TwentyFour

Are markets pricing in the threat to Fed independence?
The next few days could be pivotal to any concerns around the independence of the US Federal Reserve (Fed).
TwentyFour

How will digital currencies impact banks?
The European Central Bank (ECB) is reportedly accelerating its work on a digital version of the euro (the dEuro), having seen the US pass the Genius Act in July which paved the way for broader adoption of so-called stablecoins.
Quality Growth Boutique

International equities: finding growth in shifting markets
Markets inevitably shift, but global diversification endures. A thoughtfully constructed portfolio that combines leading US and non-US companies can offer meaningful advantages to long-term investors: enhanced performance potential, compelling valuations and access to growth industries where the US lags.
TwentyFour

Credit’s cash pile ready for September supply
We have long harked on about the strength of the technical in credit, with solid fundamentals, resilient inflows and defensive positioning continuing to provide a tailwind for the market.
TwentyFour

Asset-backed finance: How does Europe stack up?
The $5.2tr asset-backed finance (ABF) market represents a growing opportunity to gain exposure to high quality loan pools and the returns they can generate.
TwentyFour

Improving growth forecasts matter for markets
On Thursday, markets received preliminary Purchasing Managers’ Index (PMI) figures for August. As a reminder, PMIs are timely indicators of trends in manufacturing and services, with a number above 50 signalling an expansion and below 50 a contraction.
TwentyFour

Allianz’s blockbuster RT1 underpinned by insurance fundamentals
Restricted Tier 1 (RT1) investors have been woken from an otherwise sleepy summer after Allianz Group, one of the largest insurers and asset managers globally, brought a $1.25bn deal to the market on Tuesday.
Quality Growth Boutique

“Quitters never win” or do they?
Quitting is often misunderstood as weakness. But in investing, selling is the overlooked half of decision-making, hindered by biases like sunk cost fallacy or FOMO. In our view, knowing when to walk away is essential for preserving capital and seizing better opportunities.
TwentyFour

Aggressive high yield deals call for heightened vigilance
Urbaser, a Spanish waste management specialist, came to the market last week with a controversial new deal. The company launched a €1bn payment-in-kind (PIK) toggle note to fund a dividend to its owner Platinum Equity, just six weeks after it issued a new €2.3bn debt package to refinance its existing debt and fund a further €1bn of dividends.
TwentyFour

BoE: A historic vote and a hawkish cut
The Bank of England (BoE) delivered a widely expected 25bp cut on Thursday, taking interest rates to a two-year low of 4%. But the real story was in the balance of views on the Monetary Policy Committee (MPC), which for the first time in its 28-year history had to conduct two rounds of voting and has forced markets to reassess the path of future rate cuts.
TwentyFour

US labour market data busts benign macro narrative
In describing how markets have been pricing risk in recent months, the word “complacent” has been uttered on multiple occasions. If that was your view, then Friday’s sharp risk-off move could be seen as a wake-up call, or at least evidence that investors are keenly watching for any change in the more benign macro story that has dominated recently.
TwentyFour

UK banks shrug off tariffs and fiscal concerns with higher margins
Over the last week or so, the major UK banks have been reporting results for the first six months of 2025. Considering the noise around the UK’s fiscal situation and some softening in broader macroeconomic conditions, these releases offer another valuable data point for analysing the health of the UK economy and the operating environment of UK banks.
TwentyFour

US corporate hybrids gain momentum after ratings shift
The European corporate hybrid market has been established for some time. It is dominated by investment grade issuers seeking to raise capital with limited impact on their leverage ratios, thanks to rating agency treatment that classifies hybrids as 50% equity and 50% debt from a balance sheet perspective.
TwentyFour

US-EU deal welcome news in markets with little room for error
The US and the European Union (EU) have reached a trade agreement, averting a worst-case scenario of a more damaging trade war.
Fixed Income Boutique

3 exploitable sources of alpha
In this short video, you learn more about the sources, into which our experts in fixed income investments tap under different market conditions with the aim of generating alpha, the core of active management.
TwentyFour

A closer look at River Green and CMBS losses
A French CMBS transaction named River Green – a deal we exited a few years ago at a price in the mid-90s as part of a broader review of our CMBS exposure – has come under renewed scrutiny after a new valuation triggered expectations of principal losses on what were originally AAA rated bonds. Here’s how we got here.
TwentyFour

UK by the numbers: breaking down the latest ONS stats
The UK Office for National Statistics (ONS) issued their monthly summary of the UK government’s income and expenses as well as the impact these have on the budget deficit and fiscal debt levels.
Quality Growth Boutique

AI Killed the Radio Star?
The pace of progress in AI is extraordinary. But will it displace popular music or broader media in the near term? We continue to monitor developments closely, particularly in hybrid human-AI creative workflows, evolving rights frameworks, and new monetization models that could shift competitive dynamics over time.
TwentyFour

CLO value emerges ahead of likely autumn surge
With the summer holiday season fast approaching, now feels like a good moment to pause and take stock of developments in the European ABS market year-to-date.
TwentyFour

Flash Fixed Income: Forget tariffs, watch the US labour market
The Trump administration’s immigration policy leaves the US labour market at a pivotal juncture.
TwentyFour

Multi-Sector Bond Quarterly Update – July 2025
In his latest update, TwentyFour Asset Management’s George Curtis looks back at a volatile yet resilient Q2 2025 for the Multi-sector bond team.
TwentyFour

Investment Grade Quarterly Update – July 2025
TwentyFour Asset Management’s Gordon Shannon reflects on a volatile but resilient second quarter of 2025 for the Investment Grade team, shaped by shifting tariff policies and evolving central bank actions.
TwentyFour

Asset-Backed Securities Quarterly Update – July 2025
As the second quarter of 2025 draws to a close, TwentyFour Asset Management’s Elena Rinaldi shares her insights on a period shaped by significant geopolitical and macroeconomic developments.
TwentyFour

An introduction to global CLOs
Collateralised loan obligations, or CLOs, have become an increasingly popular asset class within global fixed income.