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What investors are thinking: Takeaways from our UK roadshow

We held a series of client meetings in London over the past fortnight, seeing over 20 clients, consisting of a mix of fixed income and equity investors in EM and Frontiers, Africa specialists, and special situations and distress funds. The meetings t...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 30 June 2022
What investors are thinking: Takeaways from our UK roadshow
What investors are thinking: Takeaways from our UK roadshow

Relative bond attractiveness in focus, bond outflows weigh on Egyptian pound

It appears that bond markets are pricing in major central bankers slowly winning the fight against inflation and inflation expectations. Democratic Republic of Congo: The World Bank has approved $750mn in funding for the DRC, including its first dire...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 30 June 2022

African Eurobond yields are above peak-2020 levels

The USD has continued to edge lower this morning as markets digest the Fed’s 75bps rate hike and the forward guidance provided by Powell in the press conference accompanying the rate decision. The May reading surpassed consensus expectations of a ris...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 16 June 2022

FOMC rate decision to steal the show, East African countries ramp up spending

The direction of the USD and currency markets will depend on tonight’s FOMC rate decision and the forward guidance provided in the policy statement. Given how much is riding on the outcome of the FOMC meeting, we expect trade conditions to be thin to...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 15 June 2022

Surging dollar inflicts more pain, African markets are becoming more integrated

A surging USD caused more bloodshed across global currency markets yesterday as traders brace themselves for the potential of an outsized rate hike this week. Egypt: Finance Minister Mohammed Maait has noted that high oil and wheat prices will cost E...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 14 June 2022

Fiscal alarms ring in Kenya and Ethiopia, foreign investment into Nigeria falls

US bond yields slipped overnight, and the 10yr vs 2yr bond spread has flattened. With so much tightening already priced into the USD, and given its overvaluation, it is especially vulnerable to a correction, something emerging market currencies could...
ETM Analytics Kieran
Kieran Siney @ ETM Analytics 8 June 2022