20 Oct 2020 TwentyFour Blog Expect Winners and Losers in Last Window of 2020 Unlike the past six months, where nearly all new deals performed well in the secondary market, from here on in that is far from guaranteed. Expect winners and losers. Read more
13 Oct 2020 TwentyFour Blog Corp Hybrids Look Attractive at This Stage of Cycle Corporate hybrids have evolved in recent years into a large and well-established asset class within the European fixed income market, with €185bn of bonds outstanding. Read more
9 Oct 2020 TwentyFour Blog Pre-Election Bond Outlook In this short video, TwentyFour CEO Mark Holman outlines what he expects to see from bond markets in the next few weeks, and explains why he thinks fiscal stimulus in the US can be the catalyst for the rally to resume in the medium term. Read more
8 Oct 2020 TwentyFour Blog More Noise Than Substance on UK Banks The press can have their sensational headlines, but these stories have little substance when it comes to the impact on the reputation risk of banks or indeed any significant impact on their balance sheets come May 2021. Read more
2 Oct 2020 TwentyFour Blog Europe’s Lending Machine Fuels ABS De-leveraging One of the legacies of Europe’s post-crisis lending landscape was a huge retrenchment in risk appetite, amplified by a lack of bank capital and in some instances funding for an extended period of time. Read more
30 Sep 2020 TwentyFour Blog Mind the Gap With September set to be the first negative month for most risk asset markets since March, it is worth analysing what has been driving the reversal. Read more
25 Sep 2020 TwentyFour Blog CLOs Outperform Gloomy Forecasts Overall CLO and loan performance have exceeded our expectations, though there are still plenty of headwinds for the market, chief among which is the prospect of further lockdowns and more economic disruption as Europe battles a second wave of COVID-19 cases. Read more
22 Sep 2020 TwentyFour Blog Will The Latest Dip Be Bought? Overall, in our view there may be some temporary volatility ahead which investors can try to sidestep or even take advantage of, but it’s probably not worth trying to be too cute as our medium term outlook is still constructive. Read more
18 Sep 2020 TwentyFour Blog If Anyone Cuts, It Could Be the ECB A cut by the Fed or the BoE from here would mean negative rates, while the ECB already has its deposit rate deeply negative at -0.5%. Read more
18 Sep 2020 TwentyFour Blog BoE Buying Dampens Volatility in GBP Credit The Bank’s ability to dampen market volatility has certainly been a comfort to fixed income investors; over the last month £ IG spreads have moved in a range of just 4bp and ended tighter than they started, which compares rather favourably to the 5% peak-to-trough swing in GBP-USD over the same period. Read more
16 Sep 2020 Market Update Fixed Income Festival 2020 – ESG Breakout Session Graeme Anderson hosted abreakout session in the ESG tent where he discussed TwentyFour's ESG Integration model, how company behaviour affects our ESG scoring and how our Observatory relative value system has enabled us to build ESG analysis into the investment process the portfolio managers use every day. Watch now
14 Sep 2020 TwentyFour Blog Do Green Bonds Work for Investors? Green bonds have seen dramatic growth both in terms of market size and media coverage in recent years. In 2019 we saw $237bn of issuance, a 62% increase on 2018’s $146bn, from a mixture of sovereigns, financials and corporates; and in its wake has come a proliferation of dedicated green bond funds. Read more