Providing independent, real-time capital markets insight on South Africa and emerging markets to help investors, issuers and regulators design better funding strategies and market structures
Krutham’s capital markets team specialises in the financial sectors of emerging markets, combining securities research, banking and regulatory expertise, political economy and climate finance analysis to support better investment and policy decisions. Our work ranges from capital markets research subscriptions and transaction-focused advisory through to market structure and regulatory projects for exchanges, supervisors and development partners.
We help clients understand how macro, politics, banking, regulation, climate and investor behaviour interact in practice, and what this means for pricing, liquidity, risk and the role of markets in delivering development and social outcomes.
Markets with a purpose
We start from the belief that well-designed financial systems can improve human wellbeing. We focus on how capital markets can mobilise private capital, manage risk and support development, from sovereign and corporate funding to impact and climate finance.
Policy, regulation and markets in one frame
We bring together regulatory frameworks, prudential rules, politics and investor behaviour in a single analytical frame. That allows us to assess how changes in regulation, policy or governance will play out in spreads, liquidity, ratings and market depth rather than treating them in isolation.
Integrated across asset classes
Our analysis spans sovereign and SOE debt, bank and corporate funding and the infrastructure of exchanges and clearing systems. We connect these asset classes to build a coherent picture of funding conditions, risk premia and investor positioning.
Data rich, research led
We combine market data, issuer fundamentals, regulatory documents and primary research with analysis of investors, banks and regulators. This enables us to move beyond headline data to understand market sentiment, structural frictions and where mispricing or opportunity may lie.
From subscription research to bespoke projects
Our flagship capital markets research subscription provides real-time notes, scenario analysis, reform tracking and webinars for investors, policymakers and market participants, while bespoke projects support specific transactions, strategies or regulatory reforms.
From analysis to implementation
We support clients not only with written research but with strategy development, framework design and stakeholder engagement. This includes green, social and sustainability bond frameworks, funding strategies, investor engagement materials and support to exchanges and regulators on new instruments and market rules.
Research partner to investors and banks
We provide capital markets research that supports investment strategy, asset allocation and risk management across fixed income and equities, including a subscription product used by global and local investors, banks and policymakers for real-time political economy and market analysis.
Support to exchanges and regulators
We work with capital markets infrastructure providers and regulators to develop policy and market frameworks, including designing green, social and sustainability-linked bond frameworks with regulators and exchanges, and advise on strategy and risk management for major African exchanges.
Capital markets for impact and transition
Our capital markets work underpins broader initiatives in just energy transition, impact investing and outcomes-based finance, helping to design instruments, structures and tagging frameworks that mobilise private capital while meeting regulatory and fiduciary requirements.
Pan-African and emerging markets reach
We bring experience from projects and research across African and other emerging markets, working with development agencies, multilaterals, governments and private institutions to understand cross-border flows, investor appetite and the conditions for deep, resilient markets
Capital markets research and subscriptions
Real-time political economy and capital markets research subscription, providing weekly and monthly notes, quarterly outlooks, presentations, webinars and structured reform tracking.
Elections, national budgets, MPC statements and ratings-focused research for investors, banks and policymakers.
Thematic reports on sovereign risk, SOEs, banking sector trends and regulatory developments.
Debt capital markets and funding strategy
Funding strategy advice for sovereigns, sub-sovereigns, SOEs and financial institutions.
Yield curve, spread and investor base analysis to inform issuance plans and liability management.
Design and assessment of funding structures, including blended finance and catalytic capital.
Market structure and regulatory advisory
Advisory on listing rules, disclosure requirements and market conduct frameworks.
Regulatory impact analysis for new rules affecting banks, insurers, asset managers and market infrastructures.
Support to regulators and exchanges on market development strategies, including new instruments and platforms.
Sustainable and impact capital markets
Design of green, social and sustainability-linked bond frameworks and related guidance.
Climate and just energy transition finance strategies for banks, asset managers and DFIs.
Research and advisory on impact investing, catalytic capital and the use of capital markets to deliver social outcomes.
Awards, benchmarks and market research
Design and delivery of awards and benchmarking projects (for example private banks, wealth managers, securities brokers, ESG and transformation gauges).
Primary market research on investor preferences, product demand and competitive positioning.
Communication of results through public reports, events and targeted stakeholder engagements.
Communication and stakeholder support
Capital markets day and investor presentation support, including narrative development and materials.
Briefing packs and talking points for engagements with regulators, rating agencies and investors.
Training and masterclasses for boards and executive teams on capital markets, regulation and investor expectations.
— Peter Attard Montalto, Managing director
From: “Sure, the vibe is suddenly buoyant, but let’s not get ahead of ourselves“