20 Jul 2022 Market Update Asset-Backed Securities Quarterly Update – July 2022 Douglas Charleston looks at the development of the European ABS market in the second quarter of 2022 and explains what this could mean for investors going forward. Watch now
15 Jul 2022 TwentyFour Blog Why are CLOs pricing in a worse recession than Moody’s? With yields on B rated CLO bonds now as high as 18%, Elena Rinaldi looks at various scenarios for corporate default rates and questions why investors are overshooting even the most pessimistic scenarios. Read more
11 Jul 2022 TwentyFour Blog Liquidity is expensive, but it’s there European ABS and CLOs had a turbulent Q2 as broader macro headwinds sparked heavy selling, but investors have made good use of direct trading to pick up bonds at prices not seen since Europe’s sovereign debt crisis. Read more
29 Jun 2022 TwentyFour Blog BB CLOs approaching 12% yield Aza Teeuwen explains how market moves have impacted BB CLOs and looks at historic trends analysing their behaviour during crisis scenarios. Read more
22 Jun 2022 TwentyFour Blog Global ABS: A cloudy outlook from sunny Barcelona After two COVID-hit years last week the European ABS market decamped once again to Barcelona for the 26th annual AFME & IMN Global ABS conference. Read more
20 Jun 2022 TwentyFour Blog ABS spreads are pricing in a lot of downside In fast-moving markets there is no perfect time to provide an update on valuations. Read more
31 May 2022 TwentyFour Blog Value has returned to AAA CLOs We can debate whether the European Central Bank is behind the curve or not, but Christine Lagarde says rates will be in non-negative territory by September. Read more
17 May 2022 TwentyFour Blog CLOs have the fundamentals to absorb recession As inflation continues to outstay its welcome in the global economy, we have previously discussed the impact of rising input costs on corporates and how crucial pricing power can be in such a challenging environment. Read more
26 Apr 2022 Market Update Everything you need to know about CLOs Collateralised Loan Obligations, or CLOs, are bond instruments issued to fund a specific pool of loans, typically senior secured or ‘leveraged’ loans, to companies. Read more
13 Apr 2022 Market Update Asset-Backed Securities Quarterly Update – April 2022 TwentyFour Portfolio Manager, Elena Rinaldi, explains how European ABS markets behaved in Q1 2022 and provides her outlook for the year ahead. Watch now
10 Mar 2022 Market Update Letter to investors Global bond markets have moved sharply in the wake of Russia’s invasion of Ukraine as investors have tried to assess the impact of an unprecedented raft of financial and economic sanctions. Mark Holman looks at the potential implications for inflation and growth, and highlights some areas of fixed income where yields have risen to near-crisis levels. Read more
11 Feb 2022 TwentyFour Blog Managing the downturn As 2021 wore on we became increasingly concerned that the disconnect between asset prices, economic fundamentals and monetary policy was becoming more acute. Read more