Kleiman International
@kleimanint.bsky.social
Global emerging economy/financial market analysts with 3+ decades of expertise providing high level full-range investment/development consulting. Created and teach Emerging Markets workshop at Georgetown School of Foreign Service. Refugee advisor.
#Benin, #GuineaBissau joined majority of #WAEMU neighbors with intended/successful coups as #cotedivoire Prez inaugurated again. #Benin now Africa bond darling, up 9% YTD, and pioneer in #SDG borrowing. Guinea Bissau domestic debt 50%/GDP+. Read more at: open.substack.com/pub/kleimani...
West Africa CFA Franc Becomes “Coup for All” Zone
With Benin and Guinea Bissau joining the past week, intended and successful coups have now reached the majority of the eight country West Africa Economic and Monetary Union (WAEMU) sharing a common cu...
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December 8, 2025 at 8:21 PM
#Benin, #GuineaBissau joined majority of #WAEMU neighbors with intended/successful coups as #cotedivoire Prez inaugurated again. #Benin now Africa bond darling, up 9% YTD, and pioneer in #SDG borrowing. Guinea Bissau domestic debt 50%/GDP+. Read more at: open.substack.com/pub/kleimani...
#Afghanistan's refugees are in spotlight after DC shooting while #Pakistan has sent back a million this year and #Bangladesh hosts refugees from #Myanmar. #SriLankafloods have displaced millions. Interest service/debt high in region. Subscribe for more: open.substack.com/pub/kleimani...
Refugee Specter Stalks South Asia Snapback
The Afghan refugee shooting of two soldiers in Washington briefly brought attention to closed US entry since the Trump Administration took office, and the reverse deportation campaign forcibly returni...
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December 1, 2025 at 8:48 PM
#Afghanistan's refugees are in spotlight after DC shooting while #Pakistan has sent back a million this year and #Bangladesh hosts refugees from #Myanmar. #SriLankafloods have displaced millions. Interest service/debt high in region. Subscribe for more: open.substack.com/pub/kleimani...
#SaudiArabia's stocks -5.5% YTD on @MSCI_Inc with volume down 25% with $3 trillion market cap. Still no clarity for non-rez equity majority ownership. On-track to enter JP Morgan's local GBI-EM benchmark. Aid to #Yemen $1 billion, #Sudan in focus. More at: open.substack.com/pub/kleimani...
Saudi Arabia Road Show Takes Civil War Detour
In chapter six of our book “Emerging Economies and Financial Markets” https://link.springer.com/book/10.1007/978-3-031-85669-3 we describe the rise of sovereign wealth funds when Saudi Arabia’s PIF ha...
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November 24, 2025 at 4:05 PM
#SaudiArabia's stocks -5.5% YTD on @MSCI_Inc with volume down 25% with $3 trillion market cap. Still no clarity for non-rez equity majority ownership. On-track to enter JP Morgan's local GBI-EM benchmark. Aid to #Yemen $1 billion, #Sudan in focus. More at: open.substack.com/pub/kleimani...
#Congo and #Laos with CCC ratings, 90% debt/GDP ratios and no IMF programs in place came to market with coupons in the 10% range. Congo absent since defaults in 2016-17 while Laos liquid FX reserves less than $2 billion. Subscribe for analysis: open.substack.com/pub/kleimani...
Congo-Laos Bond Bender Evokes Exotics Era Euphoria
Our book “Emerging Economies and Financial Markets” https://link.springer.com/book/10.1007/978-3-031-85669-3 unknowingly has given frontier sovereign debt buy and sell-side research operations another...
open.substack.com
November 17, 2025 at 6:17 PM
#Congo and #Laos with CCC ratings, 90% debt/GDP ratios and no IMF programs in place came to market with coupons in the 10% range. Congo absent since defaults in 2016-17 while Laos liquid FX reserves less than $2 billion. Subscribe for analysis: open.substack.com/pub/kleimani...
#CentralAsia takes the spotlight after DC summit. #Kazahstan was the first portfolio/FDI destination and now investment grade. #Uzbekistan FX/govt bonds +25% YTD as #Kyrgyzstan and #Tajikistan top medium-term regional growth, 8-9%. Subscribe for more: open.substack.com/pub/kleimani...
