The Emerging Markets Podcast by Tellimer

This podcast was recorded on the 8 Feburary 2024, at 15:00 UK before any official results had been announced. *CORRECTION: Pakistan 31s trade at 68 cash px, not 61, as Riz incorrectly referenced in the podcast. For this special flash podcast, Riz (Head of Sales) and Musti (Team Lead - Institutional Sales), sit down for an off the cuff conversation amid the ongoing elections in Pakistan. They provide on the ground insights from family and friends in Pakistan; Musti sheds light on the ballot casting process, the likely composition of the next administration, the influence of the army over politics, and economics. Rizwan delves into Pakistan’s hard currency bonds, discussing historical performance and providing his views on how they will trade in the coming days as the political parties seek to form a new government. This episode is an informal, anecdotal conversation and the speakers are not regulated investment advisors, and they reference a published report on Tellimer by Patrick Curran. For more emerging and frontier market content, make sure to follow The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠Tellimer⁠⁠⁠⁠⁠⁠⁠⁠⁠⁠ – the single point of entry to EM research and data. Edited and produced by ⁠⁠⁠⁠⁠⁠⁠⁠⁠Ella Ryan⁠⁠.⁠⁠⁠⁠⁠⁠⁠ Artwork by Kristian Klamar. To receive the Tellimer Today daily newsletter and access one free article a month for just 50$ a month, sign up ⁠⁠here⁠⁠. The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions. This podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Limited does not offer or provide personal advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.

Joe Delvaux, Senior Portfolio Manager of Amundi, and Chief Economist Stuart Culverhouse discuss sovereign default cases in Zambia, Ghana, and Sri Lanka. They explore paths to sustainable debt, China's role in restructuring, lessons from the Common Framework, ongoing bondholder negotiations, and more.

For this episode, Tellimer's Senior Economist Patrick Curran sits down with Mitu and Mark – professors of law at the University of Virginia and University of North Carolina and hosts of the Clauses and Controversies podcast – to discuss recent developments in the sovereign debt restructuring landscape. Mitu and Mark share their insights on Zambia's comparability of treatment fiasco, ongoing suits in Sri Lanka and Venezuela, and a potentially dodgy aspect of the Tierra Del Fuego exchange offer. For more emerging and frontier market content, make sure to follow The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠⁠⁠Tellimer⁠⁠⁠⁠⁠⁠⁠⁠ – the single point of entry to EM research and data. Edited and produced by ⁠⁠⁠⁠⁠⁠⁠Ella Ryan⁠⁠.⁠⁠⁠⁠⁠ Artwork by Kristian Klamar. The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions. This podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Limited does not offer or provide personal advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.

For our first episode of 2024, Hasnain Malik, Strategy & Head of Equity Research at Tellimer, is joined by Dominic Bokor-Ingram from Fiera Capital. Together they discuss the often-misunderstood opportunity in emerging markets. They delve into how the asset class has evolved, FX risks, countries to avoid, touch on markets such as Malaysia, Mexico, India, South Africa, and much more. For more emerging and frontier market content, make sure to follow The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠⁠Tellimer⁠⁠⁠⁠⁠⁠⁠ - the single point of entry to EM research and data. Edited and produced by ⁠⁠⁠⁠⁠⁠Ella Ryan⁠⁠.⁠⁠⁠⁠ Artwork by Kristian Klamar. The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions. This podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Limited does not offer or provide personal advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.

For the final episode of The Emerging Markets Podcast for 2023, host Rizwan Mahmood and Carlos de Sousa of Vontobel Asset Management recap on the year for emerging market debt, and discuss their outlook for 2024. Together, they delve into markets on the minds of investors, including Argentina, Pakistan and Egypt. Also, they discuss the potential implications of upcoming elections, risks ahead, IMF programmes, and more. A huge thank you to all the guests who sat down to talk with us this year, and to all our listeners for joining! Stay tuned for more episodes in 2024. For more emerging and frontier market content, make sure to follow The Emerging Markets Podcast by ⁠⁠⁠⁠⁠⁠Tellimer⁠⁠⁠⁠⁠⁠ - the single point of entry to EM research and data. Edited and produced by ⁠⁠⁠⁠⁠Ella Ryan⁠⁠.⁠⁠⁠ Artwork by Kristian Klamar. The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions. This podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Limited does not offer or provide personal advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.

