Fixed income

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.

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.

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.

The Trump administration’s immigration policy leaves the US labour market at a pivotal juncture.

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 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.