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Global High Yield Bonds

TwentyFour
No, you haven’t missed the fixed income rally
Feb 02 2023 TwentyFour Blog

No, you haven’t missed the fixed income rally

Strong performance across markets in January has left some investors feeling they’ve missed out on the rally in bonds. No need to worry, says Felipe Villarroel.
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TwentyFour
Time to extract Europe’s elevated bond spreads
Jan 18 2023 TwentyFour Blog

Time to extract Europe’s elevated bond spreads

With projections for European growth and inflation being hastily revised in early 2023, the region’s bonds are still paying investors a premium that may not be around for long, says Dillon Lancaster.
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Fixed Income Boutique
2022-10-18_VP_Whats-on-the-horizon-for-the-global-high-yield-market-in-2023_teaser
Oct 19 2022 Viewpoint

What’s on the horizon for the global high yield market in 2023?

Looking back to previous cycles in the high yield market, data have shown down periods have usually given way to strong returns years. While spreads are set to stay volatile until inflation starts to slow down, Portfolio Manager Stella Ma sees valuations becoming more attractive as we near the end of 2022.
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TwentyFour
Has the UK risk premium gone too far?
Oct 14 2022 TwentyFour Blog

Has the UK risk premium gone too far?

With some UK bank bonds now trading with higher yields than their counterparts in Turkey, Mark Holman questions whether the dumping of UK and sterling assets has gone too far.
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TwentyFour
Europe vs. the US – it's just a question of value
Aug 19 2022 TwentyFour Blog

Europe vs. the US – it's just a question of value

With Europe facing an energy crisis and the UK bracing for a five-quarter recession, a strong allocation bias to the US seems a no-brainer. However, George Curtis says that when looking at relative value in fixed income, the decision is never that simple.
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TwentyFour
why 85 is the new par in high yield size
Jul 28 2022 TwentyFour Blog

Why 85 is the new par in high yield

Pierre Beniguel explains why high yield issuers are selling new bonds at steep discounts to par value, and why this represents an opportunity to build potentially significant performance into fixed income portfolios going forward.
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TwentyFour
US bank chiefs still like the consumer
Jul 19 2022 TwentyFour Blog

US bank chiefs still like the consumer

US banks remain bullish about the health of the consumer, but credit spreads are still pricing in not only a recession, but a fairly severe one. Are the banks wrong? Or have credit markets just backed up too far on negative fund flows?
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TwentyFour
Heimstaden and hybrids to call or not to call
Jul 12 2022 TwentyFour Blog

Heimstaden and hybrids: to call or not to call

With Heimstaden showing its commitment to corporate hybrids with a €600m tender offer, Pierre Beniguel looks at the complex decision issuers have to make and says more could follow suit with bonds trading at steep discounts.
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TwentyFour
The Fed and the flows are looking at inflation head-on teaser
Jul 04 2022 TwentyFour Blog

The Fed and the flows are looking at inflation head-on

After H1 2022 broke market records for all the wrong reasons, Gary Kirk says fixed income outflows could reverse quickly if investors see evidence that central banks are turning the tide on inflation.
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TwentyFour
Low issuance – a sign of strong fundamentals?
Jun 30 2022 TwentyFour Blog

Low issuance – a sign of strong fundamentals?

The US high yield market has experienced the third lightest month in terms of new issue flows since the Global Financial Crisis. Chris Holman explains what this means for default rates going into the second half of the year.
Read more
TwentyFour
Will high yields stay high? Teaser
Jun 23 2022 TwentyFour Blog

Will high yields stay high?

For all of these observations, there is one common observation – yields did not stay at these high levels for very long.
Read more
TwentyFour
What has driven yields higher – rates or credit size
May 24 2022 TwentyFour Blog

What has driven yields higher – rates or credit?

With investors having endured a painful period of rising yields in 2022, Mark Holman looks at whether rates weakness or credit spread widening has been most to blame.
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