Uzbekistan White House Splash Solidifies Central Asia Second Tier
In book talks on “Emerging Economies and Financial Markets” https://link.springer.com/book/10.1007/978-3-031-85669-3 such as we were privileged to deliver in New York City this past week to Columbia U...
open.substack.com
November 11, 2025 at 3:29 PM
#CentralAsia takes the spotlight after DC summit. #Kazahstan was the first portfolio/FDI destination and now investment grade. #Uzbekistan FX/govt bonds +25% YTD as #Kyrgyzstan and #Tajikistan top medium-term regional growth, 8-9%. Subscribe for more: open.substack.com/pub/kleimani...
#Jamaica s $150 million World Bank cat bond was triggered by last week's hurricane which will send the nation into recession. #Suriname returned to the bond market to buy time before its offshore oil starts to pay out. More on #Caribbean/CentAm region at: open.substack.com/pub/kleimani...
Caribbean-Central America Storm Track Transfixes Investor Niche
The Jamaica Category 5 hurricane, almost a year after a previous one, this time triggered a $150 million World Bank catastrophe bond payout as all meteorological criteria were met, although the amount...
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November 4, 2025 at 6:19 PM
#Jamaica s $150 million World Bank cat bond was triggered by last week's hurricane which will send the nation into recession. #Suriname returned to the bond market to buy time before its offshore oil starts to pay out. More on #Caribbean/CentAm region at: open.substack.com/pub/kleimani...
#Jamaica, #Tanzania top #EmergingMarkets posts past week: Jamaica focus of world as #hurricane Melissa hit; Tanzania election carnage descent; Tanzania shilling flat/$ 10 mo; Tanzania Prez Hassan 95% re-elect; Jamaica stock index -5% past yr. More at: kleimaninternational.substack.com
Kleiman International's Substack | Substack
Emerging economy/financial market all points bulletin with historic flavor. Investment-development analysts 40-year wisdom, career-tested color. Click to read Kleiman International's Substack, a Subst...
kleimaninternational.substack.com
November 3, 2025 at 2:37 PM
#Jamaica, #Tanzania top #EmergingMarkets posts past week: Jamaica focus of world as #hurricane Melissa hit; Tanzania election carnage descent; Tanzania shilling flat/$ 10 mo; Tanzania Prez Hassan 95% re-elect; Jamaica stock index -5% past yr. More at: kleimaninternational.substack.com
#Poland's quest to be the first stock exchange in Central Europe to be upgraded from #EmergingMarkets status comes as it joins neighbors #Hungary and #CzechRepublic in turning in 50% gains Q1-3. Subscribe to read a brief analytical history of the markets: open.substack.com/pub/kleimani...
Poland Developed Stock Index Quest Outlasts West Goading
We have just finished the rollicking memoir “Frontier” of a London-based Central Europe investment banking colleague Jonathan Young (Manannan Press) overlapping with our own four decade ago arrival t...
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October 30, 2025 at 3:23 PM
#Poland's quest to be the first stock exchange in Central Europe to be upgraded from #EmergingMarkets status comes as it joins neighbors #Hungary and #CzechRepublic in turning in 50% gains Q1-3. Subscribe to read a brief analytical history of the markets: open.substack.com/pub/kleimani...
#Africa financial markets annual @AFMI index covers 30 countries across 5 components. #SouthAfrica and #Mauritius on top with start-up/nascent ones in #DRC, #Madagascar, #Ethiopia at bottom. @KleimanInt provided technical assistance to many. Read more: open.substack.com/pub/kleimani...
Africa Market Development Index Draws Decade Divide
In our book “Emerging Economies and Financial Markets” https://link.springer.com/book/10.1007/978-3-031-85669-3 we have taken particular pride as original US technical assistance providers to African ...
open.substack.com
October 21, 2025 at 8:33 PM
#Africa financial markets annual @AFMI index covers 30 countries across 5 components. #SouthAfrica and #Mauritius on top with start-up/nascent ones in #DRC, #Madagascar, #Ethiopia at bottom. @KleimanInt provided technical assistance to many. Read more: open.substack.com/pub/kleimani...
#LatinAmerica-US financial/military relations focus of our wide-ranging discussion with @LatinFinance as Washington buys #Argentina's pesos under "economic Monroe Doctrine" and expands military operations near #Venezuela. latinfinance.com/daily-brief/... #EmergingMarkets
Markets weigh Washington’s new Latin America power play - LatinFinance
Investors see opportunity and risk as the U.S. mixes financial aid with military pressure
latinfinance.com
October 18, 2025 at 1:53 PM
#LatinAmerica-US financial/military relations focus of our wide-ranging discussion with @LatinFinance as Washington buys #Argentina's pesos under "economic Monroe Doctrine" and expands military operations near #Venezuela. latinfinance.com/daily-brief/... #EmergingMarkets
#Israel and #Egypt are on investor radar screens after hostage release deal. Tel Aviv stocks hit all time high, local index up 81% since Oct. 7 2023. #Egypt FX reserves at record with inflation at lowest in 40 years. Privatization lags. Subscribe for more: open.substack.com/pub/kleimani...
