Meet Aza

Aza Teeuwen (Partner, Co-Head of ABS) and Elena Rinaldi (Portfolio Management) hosted a webinar on Wednesday 9 July 2025, where they shared insights into recent trends in global CLOs.

The recent rally in European fixed income has partly been driven by improved economic sentiment, falling inflation expectations, and a more accommodative monetary policy outlook from the European Central Bank (ECB) and the Bank of England (BoE).

Last week, members of TwentyFour’s asset-backed securities (ABS) portfolio management team were in Dana Point, California for the Opal Group CLO Summit, an annual event with over 2,000 participants made up of investors, bankers, CLO managers, service providers and lawyers.

As the third quarter of 2024 comes to a close, TwentyFour Asset Management's Aza Teeuwen reflects on what this has meant for the Asset-Backed Securities (ABS) team. Not only were volumes across European ABS elevated throughout July and August, we also saw €34 billion in primary issuance – a significant increase from previous years.

European ABS proved to be a valuable allocation for fixed income investors last year and we think the asset class looks to be even stronger in 2023, with rates and spreads combining to create an attractive income landscape.

Aza Teeuwen explains how market moves have impacted BB CLOs and looks at historic trends analysing their behaviour during crisis scenarios.