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Key Industry Views


This area contains key industry perspectives and market commentary deemed to be of particular importance or relevance in understanding today’s Emerging Markets. EMTA has obtained the information posted in this area from sources it believes to be reliable and credible, but EMTA disclaims any and all responsibility for the content of materials received for posting from outside sources. Neither EMTA nor the author of any publication posted in this area has assumed any obligation to update any materials posted herein, and each item is deemed to be dated the date of its publication as stated therein or, in the absence of a date, the date of its posting.

Materials posted in this area are intended only for general market information, and do not constitute an offer, or the solicitation of an offer, to buy or sell any investment security or related instrument by EMTA or any other person, and are not intended for use in connection with making any investment decision. Certain materials may contain references to prices, trading strategies, prospective statements, market data, estimates and other similar items, but they are intended for general information purposes only and do not constitute investment advice by EMTA or the author thereof, nor do such materials or any references therein represent any determination by EMTA or the author as to suitability for investment purposes.

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“Frontier FX – Portfolio and Return Characteristics.” July 2018 - Gary Licht (ICBC Standard Bank).

"Sovereign Defaults Series: Debt Relief Often Greater on Official-Sector Bilateral Loans than Private Sector Debt." April 3, 2018 - Elena Duggar (Moody's).

"Sovereign Debt Restructuring After Argentina." April 25, 2017 - Arturo C. Porzecanski (American University).

“US Risks Alienating Mexico.” March 31, 2017 - William R. Rhodes (Financial Times).

"The Origins of Argentina’s Litigation and Arbitration Saga, 2002-2016." January 2017 - Arturo C. Porzecanski (American University).

"The EM Fixed Income Universe." August 2016 - Jan Dehn (Ashmore Investment Management).

"The Sovereign Superbond: A Blueprint to Future Sovereign Debt Restructurings." July 2016 - Alain De Vrieze.

"Iceland’s Selective Default." June 14, 2016 - Arturo C. Porzecanski (American University).

"Northern Europe’s Argentina Imitator." June 13, 2016 - James Glassman (American Enterprise Institute).

“Venezuela: ICSID Contingent Liability Snapshot.” May 25, 2016 – Casey Reckman and Alberto J. Rojas (Credit Suisse).

"An Opportunity for Puerto Rico: Bill Offers Orderly Way to Restructure Debts." May 24, 2016 - Mark Cymrot and Simon Johnson.

"Thoughts on the Restructuring of the Bonds Owed by the Government Development Bank for Puerto Rico." March 30, 2016 - Alain G De Vrieze and Christopher De Vrieze (ADV & Co.).

"Puerto Rico Needs the Right Kind of Financial Control Board." February 24, 2016 - Arturo C. Porzecanski (American University).

"Peru’s Selective Default: A Stain on Its Creditworthiness." January 28, 2016 - Arturo C. Porzecanski (American University).

"The Evolution of Emerging Market Sovereign Debt: Dramatic Growth in Local Currency Sovereign Debt Is Reducing Emerging Market Financial Vulnerabilities.” September 1, 2015 - Elena Duggar (Moody's Investors Service).

"What a New Argentina Could do for Brazil." August 20, 2015 - Arturo C. Porzecanski (American University).

"Argentina is in Checkmate and Must Negotiate a Way Out." March 27, 2015 - Arturo C. Porzecanski (American University).

"Modifications to Sovereign Bond Contracts FAQ: Aggregate CACs and Modified Pari Passu Clause Do Not Materially Affect Sovereign Creditworthiness." March 17, 2015 - Elena Duggar (Moody’s Investors Services).

"Moody's Downgrades Puerto Rico GO Bonds to Caa1 from B2, COFINA to B3/Caa1 from Ba3/B1." February 19, 2015 - Edward Hampton, Emily Raimes (Moody's Investor Service).

"EM Outlook GEM in 2015: Keep Calm and Carry Bonds." December 11, 2014 - Benoit Anne, Eamon Aghdasi, Amit Agrawal, Bernd Berg, Régis Chatellier, Jason Daw, David Hok, Roxana Hulea and Phoenix Kalen (Societe Generale).

"2015 Outlook More Risk, Less Reward." December 1, 2014 - Gordian Kemen, Alejandro Martinez-Cruz, Aaron Gifford and Sarah Leshner (HSBC Securities (USA) Inc.).

“Sovereign Debt Restructuring: There Has to Be a Better Way.” December 4, 2014 – Rafael de la Fuente (UBS).

"Weak Economic Growth Prospects Could Constrain Puerto Rico's Credit Quality." November 7, 2014 - David Hitchcock (Standard & Poor's).

"Puerto Rico Needs a Financial Control Board." October 24, 2014 - Arturo C. Porzecanski (American University) - The Hill.

