7 Sep 2021 TwentyFour Blog Credit Backdrop Shows More Upside for Euro High Yield Despite the impressive returns of Euro HY over the last year or so, the backdrop for the asset class continues to suggest there is more upside to come. Read more
2 Sep 2021 TwentyFour Blog How Much Supply is There to Come? This supply surge can be very welcome for those investors with cash to put to work, though it is also eyed with caution. Read more
18 Aug 2021 TwentyFour Blog German Multifamily CMBS – HAUS or BRIDGE? Last week, Morgan Stanley successfully brought the first public German Multifamily CMBS deal (HAUS - Eloc 39) to market since 2013. Despite coming to the market in the middle of the summer, the deal has attracted strong demand across the capital stack. Read more
5 Aug 2021 TwentyFour Blog Don’t Fight the Fundamentals on US High Yield When combined with other prevalent market dynamics, the favourable ratings trend paves the way for a highly supportive fundamental terrain as we advance through the cycle and one that is ideal for portfolio managers selecting credits. Read more
4 Aug 2021 TwentyFour Blog The End of the Road for Petrolheads We can model all kinds of credit risk as long as there is enough protection in the structure for investors to get comfortable with a degree of residual value risk. Read more
3 Aug 2021 TwentyFour Blog Dull Summer in CLO Land? Maybe Not After a hectic first half of the year, most investors, including us, were hoping for a dull summer to recharge our batteries, but it seems there’s no respite from the CLO machine. Read more
29 Jul 2021 TwentyFour Blog What We Can Learn From Spread Differentials It is quite rare that we recommend playing in the very bottom of the credit spectrum because CCC rated bonds are where at least 95% of all defaults come from, and are significantly more volatile than we would like. Read more
28 Jul 2021 TwentyFour Blog Bank Balance Sheets Continue to Strengthen We agree that banks are sitting with an abundance of excess capital and will use some of it to repay shareholder support. However, capital buffers will remain elevated for some time to come, Read more
26 Jul 2021 Market Update Four Lessons for Bond Investors If we suppose a bond investor views an upcoming event as a potential threat to their positioning, they may attempt to hedge their portfolio with another position. The event passes, and the hedge works, but to the investor maintaining the hedge seems like a good idea in the aftermath. Do you maintain the position or remove it? Read more
21 Jul 2021 TwentyFour Blog A More Volatile Summer Ahead So far, lockdown restrictions have suppressed each wave of the virus; will the competent authorities have the conviction to see this latest wave through without erring on the side of caution once again? Read more
19 Jul 2021 Market Update ESG Quarterly Update – July 2021 TwentyFour Partner and Chairman Graeme Anderson discusses the firm’s ESG developments during Q2 2021 and presents its plan for the coming months. Watch now
16 Jul 2021 Market Update Multi-Sector Bond Quarterly Update – July 2021 TwentyFour's CEO, Mark Holman, discusses market conditions in Q2 2021 and provides his outlook for the year ahead. Watch now