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Fixed Income Strategy: Our Top 5 picks

Tellimer Research Stuart Culverhouse @ Tellimer Research
Stuart Culverhouse @
Tellimer Research
23 December 2020

G20 debt relief: What we have learnt so far

Stuart Culverhouse 30 September 2020

Angola: Bondholders dodge bullet as IMF approves third review of EFF

Stuart Culverhouse 17 September 2020

Sub Sahara Africa manufacturing potential: Ethiopia tops our regional scorecard

Hasnain Malik 3 September 2020

The moral imperative (or lack thereof) for IMF funding

Patrick Curran 25 August 2020
Latest articles in Angola

Fixed Income strategy: Our Top 5 picks

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...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 23 December 2020
Fixed Income Strategy: Our Top 5 picks
Fixed Income Strategy: Our Top 5 picks

Fixed income strategy: Our top picks for 2021

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...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 18 December 2020
Fixed income strategy: Our top picks for 2021
Fixed income strategy: Our top picks for 2021

Sovereign defaults in 2020: Experience and lessons

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,...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 8 December 2020
Sovereign defaults in 2020: Experience and lessons
Sovereign defaults in 2020: Experience and lessons

G20 debt relief: What we have learnt so far

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...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 30 September 2020
G20 debt relief: What we have learnt so far
G20 debt relief: What we have learnt so far

Angola: Bondholders dodge bullet as IMF approves third review of EFF

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...
Tellimer Research Stuart Culverhouse
Stuart Culverhouse @ Tellimer Research 17 September 2020
Angola: Bondholders dodge bullet as IMF approves third review of EFF
Angola: Bondholders dodge bullet as IMF approves third review of EFF

Sub Sahara Africa manufacturing potential: Ethiopia tops our regional scorecard

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...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 3 September 2020
Sub Sahara Africa manufacturing potential: Ethiopia tops our regional scorecard
Sub Sahara Africa manufacturing potential: Ethiopia tops our regional scorecard