"The Government Development Bank: At The Heart of Puerto Rico's Financial Crisis." September 18, 2014 - Arturo C. Porzecanski (American University).

"Argentina: The Coming Storm." August 1, 2014 - Joshua Rosner (GrahamFisher).

"The Rules Changed Overnight; Downgrade Assured Guaranty and MBIA to Underweight." June 30, 2014 - Peter Troisi, Brian Monteleone and Thomas Walsh (Barclays).

"Implications of Puerto Rico's Recovery Act." June 27, 2014 - Thomas Weyl, Sarah Xue and Ming Zhang (Barclays).

"Sovereign Defaults Series: Elevated Risk of Sovereign Default Accompanies Country Break-ups.” May 21, 2014 – Elena Duggar (Moody's Investors Service).

"Russia: Sand Lot Rules." May 12, 2014 – Walter Molano (BCP Securities, LLC).

"IMF Debt Plan Would Worry Keynes." January 23, 2014 – Lawrence Goodman (Center for Financial Stability, Inc.).

“Sovereign Debt Restructuring Frameworks, Part II.” January 21, 2014 – Richard Segal (Jefferies International Limited).

“Mexico’s Energy Reform: Yes, It’s a Big Deal.” December 19, 2013 – Rafael de la Fuente (UBS).

"EMEA Looking Glass - Hungary High Court Upholds Contract Law on FX Loans" December 17, 2013 - Phoenix Kalen (Societe Generale).

"LatAm FI: Catch Carry If You Can." December 15, 2013 - Gordian Kemen, Alejandro Martinez Cruz, Sarah Leshner, Aaron Gifford (HSBC Securities (USA) Inc.)

“EM Outlook.” December 12, 2013 – Simon Quijano-Evans, Ashley Davies, Tatha Ghose, Charlie Lay, Barbara Nestor and Mario Robles (Commerzbank).

"2014 Outlook: Meet the New EM.” December 3, 2013 - Rashique Rahman and Morgan Stanley Research Global EM Macro Strategy Team (Morgan Stanley).

“Emerging Markets Macro and Strategy Outlook: Prospects for 2014 and Beyond.” December 2, 2013 - David Lubin, Guillermo Mondino and Johanna Chua (Citi).

“EM Outlook: GEM in 2014: Doom and Bloom.” November 28, 2013 – Benoit Anne, Regis Chatellier, Phoenix Kalen, Eamon Aghdasi and Amit Agrawal (Societe Generale).

“Latin America 2014-17: Fair but Increasingly Heterogeneous Outlook.” November 22, 2013 - Alberto Ramos, Mauro Roca, Tiago Severo and David Reichsfeld (Goldman Sachs).

“LatAm Outlook 2014/2015.” November 7, 2013 – Rafael de la Fuente and Thiago Carlos (UBS).

"CFK Announces a Double Edge Exchange." August 27, 2013 – Guillermo Mondino and Jeff Williams (Citi).

"Argentina Economic Update." August 27, 2013 – Alberto J. Bernal-Leon (Bulltick Capital Markets)."Argentina: US Appeals Court Shows No Sympathy." August 23, 2013 – Rafael de la Fuente and Thiago Carlos (UBS Investment Bank).

"Emerging Markets Perspectives: Time to Embrace Volatility." July 2013 – Robert O. Abad (Western Asset Management Co.)

"Why Argentina’s Behaviour Must Not Be Allowed to Stand." April 2, 2013 - Hans Humes and Diego Ferro (Greylock Capital Management).

"Growth-linked Bonds: EMTA Institutional Investor Questionnaire - Overview of Responses and Analysis (Discussion Paper)" March 19, 2013 - Starla Griffin (Slaney Advisors).

"Walking Back from Cyprus." Draft - March 18, 2013 - Lee C. Buchheit (Cleary Gottlieb Steen & Hamilton) and G. Mitu Gulati (Duke University School of Law).

"Venezuela After Chavez." March 5, 2013 - Gustavo Arteta and Rafael DeLaFuente (UBS).

"Venezuela: President Chavez Passed Away; Early Elections Within 30 Days." March 5, 2013 - Alberto Ramos (Goldman Sachs).

"Dear Prudence." March 1, 2013 by Rozanski, Guana, Baldi and Lisanti (Banco Mariva).

"Ahead of the Hearing: What to Expect When you are Expecting" - February 22, 2013 by Rozanski, Guana, Baldi and Lisanti (Banco Mariva).

“New Legal Protections in the Belize Restructuring.” February 22, 2013 – Joe Kogan (Scotiabank).

"2013 Outlook: Loosen Your Seatbelts." January 2013 - Pablo Goldberg and the EM Research Teams (HSBC).

“EMTA Meeting on Argentina Pari Passu Case.” January 7, 2013 - Jane Brauer and Flavio de Andrade (Bank of America Merrill Lynch).

