Insights & News

Eoin Walsh

  • The 2017 Bank Stress Test – introducing the BES

    The Bank of England released its assumptions for the 2017 annual stress test yesterday (key elements of the 2017 stress tests), the results of which will be published in Q4 2017.  Yet again, the banks will be tested against an onerous set of scenarios, with the UK stresses being fairly similar to the 2016 version, although global stresses are more severe. To summarise, some of the headline assumptions are, UK […]

  • Insurance Call Risk Being Rewarded

    The callability of financial institution bonds is a risk that always demands a lot of our focus, with the value in these bonds often being intrinsically tied to whether they would be called at the first call date or have the maturity extended. For banks this will partly depend on whether the bonds will continue to count as a form of capital and if not, how expensive the bonds would […]

  • A Clearer Technical Picture

    The markets had an interesting day to digest yesterday, with elections in the Netherlands and an FOMC rate decision making for a potential bump in the road for the current rally. As it happens, it was only the UK government that suffered the bump, with Chancellor Philip Hammond falling victim to the Ides of March after being forced into an embarrassing U-turn of his proposed National Insurance tax rise; good […]

  • US Bank Earnings – Q4 Bonanza

    The major US banks have now reported earnings for Q4, and it’s obvious that they were big early recipients of the so called “sugar rush” from president-elect Trump’s fiscal policy plans and bank-friendly regulatory reversals.  Within the banks it was the Capital Markets units that were the big winners, with fixed income sales and trading revenue in particular achieving very strong gains.  To briefly touch on some numbers, Citigroup reported […]

  • Further Positive News in Lending Surveys

    As our regular readers will know, we always take a close look at both the Bank of England Credit Conditions Survey and the Euro Area Bank Lending Survey, as they give us a good insight into the lending environment in the regions; both were published recently, and by and large, pointed to healthy conditions for borrowers and lenders alike. In the UK, the supply of secured credit to households was […]

  • Market reaction to Italian Referendum

    Now that the dust is beginning to settle after the Austrian election and Italian referendum last weekend, the reaction by the market so far certainly warrants a comment.  To recap on the results, in Austria, the far-right candidate, Hofer, was defeated by the independent left-wing candidate, Van der Bellen, while in Italy, the constitutional referendum seeking to reform the powers of the parliament, was overwhelmingly rejected, by a margin of […]

  • Cash Trumps Volatility

    Now that the dust is beginning to settle on the unexpected victory of Donald Trump in the US presidential election, investors are beginning to take stock of the market reaction and the new landscape they face. To recap on the volatility yesterday, much of which took place in the early hours as the electoral colleges began to announce their results, the Dow Jones equity futures dropped by almost 1,000 points […]

  • Euro Subordinated Bank Debt – Compelling Enough Yet?

    After the doom and gloom surrounding European banking stocks at the beginning of this year, not to mention the negative impact of the Brexit vote (both of which contributed to the Euro STOXX Bank index falling by almost 40% for the year to June 30th) it might come as a surprise to see so many analysts and commentators now talking up the opportunity in European banks, particularly in subordinated debt. […]

  • All Eyes On Yellen, Again

    The big event that we’re looking forward to this week is the Jackson Hole economic symposium, which takes place in Wyoming from 25th to 27th August, with leading world economists, policymakers and central bankers meeting to discuss the issues facing global economies. A whole host of market influencers will speak over the two days, but what has provoked most debate on the desk here is Janet Yellen’s speech on Friday […]

  • No change from the BoE…yet

    The BoE has today released their Base Rate and Asset Purchase decisions, electing to keep both unchanged – indeed the voting was not even close, with just 1 vote for a rate cut and a unanimous decision to keep the Asset Purchase Target at £375bn.  This was against the market consensus, and indeed ours, both having predicted a 25bps rate cut. However, the Monetary Policy did make for some interesting […]

Eoin Walsh, Partner & Portfolio Manager

Eoin Walsh

Partner, Portfolio Manager

Eoin is one of the founding partners of TwentyFour, and a Portfolio Manager. Eoin’s main responsibility is managing the firm’s Unconstrained Fixed Income team with funds including the Dynamic Bond Fund and Select Monthly Income Fund. He also sits on the firm’s Investment Committee.

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