25 Sep 2018 TwentyFour Blog Hedging Costs Can Also Be a Benefit Those of you who have seen or heard one of our presentations will be aware of the significant impact that the FX-basis currently has on our relative value bond selection. Read more
20 Sep 2018 TwentyFour Blog US Treasuries Break Through 3% on their Way to 3.25% A few weeks ago we wrote about the geopolitical risks helping to keep credit spreads wider in Europe and the UK and keeping a lid on US Treasury yields (Is It Time to Buy the Dip?). Read more
24 Aug 2018 TwentyFour Blog Farewell To An Old Friend Last year, with credit spreads tightening close to historic levels, it seemed appropriate to us to take a more prudent stance and move to a more balanced portfolio. Read more
14 Aug 2018 TwentyFour Blog Is It Time To Buy The Dip? We have had a lot of discussion, both internally and externally, over the last few days around when might be the time to begin adding more risk to portfolios again. Read more
26 Jul 2018 TwentyFour Blog Yield Curve Flattening to Pause This significant flattening came about as the Fed signalled its determination to push through policy normalisation, with four hikes now expected for the calendar year 2018, which would take the upper bound of the Fed Funds rate to 2.5% by year-end. Read more
3 Jul 2018 TwentyFour Blog This Cycle’s Low Yields Are Behind Us Credit metrics, as measured by the rating agencies, continued to improve throughout the first half of this year, with all corners of the globe having comfortably more upgrades than downgrades. Read more
19 Jun 2018 TwentyFour Blog Will mortgage rates paint the Fed into a corner? In recent weeks we have talked often about the tightening of lending standards, the possibility of the end of dot plots, and especially the shape of the US yield curve – today’s blog encompasses all three. Read more
13 Jun 2018 TwentyFour Blog Why Draghi Really Cares About Italy Aside from the fact that he is Italian and once served as governor of the Italian central bank there are other reasons why Mario will be concerned at the price action in Italian Government Bonds (BTPs). Read more
14 May 2018 TwentyFour Blog How Concerned Is The Fed With The Yield Curve? After another week of yield curve flattening, we now have the 2s-10s curve in US Treasuries at just 43 basis points. Read more
30 Apr 2018 TwentyFour Blog Other Recessionary Indicators Having discussed the shape of the yield curve as a recessionary indicator already last week, we would like to elaborate on what other indicators we look at as fixed income investors to determine where we are in the economic cycle, which in turn determines how we position ourselves on the yield curve and whether we look to credit risks or government bond risks. Read more
25 Apr 2018 TwentyFour Blog Yield Curve Shape and Recessions The rapidly flattening US Treasury yield curve is prompting a lot of questions about the shape of the curve and it being a good predictor of upcoming recession. Read more
18 Apr 2018 TwentyFour Blog Q2 Could Be The Best For Risk in 2018 As we now are well into the Q1 earnings season we have been debating how the current quarter could well be the best for risk in 2018. Read more