“Global Economic Outlook and Strategy: Prospects for Economies and Financial Markets in 2013 and Beyond.” November 26, 2012 - Willem Buiter, Nathan Sheets, Michael Saunders, Kiichi Murashima, Robert V DiClemente, David Lubin, Johanna Chua and Joaquin A Cottani (Citi).

“EM Outlook 2013 – Bullish by Default.” November 22, 2012 - Benoit Anne, Gaelle Blanchard, Esther Law, Guillaume Salomon, Wee-Khoon Chong, Souheir Asba, Sandrine Ungari, Lorenzo Ravagli and Dobromir Tzotchev (Societe Generale).

"Argentina: Overview of Recent Court Filings." November 20, 2012 - Di Fu and Casey Reckman (Credit Suisse).

"LatAm Outlook." November 19, 2012 - Javier Kulesz, Andre Carvalho, Rafael De La Fuente and Gustavo Arteta (UBS).

"The Emerging Market Advisor - Belize: The Dark Side." August 27, 2012 - Walter Molano (BCP Securities, LLC).

“Belize Restructuring: Game On.” August 10, 2012 – Carl Ross (Oppenheimer & Co.).

“Belize Offers Worst Restructuring Terms.” August 8, 2012 – Joe Kogan (Scotiabank).

“GDP Warrants –What Are My Chances?” April 20, 2012 - Juan P. Semmoloni (Banco Mariva).

“Greece’s Debt Exchange – Buying Greece, and Europe, More Time.” February 27, 2012 - Yiagos Alexopolous, Igor Arsenin, Kasper Bartholdy, Michelle Bradley, Panos Giannopolous, Helen Haworth, Florian Weber and Giovanni Zanni (Credit Suisse).

"So, what would your plan for Greece be?" February 16, 2012 – Daniel Davies.

“What Did Belize’s Prime Minister Mean?” February 10, 2012 – Joe Kogan (Scotiabank).

"GDP-linked Bonds - A Case for Broader Market Acceptance?" February 2012 - Starla Griffin (Slaney Advisors).

“Market Prospects 2012.” January 2012 – Jerome Booth and Jan Dehn (Ashmore Investment Management).

“2012 Outlook: Waiting for Calmer Waters.” January 2012 – Pablo Goldberg and GEMS Research Team (HSBC).

"Venezuela (VENZ): Not So Fast." January 26, 2012 - Richard Segal (Jefferies).

"Argentina Could Halt Capital Flight Easily." January 20, 2012 - Center for Financial Stability.

"Latin America: Economic Outlook for 2012-13 – External Environment Will Test Macro Resilience." December 15, 2011 - Paulo Leme, Alberto Ramos, Eduardo Cavallo and Petya Kehayova (Goldman Sachs).

"How Did Recovery Ratings on Mexican Corporate Issuers Perform Through the Financial Crisis?" December 7, 2011 - Jose Coballesi (Standard & Poors).

"Prospects for 2012." November 28, 2011 – David Lubin, Johanna Chua and Joaquin A. Cottani (Citi).

“Latin America in 2012: The Risks to Return Abundance.” November 28, 2011 - Gray Newman, Luis Arcentales, Arthur Carvalho and Daniel Volberg (Morgan Stanley).

"EM Outlook for 2012." November 23, 2011 – Global EM Strategy Team (Societe Generale).

“LatAm Outlook 2012.” November 14, 2011 – Javier Kulesz, Andre Carvalho, Rafael de la Fuente and Gustavo Arteta (UBS).

"How Did Recovery Ratings On Mexican Corporate Issuers Perform Through The Financial Crisis? - FAQ" October 3, 2011 - Jose Coballesi (Standard & Poors).

“EFSF (R)evolution: An Analysis of the Developing Infrastructure of the EFSF and ESM.” August 17, 2011 – Helen Haworth, Michelle Bradley, Thushka Maharaj and William Porter (Credit Suisse).

“CNH: The Mini-QFII is Finally Launched.” August 17, 2011- Nathan Chow (DBS).

"Implications of DM Sovereign Credit Deterioration." August 7, 2011 – James Lord, Meena Bassily, Vitali Meschoulam, Stewart Newnham and Rashique Rahman (Morgan Stanley).

"Debt Deal Darkens Fragile US Economic Outlook." August 3, 2011 – Mohamed El-Erian (PIMCO).

"Impact of a US Downgrade on EM." July 28, 2011 – David Spegel (ING Financial Markets).

"EU Support Package Permits Orderly Default by Greece and Buys Time, But Credit Effects Are Mixed for Other Euro Area Sovereigns." July 25, 2011 - Alastair Wilson, Bart Oosterveld and Richard Cantor (Moody's).

"Greece Defaults." July 21, 2011 - Felix Salmon.

