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Stuart Culverhouse
Head of Sovereign & 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.
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Latest articles from Stuart Culverhouse
Macro Analysis /
Global
Emerging Market sovereign bond issuance falls by 60% in July
EM hard currency sovereign bond issuance dropped to US$8.2bn in July, a fall of 60% compared to June, bringing total issuance YTD to US$131.7bn, based on our calculations using data from Bond Radar. For the year so far, 70% of issuance has been IG an...
Stuart Culverhouse @ Tellimer Research 3 August 2020
Macro Analysis /
Global
IMF emergency financing tracker: Where is Angola?
There are eight updates to our tracker this week. It may now take place in the second-half of August, at the earliest, when the board returns from recess. There is nothing else on the IMF board schedule in the next week (except Gabon today). Overall,...
Stuart Culverhouse @ Tellimer Research 31 July 2020
Flash Report /
Ecuador
Ecuador: Exchange deadline extended after legal action
The government agreed last night to extend the deadline for its consent solicitation and exchange offer by one day to Monday 3 August, according to Bloomberg, following legal action by some bondholders who are part of the Steering Committee. There wa...
Stuart Culverhouse @ Tellimer Research 31 July 2020
Sovereign Analysis /
Belarus
Belarus election doesn’t threaten the strong outlook
We assign a Buy to Belarus, specifically the new 10-year 6.378% 2031 with a yield of 7.0%. And unlike other countries (eg Bolivia and Sri Lanka), Lukashenko has been intent on holding the election, despite coronavirus. The IMF expected 3.5% growth in...
Stuart Culverhouse @ Tellimer Research 30 July 2020
Macro Analysis /
Global
IMF emergency financing tracker: Big guns South Africa and Angola on the agenda
After a quiet few weeks, there are six updates to our tracker this week. Together with new programme approvals or programme reviews under their existing arrangements (excluding countries for which precautionary credit lines have been approved), the t...
Stuart Culverhouse @ Tellimer Research 23 July 2020
Weekly Credit Risk Monitor /
Global
Top 5 picks, possible debt relief extension, new data on China-Africa lending
Read the full report here. Ecuador launched its consent solicitation and invitation to exchange on Monday (20 July). The financial terms seem to be consistent with those set out in the Agreement in Principle with the Ad Hoc group of creditors, and in...
Stuart Culverhouse @ Tellimer Research 23 July 2020
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Stuart in the press
Tellimer Limited (FRN 920001) is an Appointed Representative of Met Facilities LLP (FRN 587084) which is authorised and regulated by the Financial Conduct Authority.
© 2020 TellimerTellimer Limited (FRN 920001) is an Appointed Representative of Met Facilities LLP (FRN 587084) which is authorised and regulated by the Financial Conduct Authority.