17 Sep 2020 Market Update Why we still like AT1s Gary Kirk, Partner and Portfolio Manager discusses Bank Capital, in particular, AT1s, and why this is a sector we like. Watch now
16 Sep 2020 Market Update Fixed Income Festival 2020 – Main stage TwentyFour CEO Mark Holman provides a macro outlook before discussing his views on a critical US presidential election and how it could impact the economy and the markets. Watch now
16 Sep 2020 Market Update Fixed Income Festival 2020 – MSB Breakout session Gary Kirk and Eoin Walsh hosted a breakout session on the MSB stage where they provided an update on portfolio performance and their outlook for fixed income markets. Watch now
7 Sep 2020 TwentyFour Blog Caixa-Bankia Talks a Step in Right Direction There are a number of countries in Europe where the banking sector remains very fragmented, and while a lot of work has been done in Spain with the mergers of multiple ‘cajas’ in the last few years, there is still scope for further consolidation. Read more
6 Aug 2020 TwentyFour Blog Optimism from the FPC As expected the Monetary Policy Committee (MPC) kept UK base rates at 0.1% and maintained their current level STG IG corporate bond on the BoE balance sheet at £745bn, with no immediate expectations of a need for further stimulus. Read more
24 Jul 2020 Market Update Strategic Income – Quarterly update – July 2020 Partner and Portfolio Manager Eoin Walsh discusses Q2 performance for the Strategic Income strategy and provides his outlook for 2020. Watch now
7 Jul 2020 TwentyFour Blog Green AT1 Raises More Questions Than Answers Today BBVA announced it would be issuing the first ever green Additional Tier 1 (AT1) bond, a perpetual non-call 5.5-year with initial price thoughts at 6.5%, and immediately sparked a spirited debate among the TwentyFour team over how green bank capital can be. Read more
6 Jul 2020 TwentyFour Blog Anticipation Building for Q2 Reporting Season Like many market participants we are looking ahead to a much anticipated Q2 reporting season, which is even more pertinent this year given the unprecedented environment we have all found ourselves in. We are particularly interested in reviewing the major banks given they are at the centre of the transmission mechanism and hence a barometer for the wider economy. Read more
16 Jun 2020 TwentyFour Blog AIB Steps Forward With Quirky AT1 Tender On what was a very busy morning for new issues, AIB probably came with one of the most interesting, announcing a €500m Additional Tier 1 (AT1) deal with a 5.5-year maturity with initial price thoughts of 7%, though we expect this will be tightened as the order book builds. Read more
27 May 2020 TwentyFour Blog Is Bank Loss Provisioning Behind Us Already? A few weeks ago Bank of America Merrill Lynch’s CEO, Brian Moynihan, said that loan losses were not coming through as thick or as fast as he would normally expect for a recession, in particular a recession of this magnitude. Read more
26 May 2020 Market Update Fixed Income Market Update - 26th May 2020 Partner and Portfolio Manager Felipe Villarroel provides an update on fixed income markets. Watch now
14 May 2020 TwentyFour Blog Two Key Questions as AT1 Reopens Thursday saw the reopening of the bond market for bank Additional Tier 1 (AT1) debt, more colloquially known as ‘Coco’ bonds. Read more