"How Would a US Downgrade Impact Emerging Markets." July 2011 – Robert Abad (Western Asset Management Company).

"Peru Under Humala." June 6, 2011- Javier Kulesz (UBS).

BANKER TO THE WORLD: Leadership Lessons from the Front Lines of Global Finance." June 2011 - William R. Rhodes.

"Assessing the Effects of a Potential Greek Default." May 24, 2011 - Alastair Wilson and Bart Oosterveld (Moody's Investor Services).

"Comparing Portugal, Ireland and Greek EU Packages." May 5, 2011 - Wall Street Journal.

"The Problems with a Greek ‘Light Dusting’." May 4, 2011 - Felix Salmon.

"Five Ways to Correct the Greek Debt Crisis." May 3, 2011 - Mohamed El-Erian (PIMCO).

"Will Europe Socialize Greek Losses?" May 2, 2011 - Felix Salmon.

"European Debt Crisis Morphs Into New Phase." April 7, 2011 - Mohamed El-Erian (PIMCO).

"Corporate Workouts in Mexico: The Good, the Bad, and the Ugly." April 2011 - Arturo C. Porzecanski (American University).

"CNH Market Guide: A Precursor to Internationalisation of the Chinese Renminbi." March 10, 2011 – Woon Khien Chia, Kristine Li and Pin-Ru Tan (RBS).

"When Irish Eyes are Crying." March 2011 - Michael Lewis.

"Euro Zone Clarity on Debt Resolution Key to Confidence." February 28, 2011 – Fergus McCormick and Alan G. Reid (DBRS).

"The Road from Tahrir Square to Democracy.” February 14, 2011 – Mohamed El-Erian (PIMCO).

"Latin American and Caribbean Sovereign Outlook." January 20, 2011 - Moody's Investor Service.

"Europe's Default in Credibility." Winter 2011 - Adam Lerrick (American Enterprise Institute).

"Latin America Outlook for 2011." December 22, 2010 - Global EM Research Team (HSBC).

"EM Biweekly Report." December 17, 2010 – ING EM Research Team.

"2011: What Lies Ahead." December 16, 2010 – Walter Molano (BCP Securities).

"Another Year in the 'New Normal': 2011 Preview." December 13, 2010 (Morgan Stanley CEEMEA Economics Team).

"Mexico: Best Deal in Town." December 13, 2010 – Walter Molano (BCP Securities).

"Latin America – A Positive Macroeconomic Outlook for 2011-12." December 10, 2010 – Paulo Leme and Team (Goldman Sachs).

"Latin America in 2011: Risks to Abundance, Risks of Abundance." December 6, 2010 - Gray Newman, Luis Arecntlates and Daniel Volberg (Morgan Stanley).

“LatAm Economics: Outlook 2011.” December 1, 2010 – Javier Kulesz, Andre Carvalho and Rafael De La Fuente (UBS).

"America's Global Fight Against AIDS." December 1, 2010 - George W. Bush (The Washington Post).

"Ireland's Reparations Burden." December 1, 2010 - Barry Eichengreen (University of California).

“2011: The Year Ahead.” December 2010 – Standard Chartered EM Team.

“Prospects for 2011.” November 30, 2010 – David Lubin, Johanna Chua and Marcelo Kfoury (Citi).

“EM Outlook for 2011.” November 29, 2010 – Global EM Strategy Team (Societe Generale).

"A Claims Market Emerges in Iceland." November 29, 2010 - Richards Kibbe & Orbe.

"Irish Woes Should Speed Europe's Default Plan." November 15, 2010 - Nouriel Roubini (New York University).

"All Cart and No Horse." November 10, 2010 - Richard Segal (Knight Libertas).

“CNH – Dim Sum-ised?” November 2, 2010 – Nizam Idris and Sid Mathur (UBS).

The End of a Frothy Month." October 4, 2010 - Walter Molano (BCP Securities).

"Beware of Greeks Bearing Bonds." October 2010 - Michael Lewis.

"Emerging Markets: Revisiting the Investment Thesis in an Era of Debt." September 2010 - Robert O. Abad and Matthew C. Graves (Western Asset Management Company).

"When Bad Things Happen to Good Sovereign Debt Contracts; The Case of Ecuador." Fall 2010 - Arturo C. Porzecanski (American University).

"Africa needs a bond market." August 9, 2010 – Jan Dehn (Ashmore Investment Management).

"The Crisis & the Euro." July 8, 2010 - George Soros (The New York Review of Books).

"Reflections on the Sovereign Debt Crisis." July 2010 - Edward Chancellor (GMO).

"The Time We Have is Growing Short." May 25, 2010 - Paul Volcker (The New York Review of Books).

"How to Restructure Greek Debt." May 7, 2010 – Lee C. Buchheit (Cleary Gottlieb Steen & Hamilton) and G. Mitu Gulati (Duke University School of Law).

