Asset-Backed Securities Quarterly Update – October 2022

Sharp swings in government and corporate bond markets since the onset of the Middle East conflict pose interesting questions for fixed income investors.

TwentyFour Asset Management's Aza Teeuwen reflects on a volatile start to 2026, and explains why European ABS continues to provide relative stability over the quarter, particularly in investment grade.

TwentyFour Asset Management’s Felicity Juckes discusses how geopolitics, inflation and shifting risk sentiment shaped fixed income markets in the first quarter of 2026, and why the focus has remained on high‑quality credit.

TwentyFour Asset Management’s Jack Daley reflects on a strong start to 2026 for investment grade credit, before geopolitical escalation in the Middle East drove increased volatility later in the quarter and shaped market conditions.

Negative headlines around private credit have intensified this year, driven by the AI-related software sell-off and the news that most players have restricted withdrawals from retail private credit funds.

With no end in sight to the US-Israeli war with Iran, and tensions escalating once again over the weekend, investors are bracing for more volatility. Inflation fears have ramped up significantly, reflected clearly in government bond markets where rising yields show rate cuts being priced out and rate hikes increasingly being priced in.