Debt Markets

Ukraine (Hold) is one of our Trades to Watch next year as investors await progress on the stalled IMF programme review. Some additional upside is possible for the sovereign bonds, and the tap of the ‘33s showed strong demand. But Ukraine no longer lo...

On New Year’s Day 2020, I woke up on the shores of the White Nile, drove downriver of the Nalubaale Dam, and went tubing with my family. But Buddha in Africa goes far beyond the local context of Malawi. More recently, Atif Mian, a world-renowned econ...

The CBRT under the leadership of the new Governor, Naci Agbal, continued to tighten its policy stance today by hiking the one-week repo rate from 15% to 17%, exceeding the Bloomberg consensus for a 150bps hike. The decision follows a 475bps hike on 1...

Ecuador, on which we have a Hold, is one of our Trades to Watch next year, pending the outcome of its February election. The bonds are some 12pts lower than their first day of trading on 1 September and have missed out on the year-end rally. Investor...

We present our top strategy picks and provide a brief description of the motivation of each one. Buy on Ethiopia 6.625% 2024, which we’ve upgraded from Hold. Despite the anticipated arrival of LNG revenues later in the decade, fiscal consolidation wi...

Anti-government protests continue in Belarus, with the weekend seeing the 19th consecutive weekend of protests against President Lukashenko. According to media reports on 21 December, Russia has approved a draft agreement on a US$1bn loan, with the f...