"Greece: Logos, Pathos, Ethos." May 4, 2010 - Walter Molano (BCP Securities).

"Many more chapters left in the Greece drama." May 3, 2010 - Mohamed El-Erian (PIMCO).

"Greece and the Fatal Flaw in an IMF Rescue." April 2010 - Peter Boone and Simon Johnson.

"The $100 Billion Question." March 2010 - Andrew G Haldane (Bank of England).

"Venezuela Devalues." January 11, 2010 - Diego Sasson, Kasper Bartholdy and Alonso Cervera (Credit Suisse).

"Emerging Market Corporates: 2010 Outlook: Hurry Up Before it's Too Late!" January 7, 2010 - Anne Milne, Marcelo Menusso, Gene Cheon, Devinda Paranathanthri, Mathura Yogarajah and Marie-Anne Garcia (Deutsche Bank).

"Latin American Outlook for 2010.” December 18, 2009 – (LatAm Fixed Income, FX Strategy, and Economics Teams – HSBC Securities (USA) Inc.).

"Latin America – Abundance Forgives All." December 14, 2009 - Gray Newman and Team (Morgan Stanley).

"The 2010-2011 Outlook for Latin America – The New Partner in Global Growth." December 11, 2009 - Paulo Leme, Alberto Ramos, Luis Cezario and Malachy Meechan (Goldman Sachs).

"EM Themes for 2010." November 25, 2009 - Bank of America Merrill Lynch Global Research Team.

"Prospects for 2010." November 24, 2009 - David Lubin, Alberto Ades and Johanna Chua (Citi).

"Africa Regional Overview: Return of Frontier Markets." October 6, 2009 - Razia Khan, Regional Head of Research, Africa (Standard Chartered Bank).

"The Coroner’s Inquest." September 2009 - Lee Buccheit (Cleary Gottlieb Steen & Hamilton) and Mitu Gulati (Duke University School of Law).

"I’ll Follow the Sun." July 17, 2009 - Kasper Bartholdy (Credit Suisse).

"Emerging Markets: EMTA Feedback." [EMTA Summer Forum] June 29, 2009 - Charles Robertson (ING Wholesale Banking).

''Sukuk 101.'' June 23, 2009 - Jane Brauer and Ali Bastani (Bank of America - Merrill Lynch Research).

"Size and Structure of EM Debt." June 1, 2009 - Jane Brauer and Ali Bastani (Bank of America – Merrill Lynch Research).

"Latam: Corporates the Day after Swine Flu." May 1, 2009 - Diego Torres (ING Financial Markets).

"Weak Legal Protection in GDP Warrants." April 30, 2009 - Joe Kogan (Barclays Capital).

"Swine Flu: Dispatch from Mexico." April 27, 2009 - Sergui Luna and Alonso Rios (Citibank).

"The Pandemic Risk: SARS Revisited." April 28, 2009 - Cem Karacadag and Kun Lung Wu (Credit Suisse).

"G20 Implications for IMF: Supersize Me!" April 3, 2009 - Arend Kapteyn (Deutsche Bank).

"Wall Street on the Tundra." April 2009 - Michael Lewis.

"Rating the Ratings Agencies." March 27, 2009 - H. David Spegel (ING Wholesale Banking).

"Depreciate, Then Default? Forecasting Credit Risk and Recovery Rates for Emerging Market Sovereigns in 2009." March 27, 2009 - Michael Hugman and Stephen Bailey Smith (Standard Bank).

"Can the IMF Be the First Port of Call for EM Countries?" March 25, 2009 - Alonso Cervera, Berna Bayazitoglu and Diego Sasson (Credit Suisse).

"Russia's Investment Grade Rating: How Secure? How Relevant?" March 17, 2009 - Eduardo Levy Yeyati, Elena Loukoianova and Matthew Vogel (Barclays Capital).

"CDS Market Changes." February 6, 2009 - Bradley Rogoff (Barclays Capital).

"Ukraine: A Likely Contender to Default?" February 2009 - Arjen Thiescheffer (Omni Bridgeway).

"Ecuador 15 Record Date Feb 4." January 30, 2009 - Jane Brauer (Merrill Lynch).

"Ecuador's Dangerous Game". January 28, 2009 - Abby McKenna/Federico Kaune (Morgan Stanley Investment Management).

"Pari Passu and the Ecuador 15s." January 27, 2009 - Joe Kogan (Barclays Capital).

"EM Outlook 2009: Winter of Discontent. Global Deleveraging + Rebalancing = Global Recession." December 2008 - Arnab Das (Dresdner Kleinwort).

"Latin American Economics: Sliding into 2009." December 9, 2008 - Gray Newman, Marcelo Carvalho, Luis A Arcentales, Daniel Volberg and Boris Segura (Morgan Stanley).

