Stuart Culverhouse

Tellimer Research

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.

Stuart Culverhouse
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Latest articles from Stuart Culverhouse

North Korea: What to make of its recent missile tests

North Korea (DPRK) has started the year with a bang, quite literally, carrying out its fourth round of missile tests this year on Monday. However, quite how the North sees antagonising the South through a succession of missile tests as helping its bi...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 19 January 2022
North Korea: What to make of its recent missile tests
North Korea: What to make of its recent missile tests
Flash Report / Global

Russia and the West: No breakthrough in international talks this week

A week of international diplomacy, designed to diffuse tensions over Russia's aggression towards Ukraine, has come to an end, although so far, with little to show for it. Russia has described talks as hitting a dead end, and threatened unspecified co...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 14 January 2022
Russia and the West: No breakthrough in international talks this week
Russia and the West: No breakthrough in international talks this week

EM sovereign bond issuance fell 15% in 2021; rising US yields story so far ytd

EM hard currency sovereign bond issuance fell to US$172.7bn last year, 15% below 2020's record level, based on our calculations using data from Bond Radar, as issuance in December slumped to its lowest amount since the pandemic (and likely its lowest...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 11 January 2022
EM sovereign bond issuance fell 15% in 2021; rising US yields story so far ytd
EM sovereign bond issuance fell 15% in 2021; rising US yields story so far ytd

Kazakhstan protests and the bond market implications

Kazakhstan's foreign bonds dropped this week in response to the authorities' efforts to clamp down on widespread protests after the government removed a cap on fuel prices in the new year, a response that has included bringing in Russia troops (under...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 7 January 2022
Kazakhstan protests and the bond market implications
Kazakhstan protests and the bond market implications
Flash Report / Argentina

Argentina: Government's IMF presentation is a damp squib

Argentina's government gave its long-awaited presentation to a local audience yesterday on its IMF proposals. There did not appear to be much, if anything, new, and no substantive macro-projections were given. Instead, rehashing previous statements, ...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 6 January 2022
Argentina: Government's IMF presentation is a damp squib
Argentina: Government's IMF presentation is a damp squib

15 risks for 2022

We published our outlook for the year ahead recently. The bigger issue for EM assets, however, is likely to be the impact of rising inflation and the associated monetary policy tightening across the globe (which we have discussed at length here). We ...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 31 December 2021
15 risks for 2022
15 risks for 2022

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