Investors Eye Israel, Egypt after Hostages Released
Local markets cheered the hostage release deal with Hamas, sending the Tel Aviv Stock Exchange to an all-time high and the shekel to a 3-year high against the dollar.
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October 15, 2025 at 6:34 PM
#Israel and #Egypt are on investor radar screens after hostage release deal. Tel Aviv stocks hit all time high, local index up 81% since Oct. 7 2023. #Egypt FX reserves at record with inflation at lowest in 40 years. Privatization lags. Subscribe for more: open.substack.com/pub/kleimani...
#EmergingMarkets stocks up 25% on @MSCI Q1-3, led by LatAm +40% with EMEA and Asia +25%. #Greece led +75% on ratings upgrades and debt/GDP post-crisis low with #Colombia #2 on "Anyone but Petro." #Indonesia, #Philippines at bottom. Subscribe for more: open.substack.com/pub/kleimani...
Stock Market Q3 Commands Asset Class Crown
We have been reminded regularly in formal and casual interactions around our book https://link.springer.com/book/10.1007/978-3-031-85669-3 that Gen Z, in the vanguard of anti-government movements in S...
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October 6, 2025 at 8:33 PM
#EmergingMarkets stocks up 25% on @MSCI Q1-3, led by LatAm +40% with EMEA and Asia +25%. #Greece led +75% on ratings upgrades and debt/GDP post-crisis low with #Colombia #2 on "Anyone but Petro." #Indonesia, #Philippines at bottom. Subscribe for more: open.substack.com/pub/kleimani...
Most read #EmergingMarkets posts past week @KleimanIntCon: #Turkey stock index @MSCI flat 9 mo; #Iran stock index -2.5% Sept; #GeorgiaProtests lari +4.5%/$ YTD; #Mozambique metical USD quasi-peg, cenbank -50 bp rate; #Morocco frontier stock index +40% 9 mo. More at: kleimaninternational.substack.com
Kleiman International's Substack | Substack
Emerging economy/financial market all points bulletin with historic flavor. Investment-development analysts 40-year wisdom, career-tested color. Click to read Kleiman International's Substack, a Subst...
kleimaninternational.substack.com
October 6, 2025 at 2:20 PM
Most read #EmergingMarkets posts past week @KleimanIntCon: #Turkey stock index @MSCI flat 9 mo; #Iran stock index -2.5% Sept; #GeorgiaProtests lari +4.5%/$ YTD; #Mozambique metical USD quasi-peg, cenbank -50 bp rate; #Morocco frontier stock index +40% 9 mo. More at: kleimaninternational.substack.com
#Suriname's new Prez warned another debt restructuring may be needed before oil exports start in 2028 just 4 years after Covid-era default, reserves at 7 mo imports. #TrinidadandTobago IG rating downgraded to negative on FX reserves -15% YTD. Subscribe: open.substack.com/pub/kleimani...
Suriname, Trinidad and Tobago Cramp Caribbean Debt-Energy Drive
In our book talk to a packed house in downtown DC last week https://www.ticketleap.events/tickets/profsandpints/dc-emerging-markets, perhaps aided by our publisher’s lure of a generous 20% discount, w...
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September 30, 2025 at 2:45 PM
#Suriname's new Prez warned another debt restructuring may be needed before oil exports start in 2028 just 4 years after Covid-era default, reserves at 7 mo imports. #TrinidadandTobago IG rating downgraded to negative on FX reserves -15% YTD. Subscribe: open.substack.com/pub/kleimani...