"Emerging Markets 2009 Outlook: Lax Money, Event Risk...and Wide Fluctuations." December 22, 2008 - Lawrence Goodman, Georgia Blume, David Hauner, Christy Tan, Han-Sia Yeo, Edgar Camargo, Mai Doan and Alberto Boquín (Bank of America). "The 2009-2010 Outlook for Latin America: From Expansion to Adjustment Mode." December 19, 2008 - Paulo Leme, Alberto Ramos, Luis Cezario and Malachy Meechan (Goldman Sachs).

"Ecuador: What's Next?" December 18, 2008 - Joe Kogan (Barclays Capital).

"Tidal Changes." December 2008 - Piero Ghezzi, Nicholas Bibby, Koon Chow, Jeff Gable, Puay Yeong Goh, Alejandro Grisanti, Donato Guarino, Matthew Huang, Sailesh Jha, Christian Keller, Andrea Kiguel, Joe Kogan, Wai Ho Leong, Eduardo Levy-Yeyati, Nyiko Mageza, Ridle Markus, Svitlana Maslova, Paulo Mateus, Roberto Melzi, Guillermo Mondino, Rogerio Oliveira, Advin Pagtakhan, Wensheng Peng, Shyampadmanabhan Ramachandran, Peter Redward, Arko Sen, Rodrigo Valdes, Sebastian Vargas, Matthew Vogel, Yan Zheng, Jimena Zuniga (Barclays Capital).

"EM – Facing Strong Headwinds in 2009." December 12, 2008 - EM Research and Strategy Team (Commerzbank).

"Prospects for Latin America: Global Tsunami to Test Local Defenses." December 4, 2008 - Alberto Ades (Citigroup).

"Contagion from Ecuador – Repricing The Cost of Default." November 21, 2008 - Joe Kogan and Eduardo Levy-Yeyati (Barclays Capital).

"Ecuador: On the Likelihood of Debt Restructuring." November 17, 2008 - Gustavo Canonero and Hongtao Jiang (Deutsche Bank).

"Ecuador - Government to Use Grace Period to Analyze Whether to Make Coupon Payment on the 2012s; Talks with Bondholders to Restructure Debt a Possibility." November 17, 2008 - Alberto Ramos (Goldman Sachs).

"Brazil Update: Investment Grade Reinforced." May 30, 2008 - Jose Carlos de Faria (Deutsche Bank).

"Brazil: Making the Grade." May 30, 2008 - Paul Sheard and Guillermo Mondino (Lehman Brothers). "Brazil: Investment Grade May Help Finance Growing Current Account Deficit." May 2, 2008 - Paulo Leme and Luis Cezario (Goldman Sachs).

"Annual Globalization Report." April 30, 2008 (E-Standards Forum).

"The Emerging View: Second Thoughts about Financing the US." April 2008 - Jerome Booth (Ashmore Investment Management).

"Sovereign Wealth Funds: Future Direction, Opportunities and Uncertainties." March 31, 2008 - Lawrence Goodman and Georgia Blume (Bank of America).

"EM Trading Themes at the Start of 2008." January 21, 2008 - Kasper Bartholdy and Jacqueline Madu (Credit Suisse).

"Latam Corporates: 2008 Outlook - Watch Your Step!" January 15, 2008 - Anne Milne and Marcelo Menusso (Deutsche Bank).

"EM Debt Has Beaten Major Debt for 15 Years." January 9, 2008 - Jane Brauer and Dany Naierman (Merrill Lynch).

"Emerging Markets 2008 Outlook." January 4, 2008 - Lawrence Goodman, Guillermo Estabanez, Tao Wang, Edgar Camargo, Christy Tan, Han-Sia Yeo, Georgia Blume, Alberto Boquin and Mai Doan (Bank of America).

"Latin American Outlook 2008." December 26, 2007 - Alfredo Coutino and Juán Pablo Fuentes (Moody's).

"2008 Outlook." December 21, 2007 - Raza Agha, Timothy Ash, Alberto Bernal, Tim Kearney, Kathyrn Rooney, Carl Ross, Emy Shayo, John Stuermer and Franco Uccelli (Bear Stearns).

"2008: The Real Test of EM's Resilience." December 14, 2007 - Marc Balson, Gustavo Canonero, Marcel Cassard, Drausio Giacomelli, Martin Hohensee, Arend Kapteyn and Michael Spencer (Deutsche Bank).

"2008 Global EM Risk Outlook." December 14, 2007 - H. David Spegel (ING Financial Markets).

"Outlook 2008: Turning the Page." December 14, 2007 - Guillermo Mondino and Team (Lehman Brothers).

"Russia: Outlook for 2008." December 14, 2007 – Stanislav Ponamerenko and Tatiana Orlova (ING Financial Markets).

