7 May 2020 Market Update Quarterly Update - 7th May 2020 CEO Mark Holman provides his outlook for credit markets in 2020, highlighting investment themes and sectors that still offer fixed income investors good relative value. Watch now
7 May 2020 TwentyFour Blog PRA Offers More Help to Banks With Subtle Switch One of the big support mechanisms for the UK economy during this pandemic has been the availability of grants and corporate loans via the banking system, aided by unlimited liquidity from the central bank. Read more
29 Apr 2020 Market Update What’s happening in fixed income markets? Partner and Portfolio Manager Felipe Villarroel provides an update on fixed income markets. Watch now
27 Apr 2020 Market Update Investors could face another decade of income scarcity The coronavirus pandemic has brought about perhaps the greatest– and fastest – repricing of risk fixed income investors have ever witnessed. Read more
27 Apr 2020 TwentyFour Blog The Beginning of The End For Government Bonds The list of policy actions from the major central banks keeps getting longer, and today the Bank of Japan has added the purchase of “as many Japanese government bonds (JGBs) as necessary” so as to keep the 10-year rate at around zero percent. Read more
24 Apr 2020 TwentyFour Blog Santander Shows Leadership in UK RMBS We engage with Santander as a debt issuer across many jurisdictions and various fixed income products, and we have had mixed views on the bank’s behaviour in recent years following a controversial approach to a 2018 AT1 refinancing and the exercise of an early call in a Spanish ABS deal in 2019. On both these occasions, we felt bondholders were treated poorly and this was reflected in our ESG analysis of the issuer. Read more
15 Apr 2020 TwentyFour Blog HY Demands Caution Through Riskiest Phase The European high yield sector has seen a sharp correction from its highs earlier this year, with the Crossover index moving from a tight of 203bp in January to an intraday wide of 730p on March 18 (by this morning it had also seen a retracement of around 50% to 470bp). Read more
9 Apr 2020 TwentyFour Blog Primary Bond Markets Escape Lockdown It has been a positive sign for us that despite lockdowns being enforced in most of the major economies around the world, in the last two weeks several issuers have managed to successfully raise new debt via the primary market. Read more
8 Apr 2020 TwentyFour Blog Primary Pause Positive for Prices in ABS After a period of material weakness in spreads and general market stress, the common ingredient to recent corporate bond spread stability and subsequent strength has been the resurgence of the primary market. Read more
1 Apr 2020 TwentyFour Blog Bond Basics Add Comfort Amid Virus Uncertainty In response to the exceptional circumstances brought about by Covid-19, the Prudential Regulation Authority (PRA) at the Bank of England has written to UK banks asking them to ‘consider’ appropriate action regarding the payment, accrual and vesting of variable remuneration (i.e. bonuses) for senior staff, together with any dividend payments or share buyback plans. Read more
30 Mar 2020 TwentyFour Blog CCDS Should Escape Payout Suspensions With central banks and governments pumping huge amounts of funding into their domestic economies, they are obviously very keen that companies act with prudence and look after their surplus cash sparingly, by cutting back on distributions such as dividend payments and any share buyback plans. Read more
26 Mar 2020 TwentyFour Blog Banks Lead New Issue Market Thaw After a considerable period of zero activity new issue bond markets have reopened this week with a flurry of deals in the US and now in Europe. As usual it has been frequent high quality borrowers reopening the marketplace, and they have done so with confidence from their syndicate bankers that attractive pricing will result in successful transactions. Read more