The TwentyFour Blog

The most important event this week is likely to be this Wednesday’s US Consumer Prices Index (CPI) release.

Following an incredible 2023, collateralised loan obligation (CLO) investors are again having a great year with the asset class outperforming the more traditional asset classes.

The first four months of this year have seen €11.6bn in gross Additional Tier 1 (AT1) issuance from European banks, across euros, dollars and sterling markets.

The Federal Open Market Committee (FOMC) meeting was a relatively uneventful one, but there are a few points worth highlighting.

Recently, BBVA announced that it had approached the management of Banco Sabadell, to explore a possible merger between both entities, with BBVA also appointing advisers for this purpose.

Money supply measures such as M1 and M2 enjoyed a relatively brief period of fame and glory just after the pandemic.

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).

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.

The NFIB (National Federation of Independent Business) survey can most certainly be considered an important report that monitors the pulse of the US economy.

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.

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.

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?