TwentyFour AM signals ‘buy’ intent as euro ABS widens

TwentyFour Income Fund Limited, a closed-end fund with a market capitalisation of £475m ($606.94m), is intending to grow by raising additional equity capital in response to investor demand and favourable market conditions. The fund, which invests in euro ABS, intends to issue new shares at a 2% premium to the unaudited net asset value per share.

  • By Asad Ali
  • 26 Nov 2018

CLOs (32.6%) and non-conforming RMBS (31.3%) account for the bulk of the fund’s investments, according to a company fact sheet, with other allocations — below 10% — including consumer ABS, prime RMBS, BTL RMBS, auto loan ABS and CMBS.

The drive to invest in the euro ABS market ...

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GlobalCapital European securitization league table

Rank Lead Manager/Arranger Total Volume $m No. of Deals Share % by Volume
1 BNP Paribas 15,084 31 17.18
2 Bank of America Merrill Lynch (BAML) 9,637 29 10.97
3 Citi 8,093 21 9.22
4 Lloyds Bank 7,329 24 8.35
5 JP Morgan 6,580 10 7.49

Bookrunners of Global Structured Finance

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1 Citi 129,591.43 378 11.20%
2 Bank of America Merrill Lynch 103,557.15 301 8.95%
3 JPMorgan 101,741.96 296 8.79%
4 Wells Fargo Securities 91,373.90 263 7.90%
5 Credit Suisse 76,186.18 204 6.58%