TwentyFour Income Fund Limited (LON:TFIF) has published its monthly factsheet and commentary to the end of January 2026.
Market Commentary
Summary: Global markets performed well during January, including European securitised products. The primary market opened with strength, particularly in the collateralised loan obligation (CLO) market. There was €7.9bn of issuance in the asset-backed security (ABS) market, which was complimented by €4.9bn of CLO refinancing. Secondary supply picked up significantly, driven by a combination of primary rotation and
outright demand for the product. A number of hedge funds also sold short-dated high yield bonds into a rallying market.
The mezzanine ABS curve tightened by 10-25 basis points (bp) during January, with high-quality BB bonds trading at a spread of SONIA +mid-200 versus CLOs where spreads also tightened, with BBs around 75bp tighter since the start of this year.
