Stuart Culverhouse

Tellimer Research

Chief Economist & Head of Fixed Income Research @ Tellimer Research

Stuart has over 20 years’ experience as an economist in both the public and private sectors and has been covering EMs since 2000. He joined Tellimer in July 2006 and heads the team of macro and fixed-income analysts. Previously, he worked for the UK government Economic Service and as an Economic Adviser at the Export Credits Guarantee Department.

Stuart Culverhouse
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Latest from Stuart Culverhouse

Peru central bank isn't distracted by political crisis, hikes again

Central bank increased its policy rate by 25bps as expected to 7.5%, its 17th consecutive rate increase. It brings the cumulative increase to date to 725bps since the bank's post-Covid tightening cycle began in August 2021. Forward guidance is unchan...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 8 December 2022
Peru central bank isn't distracted by political crisis, hikes again
Peru central bank isn't distracted by political crisis, hikes again

El Salvador: Tender results won't ease default concerns

Government buys back US$82mn of bonds in its second tender offer. Of this, US$63mn was in the 2023s (just 9.4% of the total outstanding) and US$19mn was in the 2025s (5% of outstanding). Default concerns will persist as expected as small operation do...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 8 December 2022
El Salvador: Tender results won't ease default concerns
El Salvador: Tender results won't ease default concerns
Flash Report / Peru

Peru president Castillo impeached and arrested, more dysfunction ahead

Castillo attempts to suspend congress, rule by decree and reform judiciary. Instead, he was impeached, arrested and succeeded by vice president Boluarte. Peru’s congress remains highly fragmented, inhibiting market-friendly reform as well a leftist l...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 8 December 2022
Peru president Castillo impeached and arrested, more dysfunction ahead
Peru president Castillo impeached and arrested, more dysfunction ahead

Fixed income strategy: 2023 outlook – virtuous circle

Sentiment towards EM has seemingly turned on expectations of a Fed pivot, with a strong November after two brutal years. The rally could be premature but, if it plays out as expected (lower yields, weaker USD), EM may enjoy a virtuous circle. We also...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 7 December 2022
Fixed income strategy: 2023 outlook – virtuous circle
Fixed income strategy: 2023 outlook – virtuous circle

Fixed income strategy: 2022 in review – annus horribilis

It’s been a brutal year for most financial assets, including EM, dominated by one main issue – inflation. EM sovereign bonds have seen a return of -16% YTD, heading for worst year since data began, but late rally offers hope. EM yields have risen, so...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 6 December 2022
Fixed income strategy: 2022 in review – annus horribilis
Fixed income strategy: 2022 in review – annus horribilis

EM bonds post best monthly return in years in November although issuance slips

EM hard currency sovereign bond issuance slipped 20% to US$8bn in November. It brings total issuance to US$86bn ytd, still only half the amount seen in the same period last year. But late-year rally on new optimism over global rate outlook helps EM b...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 1 December 2022
EM bonds post best monthly return in years in November although issuance slips
EM bonds post best monthly return in years in November although issuance slips

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