Ethiopia

Ethiopia: Debt suspension signals restructuring momentum; upgrade to Buy

  • Ethiopia reached a deal with its official creditors to suspend debt service payments through the end of 2024

  • Suspension could pave the way for IMF programme and is aimed at buying time to agree a more comprehensive restructuring

  • After selling off steadily since April there is now upside to 2024 eurobond; upgrade from Hold to Buy

December 1st, 2023
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This report is independent investment research as contemplated by COBS 12.2 of the FCA Handbook and is a research recommendation under COBS 12.4 of the FCA Handbook. Where it is not technically a research recommendation because the subject of the research is not listed on any European exchange, it has nevertheless been treated as a research recommendation to ensure consistent treatment of all Tellimer's research. This report has been produced by the analyst(s) named above (the "Analyst").

The Analyst certifies that the views and forecasts expressed in this report accurately reflect their personal views about the subject, securities, or issuers specified herein. In addition, the Analyst certifies that no part of their compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this report.

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