"Latin America - A (re) Couple of Investment Themes for 2008." December 14, 2007 Paulo Leme, Alberto Ramos, Pablo Morra, Luis Cezario and Malachy Meechan (Goldman Sachs).

"Emerging Markets Global Outlook." December 13, 2007 - Piero Ghezzi and Advin Pagtakhan (Barclays Capital).

"Russia: Medvedev a Pro-Reform Yet Politically Weak President?" December 10, 2007 - Sergei Voloboev (Credit Suisse).

"2008: EM Year Ahead." December 3, 2007 - Michael Hartnett, Daniel Tenengauzer, Tulio Vera and the ML Global Economics Team (Merrill Lynch).

"Outlook 2008." December 3, 2007 - Filippo Nencioni, Bhanu Baweja, Paolo Batori, Nizam Idris, Alvaro Vivanco and Ju Wang (UBS).

"Trends in EM Debt Trading Activity: 3Q 2007 Update." November 23, 2007 - H. David Spegel (ING Financial Markets).

"Argentina: Will Cristina Appease Investors?" October 26, 2007 - Gustavo Canonero, Drausio Giacomelli, Hongtao Jiang and Geraint Jones (Deutsche Bank).

"A Snapshot of the LatAm Institutional Investor Base." July 20, 2007 - Tulio Vera, Elena Tulloch and Dany Naierman (Merrill Lynch).

"Financial Stability and Local Currency Bond Markets." June 2007 - The Committee on the Global Financial System (Bank for International Settlements).

"Trends in EM Debt Trading Activity." May 25, 2007 - H. David Spegel (ING Financial Markets).

"Global EM Issuance Trends and Outlook." May 23, 2007 - H. David Spegel (ING Financial Markets).

"Time is Right for Bringing Bonds into Africa." May 15, 2007 - Jerome Booth (Ashmore Investment Management).

"Venezuela: Should I Stay or Should I Go (from the IMF)?" May 10, 2007 - Pablo Goldberg, Jane Brauer, Anjali Prakash (Merrill Lynch).

"Belize's Innovations." May 2007. Lee C. Buchheit and Elizabeth Karpinski (Cleary Gottlieb Hamilton & Steen LLP). This article first appeared in Butterworths Journal of International Banking and Financial Law (May 2007 Vol. 22 - No. 05) and is reposted with their kind permission.

"Size and Structure of the EM Debt Universe." April 27, 2007 - Dany Naierman, Elena Tulloch, Jane Brauer (Merrill Lynch).

"Some Private Sector Views on Country Debt Restructuring." March 7, 2007 - Michael M. Chamberlin (EMTA).

"2006 EM Corporate Trading Volumes." February 22, 2007 - Anne Milne (Deutsche Bank).

"EMTA Survey Shows 19% Increase in Trading Volume." February 21, 2007 - Jane Brauer (Merrill Lynch).

"Argentina: Latest Court Developments." February 8, 2007 - Guillermo Mondino (Lehman Brothers).

"Emerging Markets Evolve as an Asset Class." February 2, 2007 - Joyce Chang, William Oswald, David Fernandez, Drausio Giacomelli, Gloria Kim, Warren Mar, Michael Marese, Victoria Miles, Luis Oganes, Claudio Piron and Graham Stock (JPMorgan).

"Global EM Capital Market Trends." January 22, 2007 - H. David Spegel (ING Wholesale Bank).

"Latin American Corporate Outlook 2007: Finding the 'Pockets' of Opportunity." January 12, 2007 - Anne Milne and Marcelo Menusso (Deutsche Bank).

"More Good Times for Latin American Sovereign Ratings in 2007." January 8, 2007 - Joydeep Mukherji (Standard & Poor's).

"Latin America: Stability Brings Complacency." January 8, 2007 - Gray Newman (Morgan Stanley).

"Emerging Markets 2007 Outlook." January 5, 2007 - Lawrence Goodman, Guillermo Estebanez, Dwyfor Evans, Christy C. Tan, Qing Wang, Han-Sia Yeo, Steve Chih-Hsiang Wang, Georgia Blume and Alberto Boquin (Bank of America).

"Enjoying the Benefit of the Doubt." January 2007 - Emerging Markets Research Team (Barclays Capital).

“Each Sold Separately.” December 21, 2006 - Walter Molano (BCP Securities).

"EM Outlook 2007: Emerging Maturity." December 20, 2006 - Guillermo Mondino, John Welch, Gianfranco Bertozzi, Gordian Kemen, Phil Yuhn, Joe Kogan, Andres Pardo, Robert Beange, Tolga Ediz, Silja Sepping, Sujin Park, Peter Attard Montalto, Craig Chan and Yang-Myung Hong (Lehman Brothers).

"Emerging Markets Debt: 2007 Outlook." December 19, 2006 - Carl Ross (Bear Stearns).

