Fixed Income

While tariffs have done meaningful damage to the economic outlook and raised volatility in rates markets, the softening of the US stance has restored confidence in credit returns for 2025.

The US dollar’s reign is faltering, and we believe a prolonged dollar bear market is underway – a scenario that has historically been a tailwind for emerging market economic growth and asset valuations. However, not all emerging equity markets respond equally to the dollar’s decline.

Which factors will shape global credit markets this summer? Our latest outlook explores 10 key topics — from recession risks and central bank shifts to credit metrics, issuance trends, and valuation dynamics — providing institutional investors with an analysis of where challenges and opportunities may emerge in the global corporate bond market.

The question for investors now is how much of the macro risk remains, and how well that risk is being reflected in asset valuations.

The webinar replay on "From volatility to value: the future of credit & where the opportunities are now" that took place on April 15 is now available.

After a chaotic week in global markets following the tariffs announced by President Trump on April 2, at time of writing (April 10) investors are left to contemplate 125% tariffs on China, a baseline 10% on the rest of the world, 25% on auto imports and a 90-day pause on more punitive rates.

We are pleased to share with you the replay of our TwentyFour Investor Update webinar that took place recently.

“Liberation Day” has landed, and not with a whimper. In extraordinary scenes in the Rose Garden of the White House, President Trump held up a board outlining the level of tariffs the US will impose on countries around the world, and in most cases they were worse than worst-case expectations.

TwentyFour Asset Management’s Chris Bowie reflects on a politically eventful first quarter, its impact on European and US markets and what it could mean for investors going forward.

TwentyFour Asset Management’s Eoin Walsh breaks down a turbulent first quarter for investors, driven by newly imposed Trump tariffs and shifting economic forecasts.

As the first quarter of 2025 concludes, TwentyFour Asset Management’s Pauline Quirin shares her take on the strong performance of the securitisation market and insights for European ABS and Collateralised Loan Obligations (CLOs).

Bondholder expectations are an important topic in the Additional Tier 1 (AT1) market. They are often perceived as a “soft” factor that is hard to quantify, and may often appear at odds with the purely economic considerations of the issuer when it comes to refinancing costs.