Tellimer Research Team

Nigerian bonds have sold off sharply this year, with the spread on the Bloomberg EM Sovereign Nigeria Index rising by 327bps ytd through 17 June versus a 105bps rise in the Aggregate Index. Nigeria’s sell-off has been surpassed only by those of Tunis...

The pain of listed equity investors has dominated recent headlines, but those exposed to less liquid private equity assets will soon find that they are also in the same boat. The result is that start-up companies are likely to switch from growth to c...

We initiated coverage on GoTo in the past week, with a Sell recommendation. The ASEAN tech company is headquartered in Indonesia and is the product of the merger between Gojek and Tokopedia in 2021. We think the stock is overvalued. GoTo is a cash-bu...

We think the IMF’s Article IV (published 25 March) confirmsour earlier view that a debt restructuring is necessary even if Sri Lanka secures an IMF programme, as it will be unable to credibly place debt on a sustainable path without restructuring (an...

Brazil equities have outperformed large emerging market peers year-to-date. GTCO has one of the most attractive funding mixes in our coverage, (CASA at 85%), which should limit the expected pressure on funding costs from the CBN's CRR debits. Meanwhi...

The situation in Ukraine has escalated dramatically this morning, with Vladimir Putin ordering military operations in Ukraine and reports of attacks on military targets. Putin has stated this morning that Russia doesn't plan to occupy Ukraine, but eq...