Sovereign Analysis /
Uganda

Uganda: Buy domestic debt amid high real yields and a solid macro outlook

  • Uganda has entered into 3-year IMF programme to deal with large twin deficits, with debt at moderate risk of distress

  • Inflation is subdued and growth outlook is supported by oil expected in FY 24/25, with room to cut monetary policy rate

  • We assign a Buy to 5yr and 10yr domestic bonds amid high real rates (10yr is >12%) and scope for duration gains

Uganda: Buy domestic debt amid high real yields and a solid macro outlook
Patrick Curran
Tellimer Research
28 October 2021
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