Macro/Strategy

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...

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...

The investment community is becoming increasingly aware of the risks and opportunities related to carbon intensive businesses, which is gradually transitioning to new production methods and incorporating a wider set of considerations to comply with e...

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...

As per SBP data, Pakistan’s current account balance was again a surplus in November, of US$447mn in November 2020, which is the fifth consecutive monthly surplus. This leads to a C/A surplus of US$1.64bn in 5MFY21. Note that overall imports in Novemb...