20 Jul 2022 Market Update Multi-Sector Bond Quarterly Update – July 2022 Dillon Lancaster reviews the main market drivers in the second quarter of 2022 and explains how the Strategic Income team is tackling today’s environment. Watch now
12 Jul 2022 TwentyFour Blog Heimstaden and hybrids: to call or not to call With Heimstaden showing its commitment to corporate hybrids with a €600m tender offer, Pierre Beniguel looks at the complex decision issuers have to make and says more could follow suit with bonds trading at steep discounts. Read more
11 Jul 2022 TwentyFour Blog Liquidity is expensive, but it’s there European ABS and CLOs had a turbulent Q2 as broader macro headwinds sparked heavy selling, but investors have made good use of direct trading to pick up bonds at prices not seen since Europe’s sovereign debt crisis. Read more
23 Jun 2022 TwentyFour Blog Will high yields stay high? For all of these observations, there is one common observation – yields did not stay at these high levels for very long. Read more
20 Jun 2022 TwentyFour Blog Credit Suisse’s chunky coupon a sign of the times After 18 months of difficult headlines Credit Suisse could ill afford more negative press, and we therefore welcomed its decision to refinance its 7.125% Additional Tier 1 (AT1) bond last week at its first call date. Read more
24 May 2022 TwentyFour Blog European high yield supply drought will ease European high yield supply has endured its weakest start to a year in over a decade. The total supply to May 13th equalled €12.89bn, a fall of 75% year on year, with the market effectively closed for a large portion of the year. Read more
17 May 2022 TwentyFour Blog CLOs have the fundamentals to absorb recession As inflation continues to outstay its welcome in the global economy, we have previously discussed the impact of rising input costs on corporates and how crucial pricing power can be in such a challenging environment. Read more
16 May 2022 TwentyFour Blog Even in recession, defaults will be lower than previous cycles The vast majority of the high yield universe used the attractive funding conditions last year to term out their maturity profiles. In fact, 2022 maturities in both US and European high yield equate to just 1% of their respective indices. Read more
4 May 2022 TwentyFour Blog The solace provided by a robust earnings season Earnings season is now in full swing, and it has undoubtedly been eventful. During the first quarter, companies have had to navigate multiple obstacles, including surging commodity prices, hawkish central bank policies, a Russian invasion, further supply chain disruptions caused by lockdowns in China, and dwindling consumer confidence. Read more
20 Apr 2022 TwentyFour Blog Growing CRE ABS offers diversification and yield CRE ABS offers conservatively structured debt features, with generally short duration exposure and a spread premium rewarding the more intensive underwriting and due diligence required. Read more
13 Apr 2022 Market Update Multi-Sector Bond Quarterly Update – April 2022 TwentyFour Partner and Portfolio Manager, Eoin Walsh, discusses market conditions in Q1 2022 and provides his outlook for the year ahead. Watch now
11 Apr 2022 TwentyFour Blog Rationality will win out for AT1s in the real world Despite the ECB's recent review bringing some previously debated points surrounding AT1s to the forefront, we believe any changes would create undesired, real-world consequences if implemented. Read more