What started in community banks in the US is now playing out in the global bond market. To explore what has taken place in the banking sector over the past few weeks, Square Mile's Investment Director, Chris Fleming is joined by Chris Bowie, Partner and Portfolio Manager of the TwentyFour Corporate Bond fund.

In this short podcast, they discuss:

• The collapse of Silicon Valley Bank (SVB) and how this differs from Credit Suisse.

• AT1 bonds - what they are, their history and whether the write down of these bonds will impact the wider bond market.

• How the central banks have responded, and the wider economic outlook.

This podcast was recorded on Tuesday 28th March 2023. This report is only aimed at professional advisers and regulated firms only and should not be passed on to or relied upon by any other persons. It is not intended for retail investors, who should obtain professional or specialist advice before taking, or refraining from, any action on the basis of this report, remembering past performance is not an indication of future performance. Square Mile Investment Services Limited (“SMIS”) makes no warranties or representations regarding the accuracy or completeness of the information contained herein. This information represents the views and forecasts of SMIS at the date of issue but may be subject to change without reference or notification to you. SMIS does not offer investment advice or make recommendations regarding investments and nothing in this report shall be deemed to constitute financial or investment advice in any way and shall not constitute a regulated activity for the purposes of the Financial Services and Markets Act 2000. This report shall not constitute or be deemed to constitute an invitation or inducement to any person to engage in investment activity and is not a recommendation to buy or sell any funds or investments that are mentioned during this report. Should you undertake any investment activity based on information contained herein, you do so entirely at your own risk and SMIS shall have no liability whatsoever for any loss, damage, costs or expenses incurred or suffered by you as a result. SMIS does not accept any responsibility for errors, inaccuracies, omissions, or any inconsistencies herein.