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.
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

New issuers add welcome depth to UK RMBS
The UK Prime RMBS market has continued to evolve in 2025, with a broadening of its participant base driven by the entrance of two new sponsors (Nottingham Building Society and Newcastle Building Society) which have both priced inaugural deals this year.
TwentyFour

Selectivity pays as European high yield hits record
Primary issuance in the European high yield (HY) market surged in June with €21.2bn of supply marking the highest monthly volume on record.
TwentyFour

SRTs not sounding any alarms - despite the headlines
Last Friday, the European Banking Authority (EBA) published its semi-annual Risk Assessment Report. It is always a good read, as it provides a summary of trends in the banking sector and highlights risks that might be emerging in parts of the banking system.
TwentyFour

Reform proposals bring fresh hope of deeper ABS market
Blog posts about regulation rarely trouble our most-read charts, but on this occasion we think the payback on time invested looks more compelling.
TwentyFour

Watching spreads and structures as ABS momentum builds
Last week marked another record-breaking year for the securitisation industry as over 5,500 market participants gathered in Barcelona for the annual Global ABS conference, surpassing last year’s attendance and reflecting the growing momentum across both public asset-backed securities (ABS) and private asset-backed finance (ABF) markets.
TwentyFour

Oil, Iran and why markets are staying calm
Despite Israel and Iran exchanging fire for a fifth day, markets seem to be completely disregarding the possibility of this conflict mutating into something serious for the global economy.
TwentyFour

Patchy UK labour data strengthens case for BoE cuts
The latest Labour Market Overview published by the UK’s Office for National Statistics (ONS) on Tuesday morning has raised eyebrows, with some metrics seemingly having deteriorated quite rapidly versus last month.
TwentyFour

European high yield untroubled by default rate spike
The European high yield (HY) default rate spiked higher in May with the largest monthly default volume on record (€6bn).
TwentyFour

Section 899: A big, beautiful source of uncertainty for foreign investors?
As markets digest and speculate about the implications of the Trump administration’s 1,000+ page One Big Beautiful Bill Act (OBBBA), new details are beginning to emerge.