Hasnain Malik, Emerging and Frontier Markets Strategy at Tellimer, hosts this episode and sits down with Charlie Robertson, Head of Macro and Strategy at FIM Partners. Together, they discuss Charlie's book, The Time Travelling Economist (2022), which explores the key issues that countries in Africa and South Asia need to address in order to escape poverty. They take a look at how fertility, electricity, textiles, and more, impact development in any underdeveloped emerging or frontier market. For more emerging and frontier market content, make sure to follow The Emerging Markets Podcast by ⁠⁠⁠⁠⁠Tellimer⁠⁠⁠⁠⁠, the single point of entry to EM/FM research and data. Edited and produced by ⁠⁠⁠⁠Ella Ryan⁠⁠.⁠⁠ Artwork by Kristian Klamar. The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions. This podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Limited does not offer or provide personal advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.

Join us for a special episode with Paul Domjan, Enoda Founder and Chief Policy and Global Affairs Officer, hosted by Tellimer CEO and co-founder Duncan Wales. Together, they discuss the lessons that emerging market energy transition has for the developed markets, the technical and policy challenges for emerging markets, and a look forward to the COP28 climate conference in Dubai. For more emerging and frontier market content, make sure to follow The Emerging Markets Podcast by ⁠⁠⁠⁠Tellimer⁠⁠⁠⁠, the single point of entry to EM/FM research and data. Edited and produced by ⁠⁠⁠Ella Ryan⁠⁠.⁠ Artwork by Kristian Klamar. The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions. This podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Limited does not offer or provide personal advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.

Rukayat Yusuf of Pharo Management discusses key takeaways from the IMF Annual Meetings in Marrakech, focusing on Nigeria, Kenya, and Ghana. The topics covered include debt restructuring, fiscal performance concerns in Ghana and Kenya, reform momentum in Nigeria, and Ghana's investor presentation on debt restructuring terms.

Tellimer CEO and co-founder Duncan Wales discusses Vietnam with Hasnain Malik, Head of Frontier Markets Strategy at Tellimer, who had just touched down in Ho Chi Minh city.  They discuss investability, market performance, geopolitical positioning and investment opportunities in one of Asia's most dynamic economies: demographics, GDP growth, recovery after COVID, economic setbacks and their context, the ongoing tension between China, the US, and Taiwan, and the impact of these factors on attracting investors into the SE Asia region. For more emerging and frontier market content, make sure to follow The Emerging Markets Podcast by ⁠⁠Tellimer⁠⁠, the single point of entry to EM/FM research and data. Edited and produced by Ella Ryan. The Emerging Markets Podcast dives into a range of topics in the emerging and frontier market world including investment themes, debt restructuring, elections, and geopolitical tensions. This podcast is provided for information purposes and represents the personal opinions of the speakers. It is not an offer or solicitation for investment in any securities, nor should it be regarded as investment advice. Tellimer Limited does not offer or provide personal advice and no mention of a particular security in this podcast constitutes a recommendation to buy, sell or hold that or any security, portfolio of securities, or enter any transaction or investment strategy. Nor is any such mention an indication that any investment is suitable for any specific person.

Yvette Babb of William Blair shares insights on the recent sell off of SSA sovereign bonds, discussing valuations in Nigeria, Kenya, Ghana, and Egypt. The podcast also analyzes economic situations in Nigeria and Kenya, as well as factors influencing valuations in Sub-Saharan Africa and North Africa. Egypt's debt default risk and potential IMF support are also discussed.