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Elections in Argentina, Nigeria, Pakistan, Poland, Thailand, Turkey in 2023

Five EMs with poor economic policy are holding elections in 2023: Argentina, Nigeria, Pakistan, Turkey, Zimbabwe. Hopes for a positive policy pivot should be tempered because the incumbent is strong or vested interests too entrenched. Yet, an orderly...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 22 January 2023
Elections in Argentina, Nigeria, Pakistan, Poland, Thailand, Turkey in 2023
Elections in Argentina, Nigeria, Pakistan, Poland, Thailand, Turkey in 2023

Europe-CIS EM equity strategy: 2023 outlook

Russia-Ukraine War remains central to any global risk analysis but Europe-CIS accounts for less than 2% of MSCI EM index. But the region looms large (almost 30% weight) in MSCI FM index: Kazakhstan (9%), Iceland (9%) and Romania (7%). Top picks: Hung...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 19 January 2023
Europe-CIS EM equity strategy: 2023 outlook
Europe-CIS EM equity strategy: 2023 outlook

CEE Quarterly: Weathering geopolitical and economic shocks

We forecast a technical recession throughout CEE over the winter due to falling purchasing power and foreign demand, tighter financial conditions and lower fiscal spending. A rebound is likely from 2H23 onwards if the eurozone economy recovers as wel...
UniCredit Elia
Elia Lattuga @ UniCredit 10 January 2023

EM bonds post best monthly return in years in November although issuance slips

EM hard currency sovereign bond issuance slipped 20% to US$8bn in November. It brings total issuance to US$86bn ytd, still only half the amount seen in the same period last year. But late-year rally on new optimism over global rate outlook helps EM b...
Tellimer Research Stuart
Stuart Culverhouse @ Tellimer Research 1 December 2022
EM bonds post best monthly return in years in November although issuance slips
EM bonds post best monthly return in years in November although issuance slips

For the love of the game: A spotlight on emerging market sports franchises

Manchester United is seeking new investors at a much higher price point than its market capitalisation of US$2.5bn. The club's strong branding and affinity with its supporters are key intangibles that any potential buyer must evaluate. We flag listed...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 23 November 2022
For the love of the game: A spotlight on emerging market sports franchises
For the love of the game: A spotlight on emerging market sports franchises

Russia-Ukraine War spills over into Poland but hints of de-escalation too

There was a possible Russian missile strike in Poland, a NATO member, near the Ukraine border yesterday. As yet, there's been no declaration of war on Poland by Russia, and no rush by Poland to invoke NATO collective defence. The US will likely conti...
Tellimer Research Hasnain
Hasnain Malik @ Tellimer Research 16 November 2022
Russia-Ukraine War spills over into Poland but hints of de-escalation too
Russia-Ukraine War spills over into Poland but hints of de-escalation too