Ethiopia: Debt sustainability analysis paints mixed picture
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Our DSA does not indicate an urgent need for debt restructuring, but liquidity constraints could be more pressing
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Private sector involvement may be necessary under the Common Framework, but it isn’t clear what form this will take
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We retain our Hold recommendation on Ethiopia ‘24s as we await more clarity on the scope of the restructuring
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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.