Meet Jakub

Jakub Lichwa

Portfolio Management

15 years investment experience

London

TwentyFour Asset Management LLP

8th Floor, The Monument Building, 11 Monument Street

EC3R 8AF London

United Kingdom

Jakub joined TwentyFour in October 2023. Based in the London office, he is a member of the Multi-Sector Bond (MSB) portfolio management team with a focus on Financials.

Prior to joining TwentyFour, Jakub had accrued a total of 14 years of experience in fixed income markets, specialising in banks and insurance sectors. His latest role was as an Executive Director in Goldman Sachs within the credit trading division. Before this, he acquired additional experience at RBC Capital Markets, Daiwa Capital Markets and Moody’s.

Jakub holds degrees in business from the University of Bath and University of Kansas.

Insights

Banks’ early pre-funding reduces AT1 extension risk

15 Oct 2024 TwentyFour Blog

Banks’ early pre-funding reduces AT1 extension risk

Over the last few months in the Additional Tier 1 (AT1) market we have seen a growing trend of issuers “pre-funding” their transactions even earlier. In some cases, such as Belgium’s KBC and Austria’s Erste Bank, bonds with expected call dates in 2025 have been tendered and replaced with new issues over a year early.

European banking M&A benefits bondholders

27 Sep 2024 TwentyFour Blog

European banking M&A benefits bondholders

The building trend of consolidation in the European banking sector is important for several reasons, and could create further opportunities for bondholders.

How banks will fare in a lower rate environment

18 Sep 2024 Market Update

How banks will fare in a lower rate environment

We have consistently highlighted the benefits of higher interest rates for the European banking sector. However, the current outlook suggests that lower rates are anticipated going forward.

Forget Australia, European AT1s are here to stay

11 Sep 2024 TwentyFour Blog

Forget Australia, European AT1s are here to stay

Earlier this week the Australian Prudential Regulation Authority (APRA) proposed scrapping Additional Tier 1 (AT1) instruments and not replacing them with any other form of junior debt, with the consultation paper suggesting that instead Australian banks could fill their 1.50% AT1 allowance with a combination of Tier 2 (1.25%) and Common Equity Tier 1 (CET1) capital (0.25%).

Lower rates a bigger risk for bank equities than for bonds

13 Aug 2024 TwentyFour Blog

Lower rates a bigger risk for bank equities than for bonds

Market attention in the government bond market has rapidly turned from central banks holding rates “higher for longer” to the potential for “lower and sooner".

AT1 calls - another one bites the dust

9 Aug 2024 TwentyFour Blog

AT1 calls - another one bites the dust

Julius Baer announced a call of its $300m Additional Tier 1 (AT1) instrument. The bond had a coupon of 4.75%, and if not called it would switch to a new coupon of five-year Treasury yield plus 284 basis points (bps), so about 6.7% at the moment.