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...

Our Top 5 picks for 2021 are Buys on Angola, Ethiopia, Mozambique, Sri Lanka and Egypt T-bills. Seven other trades to watch – Ecuador, Pakistan, Ukraine, Turkish local & credit, other HY, local currency. Global tailwinds are expected to continue into...

We've seen a record number of sovereign defaults on bonded (external) debt this year according to our records, at least in terms of recent history, although it was becoming obvious we were heading for a record even by the middle of the year. Second,...

Mozambique became the 32nd country to be accepted by the Paris Club for bilateral debt service relief under the G20's Debt Service Suspension Initiative (DSSI) yesterday. We observe the vast majority of the 32 countries now approved for debt service...

The IMF finally approved the third review of Angola's EFF programme yesterday (see press statement here). The IMF board also approved an augmentation of the programme by US$765mn (72% of quota), in line with the authorities' request to increase the s...

The investment to realise that manufacturing potential is likely driven by serving local and nearby regional markets in contrast to North Africa (EU exports) or South East Asia (global exports and China relocation). Our relative scorecard uses the sa...