.

The growing importance of AT1 deal selection

26 Feb 2025 TwentyFour Blog

The growing importance of AT1 deal selection

The Additional Tier 1 (AT1) primary market has begun 2025 with a bang, with a sterling perpetual non-call seven transaction from NatWest that hit the screens on Wednesday morning set to take issuance over €16bn equivalent year-to-date, more than double the volume we have seen over the same period in each of the last five years.

European banks' 2024 results - well positioned for uncertainty

25 Feb 2025 TwentyFour Blog

European banks' 2024 results - well positioned for uncertainty

European banks‘ full year 2024 reporting season has now largely come to an end, with only a handful of issuers still to report over the next few weeks.

Flash Fixed Income

18 Feb 2025 Flash Fixed Income

Flash Fixed Income: Is term premium back?

Since the Federal Reserve first cut interest rates in September, we have seen the most aggressive rise in US Treasury yields of any cutting cycle over the past 40 years.

Value emerges in Prime RMBS amid hunt for yield

18 Feb 2025 TwentyFour Blog

Value emerges in Prime RMBS amid hunt for yield

The recent rally in European fixed income has partly been driven by improved economic sentiment, falling inflation expectations, and a more accommodative monetary policy outlook from the European Central Bank (ECB) and the Bank of England (BoE).

Could bank deregulation explain resilience in US Treasuries?

14 Feb 2025 TwentyFour Blog

Could bank deregulation explain resilience in US Treasuries?

In a week when US core consumer price inflation unexpectedly rose to 0.4% month-on-month and Federal Reserve (Fed) chair Jerome Powell told Congress the central bank was in “no hurry” to cut interest rates, many market participants have been surprised by the relatively muted reaction in US Treasuries (USTs).

Manufacturing data showing signs of life

12 Feb 2025 TwentyFour Blog

Manufacturing data showing signs of life

Manufacturing data has been a relentless purveyor of bad news for the best part of the last 24 months, as abnormal growth rates post-Covid turned into a swampy contractionary trend from which the sector has struggled to emerge.