25 Apr 2024 TwentyFour Blog Don't forget about money supply measures M1 and M2 Money supply measures such as M1 and M2 enjoyed a relatively brief period of fame and glory just after the pandemic. Read more
18 Apr 2024 Event Replay Spotlight on ESG: Banking on change when it comes to Fossil Fuel Financing On this webinar in our "Spotlight on ESG" series, Johnathan Owen, Portfolio Management discussed fossil fuel financing and how we engage with banks on this subject. Watch now
18 Apr 2024 TwentyFour Blog Volatility resurfaces this week Volatility made an unwanted come back this week. A combination of rising tensions in the Middle East, strong Consumer Price Index (CPI) and labour market data in the US in previous days, and markets that looked somewhat expensive in certain sectors, all conspired to cause a widening in spreads and a correction in equity prices. Read more
12 Apr 2024 TwentyFour Blog European banking stocks - flying! The Additional Tier 1's product was first launched in early 2013, so the asset class has mostly seen the period of negative interest rates and challenging operating environment post the Euro zone crisis. Read more
11 Apr 2024 TwentyFour Blog CPI surprises again on the upside The US Consumer Price Index (CPI) surprised on the upside for the third month in a row. There was nowhere to hide in the release with a majority of sub categories and sub aggregates posting worse numbers than expected. Read more
3 Apr 2024 TwentyFour Blog Eventful few weeks in European high yield It has been an eventful few weeks in the European high yield market. After waiting a long time for a bus to come along, three have come along at once. Read more
2 Apr 2024 TwentyFour Blog Q1 recap: macro drivers and fixed income performance Quarter ends are always a useful time to take a step back and assess what the main macro drivers during the quarter were, which trades worked and which did not and to refresh macro views for the next period. Read more
25 Mar 2024 TwentyFour Blog AT1s caught in the crossfire but junior bank debt is here to stay Over the course of last week, we saw several headlines around Additional Tier 1s (AT1s). First, the Dutch Finance Ministry indicated it is exploring the possibility of modifying or abolishing the asset class. Read more
13 Mar 2024 TwentyFour Blog Mixed news from the CPI release - but what does it mean for rate cuts? Yesterday’s US CPI report delivered a few interesting numbers but is still consistent with the Fed’s goals and timelines, which should allow it to cut rates in the context of some sort of a soft landing. Read more
8 Mar 2024 TwentyFour Blog Powell and Lagarde share notes on possible rate cuts We have had a busy week on the central bank front with the Federal Reserve chair Jerome Powell’s semi-annual testimony to congress on Wednesday before Christine Lagarde took centre stage at the European Central Bank press conference yesterday. Read more
6 Mar 2024 TwentyFour Blog 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. Read more
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. Read more