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African Eurobonds underperforming EM Eurobonds in 2023

Forex: Zambian kwacha underperforming the broader Africa FX basket. Fixed Income: African Eurobonds are significantly underperforming EM Eurobonds in 2023. Macroeconomic: ECB sticks to its guns and raises rates by 50bps despite a possible global bank...
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 17 March 2023

The most attractive real yields in EM as SVB collapse raises chance of Fed pivot

Markets are now pricing in a markedly more dovish Fed rate path post-SVB crisis, but we think repricing is excessive. Still, the prospects of marginally lower terminal Fed funds rate and weaker dollar could support EM local currency debt. We survey r...
Tellimer Research Patrick
Patrick Curran @ Tellimer Research 16 March 2023
The most attractive real yields in EM as SVB collapse raises chance of Fed pivot
The most attractive real yields in EM as SVB collapse raises chance of Fed pivot

Markets expect the ECB to hike by 50bps even as banking crisis deepens

Forex: Easing dollar demand provides some relief for the Ghanaian cedi. Fixed Income: Surging inflation and risk-off conditions come as headwinds for Ghanaian and Nigerian Eurobonds. Macroeconomic: Inflation in Southern Africa remains elevated but is...
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 16 March 2023

The fintechs benefitting from South Africa's insurance expertise

Insurtech's weighting in South Africa's fintech ecosystem is 2.5x bigger than the EM average. While overall investment into South African fintechs has dropped substantially in 2022 compared with previous years...Digital payments is on the rise with a...
Tellimer Research Rahul
Rahul Shah @ Tellimer Research 15 March 2023
The fintechs benefitting from South Africa's insurance expertise
The fintechs benefitting from South Africa's insurance expertise

Mozambique’s $20bn LNG project unlikely to be online before 2027

Forex: Derivatives market signals Egyptian pound drop ahead of IMF review. Fixed Income: Investors pull funds from emerging market ETFs for a fifth straight week. Macroeconomic: The big reset sees markets pricing in a US terminal rate at 5%, almost 1...
ETM Analytics Alexa
Alexa Archibald @ ETM Analytics 14 March 2023

Risk-off conditions prevail as cracks emerge in US banking sector

Ghanaian cedi outperforming broader African FX basket in March. Egyptian Eurobond yields surge as inflation quickens. Oil prices tumble as growth fears intensify and supply pressures ease.
ETM Analytics Takudzwa
Takudzwa Ndawona @ ETM Analytics 10 March 2023