Top #EmergingMarkets posts past week @KleimanIntCon: #Mercosur core countries in investor spotlight; #Tajikistan 2027 bond par; #Moldovaelections late disqualify pro-#Russia; #Argentina sovereign bond +20%/week; #Malawi 15 co stock index +7% telecom. Subscribe: kleimaninternational.substack.com
Kleiman International's Substack | Substack
Emerging economy/financial market all points bulletin with historic flavor. Investment-development analysts 40-year wisdom, career-tested color. Click to read Kleiman International's Substack, a Subst...
kleimaninternational.substack.com
September 29, 2025 at 3:04 PM
Top #EmergingMarkets posts past week @KleimanIntCon: #Mercosur core countries in investor spotlight; #Tajikistan 2027 bond par; #Moldovaelections late disqualify pro-#Russia; #Argentina sovereign bond +20%/week; #Malawi 15 co stock index +7% telecom. Subscribe: kleimaninternational.substack.com
#Mercosur core countries in investor spotlight. #Brazil fiscal issues and #Argentina's latest economic crisis ahead of mid-term elections with DC bailout likely key focus Investment grade #Paraguay and #Uruguay local bonds attracting interest. Subscribe: open.substack.com/pub/kleimani...
Mercosur Trade Bloc Redefines Sub-Region Muddle
The four core Mercosur countries from the decades old trade preference arrangement—Argentina, Brazil, Paraguay, and Uruguay—have rarely drawn notice as a group since they have not budged much from ori...
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September 23, 2025 at 1:37 PM
#Mercosur core countries in investor spotlight. #Brazil fiscal issues and #Argentina's latest economic crisis ahead of mid-term elections with DC bailout likely key focus Investment grade #Paraguay and #Uruguay local bonds attracting interest. Subscribe: open.substack.com/pub/kleimani...
#Nepal's interim government faces major economic challenges. #GenZ revolt damage estimated at $20 billion to cause recession this year after 4% growth through H1 as tourism and remittances fall. Stock market flat pre-crisis. Subscribe for analysis at: open.substack.com/pub/kleimani...
Nepal Crevice Maps South Asia Perilous Trek
We had hoped to add Nepal to the technical assistance case studies in our book https://link.springer.com/book/10.1007/978-3-031-85669-3, but an Asian Development Bank project which initially engaged u...
open.substack.com
September 16, 2025 at 10:22 AM
#Nepal's interim government faces major economic challenges. #GenZ revolt damage estimated at $20 billion to cause recession this year after 4% growth through H1 as tourism and remittances fall. Stock market flat pre-crisis. Subscribe for analysis at: open.substack.com/pub/kleimani...
#LatinAmerica has a packed election schedule next year. The small markets of #Jamaica and #Guyana have gone to the polls and results may foreshadow a more moderate economic policy course for the region after incumbents were re-elected. Subscribe for more: open.substack.com/pub/kleimani...
Jamaica, Guyana Elections Steal Region Opening Act
In Latin America all eyes are already on next year’s packed election schedule in Brazil, Chile, Colombia and Peru widely believed to reverse the last cycle leftist lurch we recounted in detail in our ...
open.substack.com
September 9, 2025 at 2:03 PM
#LatinAmerica has a packed election schedule next year. The small markets of #Jamaica and #Guyana have gone to the polls and results may foreshadow a more moderate economic policy course for the region after incumbents were re-elected. Subscribe for more: open.substack.com/pub/kleimani...
Most read #EmergingMarkets posts past week: #Iran rial tumble ~1.1 million/$; #EmergingMarkets our 10 yr crystal ball gaze; #Belarus-#Tajikistan $100 million trade; #Mali-#Russia soldier fortune fallout; #Ethiopia birr -11%/$ 8 mo. Subscribe for more: kleimaninternational.substack.com
Kleiman International's Substack | Substack
Emerging economy/financial market all points bulletin with historic flavor. Investment-development analysts 40-year wisdom, career-tested color. Click to read Kleiman International's Substack, a Subst...
kleimaninternational.substack.com
September 8, 2025 at 2:27 PM
Most read #EmergingMarkets posts past week: #Iran rial tumble ~1.1 million/$; #EmergingMarkets our 10 yr crystal ball gaze; #Belarus-#Tajikistan $100 million trade; #Mali-#Russia soldier fortune fallout; #Ethiopia birr -11%/$ 8 mo. Subscribe for more: kleimaninternational.substack.com
#Colombia's $5.4 billion total return swap with 6 banks to cut financing costs was the topic we discussed with @LatinFinance's @HernanGoicochea. Bond issue unlikely likely as investors eyeing massive deficit ~7.5%+ of GDP this year in advance of election. latinfinance.com/daily-brief/...
Banks to buy $5.4 bln in Colombian bonds - LatinFinance
Six Wall St banks agree to acquire a portion of the sovereign's debt as it negotiates a huge loan in Swiss francs
latinfinance.com
September 8, 2025 at 1:42 PM
#Colombia's $5.4 billion total return swap with 6 banks to cut financing costs was the topic we discussed with @LatinFinance's @HernanGoicochea. Bond issue unlikely likely as investors eyeing massive deficit ~7.5%+ of GDP this year in advance of election. latinfinance.com/daily-brief/...
