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
Argentina: Investors look for positive scraps in IMF and Paris Club comments
The IMF Managing Director Kristalina Georgieva issued a statement on Friday (14 May) following her meeting with President Alberto Fernandez in Rome last week. The IMF statement offered the usual pleasantries: "a very positive meeting", "a true pleasu...
Stuart Culverhouse @ Tellimer Research 17 May 2021
Belize government's low-ball restructuring proposal falls flat
The Belize authorities published a proposal for the restructuring of their sole foreign bond (the “Superbond”) on 4 May. It follows the announcement of their intention to seek a restructuring of their external debt on 19 March (see our research, Beli...
Stuart Culverhouse @ Tellimer Research 13 May 2021
El Salvador: Damage limitation exercise brings respite but downside risks remain
Last week was a roller coaster week for El Salvador bonds after hopes for an IMF programme, which the authorities had been discussing for several weeks, were put in doubt. The authorities’ interest in an IMF programme is well known, and follows IMF s...
Stuart Culverhouse @ Tellimer Research 10 May 2021
Emerging market sovereign bond issuance picks up as Taper Tantrum risks subside
Sovereign bond issuance in emerging markets continued to pick up last month after a slow period following the market volatility caused by the sell-off and volatility in US bonds and fears of a repeat of the Taper Tantrum. However, despite the bumper ...
Stuart Culverhouse @ Tellimer Research 4 May 2021
Ghana: Notes from the virtual IMF Spring Meetings
Fund relations remain close, ahead of an expected Article IV in the summer. The IMF projects real GDP to rebound this year, with growth of 4.6% – above the regional average – compared with 0.9% last year, and rising to 6.1% in 2022, as per the April ...
Stuart Culverhouse @ Tellimer Research 27 April 2021
Angola: Notes from the virtual IMF Spring Meetings
We don’t detect much has changed in Angola, although the immediate outlook may be improved by higher-than-expected oil prices. The authorities to their credit have adopted strong fiscal measures, increasing non-oil revenue and reducing non-essential ...
Stuart Culverhouse @ Tellimer Research 26 April 2021
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