10 Jun 2024 TwentyFour Blog Global headlines aplenty but trends continue For the fixed income fanatics amongst us, June was always going to be one for the books with all three of the major central banks meeting, elections, and continued data. Read more
6 Jun 2024 TwentyFour Blog RT1 redemptions - a trend is your friend Phoenix Group (Phoenix), a UK-based insurer mostly in the savings and pensions business, announced a tender offer at par for up to $500m of its $750m 5.625% RT1 callable in January 2025, and $350m Tier 2 callable in June 2026. Read more
31 May 2024 TwentyFour Blog In the spotlight: European Parliament election When market participants were asked at the end of last year to enumerate the main risks investors would face in 2024, the vast majority of those surveyed counted politics and elections amongst the top factors to consider for the unrewarding task of forecasting total returns for major asset classes over the following twelve months. Read more
23 May 2024 TwentyFour Blog ABS and CLOs break 2.0 issuance records The European asset-backed securities (ABS) market saw a record issuance last week with €5bn of primary issuance. Read more
17 May 2024 TwentyFour Blog ECB wage data - can I get a raise? The European Central Bank (ECB) will almost certainly start their rates cutting cycle next month. Supportive inflation data and clear guidance from the governing council has driven market implied probabilities of a June cut to almost 100%, with little in the way to derail that. Read more
7 May 2024 TwentyFour Blog Don't miss out on scarcity premium in AT1s The first four months of this year have seen €11.6bn in gross Additional Tier 1 (AT1) issuance from European banks, across euros, dollars and sterling markets. Read more
1 May 2024 TwentyFour Blog European banking M&A gathering pace Recently, BBVA announced that it had approached the management of Banco Sabadell, to explore a possible merger between both entities, with BBVA also appointing advisers for this purpose. Read more
24 Apr 2024 TwentyFour Blog Small miss for Enel, big step for the sector Following yesterday’s release of Italian energy company Enel's 2023 annual sustainability report, it was confirmed that they had failed to meet the emissions reduction key performance indicator (KPI) linked to a number of their sustainability linked bonds (SLBs). Read more
12 Apr 2024 TwentyFour Blog European banking stocks - flying! The Additional Tier 1's product was first launched in early 2013, so the asset class has mostly seen the period of negative interest rates and challenging operating environment post the Euro zone crisis. Read more
21 Mar 2024 Event Replay Back to Basics: CLOs On our second educational webinar in our Back to Basics series Aza Teeuwen (Partner, Portfolio Management) and Elena Rinaldi (Portfolio Management), provided a comprehensive understanding of the key aspects and trends within the European CLO market. Watch now
8 Mar 2024 TwentyFour Blog Powell and Lagarde share notes on possible rate cuts We have had a busy week on the central bank front with the Federal Reserve chair Jerome Powell’s semi-annual testimony to congress on Wednesday before Christine Lagarde took centre stage at the European Central Bank press conference yesterday. Read more
6 Mar 2024 TwentyFour Blog RT1s in vogue once again as issuance bounces back NN Group, the Dutch insurer, has issued its inaugural €750m Restricted Tier 1 (RT1) deal, which came with a 6.375% coupon and BBB-/BBB rating from S&P/Fitch. Read more