Looking forward to our Profs and Pints evening on September 23! Hoping to see many of our local DC-area clients, friends, and colleagues. #EmergingMarkets and #FrontierMarkets are having a great year...we'll look back at the evolution of EM investing and share out outlook for 2026 at the event.
September 4, 2025 at 8:15 PM
Looking forward to our Profs and Pints evening on September 23! Hoping to see many of our local DC-area clients, friends, and colleagues. #EmergingMarkets and #FrontierMarkets are having a great year...we'll look back at the evolution of EM investing and share out outlook for 2026 at the event.
#FrontierMarkets up 30% through August, double the advance of core @MSCI #EmergingMarkets. Index dominated by financial shares (40%). #Africa and #Asia sub-indices led, +40%, Central Europe +30% despite #Serbia -40%, Gulf +10% YTD. Subscribe for more: open.substack.com/pub/kleimani...
Frontier Indices Fan Cross- Asset Class Frenzy
Our book https://link.springer.com/book/10.1007/978-3-031-85669-3 after three months has buyers we can track from 125 college libraries, and we hope students and professionals consulting it find clear...
open.substack.com
September 2, 2025 at 2:40 PM
#FrontierMarkets up 30% through August, double the advance of core @MSCI #EmergingMarkets. Index dominated by financial shares (40%). #Africa and #Asia sub-indices led, +40%, Central Europe +30% despite #Serbia -40%, Gulf +10% YTD. Subscribe for more: open.substack.com/pub/kleimani...
#EmergingMarkets top posts past week @KleimanIntCon: #Venezuela 2027 bond 20, +3% 6 mo; #Ukraine FDI $1 billion H1, -2/3 last year; #Uzbekistan $1 billion fintech unicorn IPO; #Madagascar-#Mauritius oil co debt reset; #Indonesia stock index @MSCI -8% 8 mo. More at: kleimaninternational.substack.com
Kleiman International's Substack | Substack
Emerging economy/financial market all points bulletin with historic flavor. Investment-development analysts 40-year wisdom, career-tested color. Click to read Kleiman International's Substack, a Subst...
kleimaninternational.substack.com
September 1, 2025 at 3:30 PM
#EmergingMarkets top posts past week @KleimanIntCon: #Venezuela 2027 bond 20, +3% 6 mo; #Ukraine FDI $1 billion H1, -2/3 last year; #Uzbekistan $1 billion fintech unicorn IPO; #Madagascar-#Mauritius oil co debt reset; #Indonesia stock index @MSCI -8% 8 mo. More at: kleimaninternational.substack.com
#EmergingMarkets friends: Anyone teaching a course or training an incoming cohort of EM analysts? You might want to consider our recently published book as part of your curriculum. Individual chapter downloads are available. link.springer.com/book/10.1007...
Emerging Economies and Financial Markets
This book offers techniques to analyze emerging economies and financial markets drawing on the authors' 3 decades of advising the public and private sector
link.springer.com
August 29, 2025 at 8:06 PM
#EmergingMarkets friends: Anyone teaching a course or training an incoming cohort of EM analysts? You might want to consider our recently published book as part of your curriculum. Individual chapter downloads are available. link.springer.com/book/10.1007...
Most read #EmergingMarkets posts past week @KleimanIntCon: #Iraq dinar +2%/$ YTD; #Vietnam stock index +30%, foreign $2 billion sell YTD; #Kenya stock index +30% YTD, market cap 3 yr best; #Pakistan stock index +30% YTD; #Azerbaijan 7 mo +1% GDP. Subscribe for more: kleimaninternational.substack.com
Kleiman International's Substack | Substack
Emerging economy/financial market all points bulletin with historic flavor. Investment-development analysts 40-year wisdom, career-tested color. Click to read Kleiman International's Substack, a Subst...
kleimaninternational.substack.com
August 25, 2025 at 2:04 PM
Most read #EmergingMarkets posts past week @KleimanIntCon: #Iraq dinar +2%/$ YTD; #Vietnam stock index +30%, foreign $2 billion sell YTD; #Kenya stock index +30% YTD, market cap 3 yr best; #Pakistan stock index +30% YTD; #Azerbaijan 7 mo +1% GDP. Subscribe for more: kleimaninternational.substack.com