RT1s in vogue once again as issuance bounces back

NN Group, the Dutch insurer, has issued its inaugural €750m Restricted Tier 1 (RT1) deal, which came with a 6.375% coupon and BBB-/BBB rating from S&P/Fitch.

4 Mar 2024 TwentyFour Blog

One year on from the collapse of Credit Suisse - and what a year it has been for AT1s

Almost a year ago to the day, we were in the midst of banking sector turmoil, which started off with regional banks in the US and spilled over to Europe, eventually culminating in the forced merger between Swiss banks UBS and Credit Suisse.

1 Mar 2024 TwentyFour Blog

Green waves down under: Australia's journey with sustainable RMBS

Much like the European market, Australian ABS has started 2024 with considerable momentum, with over AU$12bn in issuance year-to-date and a significant pipeline building. But how are its green credentials?

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The views expressed represent the opinions of TwentyFour as at February 2024, they may change and may also not be shared by other entities within the Vontobel Group. TwentyFour, its affiliates and the individuals associated therewith may (in various capacities) have positions or deal in securities (or related derivatives) identical or similar to those described herein.

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28 Feb 2024 TwentyFour Blog

The latest insights on leveraged loans and their impact on CLOs

Last year was a volatile year for global markets but also one where economies performed better than expected. If we look at the leveraged loan market, last year was characterised by a surge in so-called amend and extend (A&E).

Bonds are back. After a couple of barren years, yields in high-quality bonds that were not too long ago returning just 2% or 3% are now set to bring in 7% to 8%. And this jump in yields looks to be a game changer for investors.

The ability for investors to get the outcomes they want from fixed income, in a stable and reliable fashion, has returned. Read more below on why we believe the time is right for fixed income and where we see particular value for investors.

Income is back

Why now for ABS: healthy consumers and attractive income

A resilient consumer is key for any well-functioning market, but it is particularly important for asset-backed securities (ABS), and currently consumers are proving remarkably strong. The ABS market can sometimes look like a confusing alphabet soup of acronyms, but we believe the benefits right now are clear.