TwentyFour

George Curtis provides a macro update on fixed income markets and an overview of positioning in the TwentyFour Select Monthly Income Fund. 

As earnings season ends, we take stock of the latest US results and what it tells us about the health of corporates, the consumer, and the outlook for the broader economy.

UBS came to the market yesterday with a two-tranche $ additional tier 1 transaction, which was highly anticipated and didn’t disappoint.

In the session, Chris Bowie and Johnathan Owen, provides an update on the Vontobel Fund - TwentyFour Absolute Return Credit Fund and Vontobel Fund - TwentyFour Sustainable Short Term Bond Income.

Following yesterday’s publication of the quarterly Senior Loan Officer Opinion Survey (SLOOs) by the Fed, it revealed how lending conditions have evolved over the quarter amongst US banks.

George Curtis breaks down the latest developments following this week’s Quarterly Refunding Announcement and the Treasury Borrowing Advisory Committee update.

While bonds are once again finding their feet, investors have found themselves sitting on cash balances of 30% to 50%. This capital preservation trade has made perfect sense, but does it still make sense as we reach terminal rates?

Whilst bank debt has recovered from the contagion of the US regional banking crisis and the Credit Suisse write down event earlier this year, many bonds are still trading wider than they were at the beginning of the year.

Yesterday, market participants received two important reports about the state of the economy in the Eurozone. Firstly, the October Markit PMI – Purchasing Managers’ Index - reports showed a continued deterioration in growth in the manufacturing as well as the services sector.

Thomas Barkin, President of the Richmond Fed, called any (potential) upcoming recession "the most predicted recession ever".

Charlene Malik reflects on a tricky quarter for markets, highlighting the behaviour of the US Federal Reserve, the ECB and the Bank of England. Charlene then discusses the ways in which the MSB team have responded to these Q3 events.

In our Investment Grade quarterly update, Gordon Shannon, reflects on government bond yields, which accelerated sharply at the end of Q3, as well as commenting on the behaviour of the European Central Banks over the quarter and the soft-landing 'fairytale' markets had hoped for.