24 Mar 2020 TwentyFour Blog Panic Eases, But Pricing Peculiarities Persist in Fixed Income Some of the panic selling has also abated as investors are gradually building their cash piles to desirable levels. However, we are still a long way away from normal bond markets. Read more
23 Mar 2020 TwentyFour Blog Bond Market Recovery Will Outpace Equities In the last two weeks we have seen savage falls in risk assets, but with the unprecedented stimulus and support action taken by policymakers globally, many investors’ minds have inevitably turned to when risk assets might be a buy again. More specifically, given equities are higher beta assets in multi-asset portfolios, when should asset allocators be buying equities again? Read more
23 Mar 2020 TwentyFour Blog Not All AT1 Extensions Are Bad In the case of Aareal Bank the management decision is understandable in our view; should the market panic and begin to offer extended AT1 bonds at a heavy discount, then investors could see this as a real opportunity over the medium term. Read more
20 Mar 2020 TwentyFour Blog When Will The Bond Liquidity Squeeze End? For participants in financial markets a liquidity squeeze that lasts for a prolonged period is one of the most difficult environments to cope with. Correlations break down, markets trade in a vacuum, small trades lead to disproportionate price moves, relative value goes out of the window, panic sets in, selling is indiscriminate. This is where we have been for the last two weeks. So we thought we would share some of these experiences with you and try to rationalise why it is happening and when it might end. Read more
18 Mar 2020 Market Update Letter To Investors – 18th March 2020 As we approach the 10th anniversary of running our Multi-Sector Bond strategies, we have once again hit a period of remarkable market turbulence that has broken records in terms of how quickly prices have deteriorated across markets including fixed income. Consequently we thought it would be useful to share some more detailed thoughts with you on what will be my fifth occasion of writing such a letter. We hope that you find it useful. Read more
16 Mar 2020 TwentyFour Blog More Shock and Awe But One Thing is Missing The authorities are now rapidly promising huge aid packages, but how do these aid packages find their way to the people that need aid? This is what is missing Read more
13 Mar 2020 TwentyFour Blog Recession – but for how long? In the last few days the World Health Organisation has declared COVID-19 a global pandemic, the Italian government has imposed a nationwide lockdown on 60 million people, and President Trump has banned all travel to the US from Schengen Area European countries for 30 days. Read more
12 Mar 2020 Market Update TwentyFour Multi-Sector Bond Investor Update Webinar Partner and Portfolio Manager Eoin Walsh provides an update on recent market developments and looking at the portfolio positioning of the Strategic Income Fund. Watch now
11 Mar 2020 Market Update TwentyFour Subordinated Financials Webinar Partner and Portfolio Manager Gary Kirk provides an education session on AT1s and RT1s Watch now
11 Mar 2020 TwentyFour Blog Bank Of England Announces “Big, Big Package” Our take on all of this is that the central bank has acted in a very targeted and timely way, adding large volumes of liquidity at even lower rates, along with significant capital to the banking system. Read more
10 Mar 2020 TwentyFour Blog What Next For Bonds After 'Capitulation Day' Monday was one of those days investment professionals will remember all their lives, and compare with similar standout days from the past. Read more
7 Feb 2020 TwentyFour Blog This Is No Time for Additional Alpha This deal may well perform in the short-term, and we sincerely hope Alpha’s plan works, but we also recognise there is a high degree of execution risk and the domestic economy still has considerable headwinds. Read more