Amid the ongoing market rout and a worsening economic crisis at home, Sri Lanka’s eurobonds have continued to plummet to below 33 cents on the dollar, excluding the 22s, 25s, 26s (more on this later). We maintain our Hold recommendation for Sri Lanka...

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...

It has been a difficult month for markets with global stocks and bonds plummeting in tandem – the S&P 500 is down 11.1% and the 10-year US bond yields up 38bps in the month through 17 June. However, weaker fundamentals post-Covid (with higher debt bu...

The USD has kicked off the new week on the back foot after the Fed’s Mester said on Sunday that the risk of a recession in the US economy is increasing. The Ghanaian government is relying on measures such as an electronic tax level of 1.5% to generat...

Sri Lanka’s political crisis has worsened in recent days, with rising anger against the Rajapaksa family prompting Prime Minister Mahinda Rajapaksa to resign on Monday. Mahinda’s resignation is unlikely to placate protestors, who are calling for the ...

Rapidly diminishing reserves have grabbed headlines in both Ethiopia and Sri Lanka this week. Even the US$1.9bn gross figure equates to just 1 month of trailing goods and services imports, and is dwarfed by the US$5.8bn of external principal payments...