2 Jul 2021 TwentyFour Blog Second time lucky? It is hard to draw any immediate conclusion from this transaction other than Repsol's notable persistence to obtain sustainable financing. Read more
30 Jun 2021 TwentyFour Blog The new mortgage prisoners – the unintended consequences of improving the world In both instances, the good intentions of the regulator and the authorities are clear… But at the same time both changes have the potential to cause an increasingly undesired side effect. Read more
29 Jun 2021 TwentyFour Blog Should We Fear the Repo Men? Given the magnitude of the amounts involved we do think there is potential for some temporary volatility in the US Treasury market as the volumes change. We will be keeping a keen eye on both in the months ahead. Read more
25 Jun 2021 Market Update The Active ESG Dimension TwentyFour Asset Management’s purpose-built Observatory platform scans the global universe of bonds looking for ESG stars Read more
25 Jun 2021 Market Update Where is the ESG fixed income sweet spot? Creating a truly sustainable bond fund is no mean feat. Unlike the listed equity universe, where ESG data is more readily available, it is often sorely lacking in the fixed income space. At the same time, the problem for fixed income managers is exacerbated by the complexity of a bond’s structure, consisting of multiple parts which must all be individually assessed. Read more
25 Jun 2021 TwentyFour Blog US Banks Pass Their Health Check Yesterday the US Federal Reserve released the results of its annual bank stress test, subjecting the 23 largest US lenders to a punitive set of scenarios. Some observers might think the events since March 2020 had been sufficient to test the resilience of the banks, but the Fed went beyond this recent real-life challenge and tested bank balance sheets against a range of hypothetical crises. Read more
25 Jun 2021 Market Update Building an ESG Observatory The definitions of what ESG really means are still blurry and there is no one-size-fits-all approach to sustainability. If anything, the growing popularity of these funds has highlighted the differences in the expectations of both individual investors and institutions when it comes to ESG. Read more
25 Jun 2021 Market Update ESG's tipping point Fixed income investors are in "pole position to push for change" when it comes to ESG Read more
23 Jun 2021 TwentyFour Blog A Lighter Shade of Green We have a high opinion of Kensington as a mortgage lender and when we score it for ESG as part of our investment analysis it performs very well even without this latest Green initiative, but we do feel it can stretch further. Read more
22 Jun 2021 TwentyFour Blog Punch Pubs Sees Off WBS and Shows Route to Bonds All told, while we think relative value in WBS can be attractive, we believe the trend of refinancing in the bond market is only going to continue in the coming years, though it will be gradual. Read more
15 Jun 2021 TwentyFour Blog FOMC: Taper Talk and Treasury Tumble With all of the recent data pointing to higher inflation expectations and the Fed expected to maintain a transitory interpretation, we will be focusing our attention on comments from the various regional Fed presidents on conditions that could prompt a tapering move at some point in the future. Read more
10 Jun 2021 TwentyFour Blog Why Gilts Are More Vulnerable to Inflation Than Treasuries We believe UK government bonds are ultimately most vulnerable to a rise in inflation, and the 10-year Gilt currently trading at 0.73% does not come close to compensating for this. Read more