"Yield: From Bull to Bear Steepener." December 15, 2006 - Lee Boon Keng (DBS).

"Neither Fiestas Nor Siestas in Latin America in 2007 and 2008." December 15, 2006 - Paulo Leme, Alberto Ramos, Pablo Morra and Malachy Meechan (Goldman Sachs).

"2007 Emerging Markets Outlook: Navigating in Shifting Winds." December 14, 2006 - Marcel Cassard, Michael Spencer, Marc Balston, Gustavo Canonero, Piero Ghezzi, Martin Hohensee and Arend Kapteyn (Deutsche Bank).

"2007 Outlook." December 1, 2006 – Filippo Nencioni (UBS Investment Bank).

"Trends in EM Debt Trading Activity." December 1, 2006 - H. David Spegel (ING Wholesale Banking).

“EM Debt Monthly: The Year Ahead.” December 1, 2006 - Tulio Vera, Jane Brauer, Pablo Goldberg, Felipe Illanes, Mehmet Simsek and Daniel Tenengauzer (Merrill Lynch).

"Emerging Market Outlook and Strategy." November 29, 2006 - Thomas Glaessner (Citigroup).

"Emerging Markets Outlook and Strategy for 2007." November 22, 2006 - Joyce Chang (JP Morgan).

"Nigeria: Opportunities in Domestic Debt Market." November 21, 2006 - Linan Liu and Jacqueline Madu (Credit Suisse).

"Nigeria: Main Findings from the EMTA Conference in London." November 10, 2006 - Stephen Bailey-Smith and Francis Beddington (Standard Bank).

"The True Impact of Commodity Prices on Emerging Markets." October 13, 2006 - Marcel Cassard, Michael Spencer, Marc Balston, Gustavo Canonero, Piero Ghezzi, Martin Hohensee and Arend Kapteyn (Deutsche Bank).

"Sovereign Debt Default: Cry for the United States, not Argentina." September 2006 - Hal S. Scott (Harvard Law School, published by Washington Legal Foundation).

"Sailing in Calmer Waters: The Prospects for Domestic Bond Markets in Latin America." August 31, 2006 - Christian Kopf (Published by Deutsche Bank Research).

"Belize - Update on Our View of the Upcoming Restructuring." August 17, 2006 - Carl Ross (Bear Stearns).

''Emerging Markets Debt Has Beaten Major Debt Classes Since Inception." August 2, 2006 - Jane Brauer and Dany Naierman (Merrill Lynch).

"Russia: New FTO Debt Swap--at Long Last." August 1, 2006 - Arend Kapteyn and Yaroslav Lissovolik (Deutsche Bank).

''EMTA Summer Forum Notes.'' July 11, 2006 - Will Oswald (JP Morgan).

"East Asian Finance: The Road to Robust [Bond] Markets." June 23, 2006 - Swati Ghosh (The World Bank).

"Past. Present.....No Future?" June 9, 2006 - Elena Tulloch and Jane Brauer (Merrill Lynch). As Emerging Market countries retire their Brady bonds, the universe of investors has expanded beyond those willing and able to understand their complex cash flows and collateral structures.

"Argentina: Quasi-Par Bonds Start Trading Today." June 2, 2006 - Igor Arsenin, Paul Fage, Donato Guarino, Linan Liu and Carola Sandy (Credit Suisse).

"Mexico: Economic Policies and Challenges for the Next Sexenio." May 19, 2006 - Paulo Leme (Goldman Sachs).

"EM Debt Beat Major Debt Markets Since Inception." April 19, 2006 - Jane Brauer (Merrill Lynch).

"Success of Brady Plan Marked in Early Bond Retirements." April 6, 2006 - Matthew Cowley (Dow Jones Newswires). Posted with Permission from Dow Jones Newswires.

"Cote d'Ivoire: If Peace Holds What Happens Next?" March 31, 2006 - Francis Beddington (Standard Bank).

"LatAm Politics: On to the Bigger Votes." March 24, 2006 - Pablo Goldberg, Felipe Illanes, David Beker and Alejandro Cuadrado (Merrill Lynch)

"CNY: Higher Risk of 'Loose Money' Translating to 'Loose Credit.'" March 22, 2006 - Qing Q. Wang, Steve Wang and Lawrence Goodman (Bank of America).

"EM Issuance: Bye Bye Brady." March 7, 2006 - Elena Tulloch, Jane Brauer and Anjali Prakash (Merrill Lynch).

"The Winter of Our Contentedness: EM Views in the EMTA London Forum." March 1, 2006 - Arnab Das (Dresdner Kleinwort Wasserstein).

"Everyone Still Loves EM: A Report on the EMTA Winter Forum." March 1, 2006 - Agata Urbanska (ING Wholesale Banking).

"Inside Argentina's Financial Crises." March 2006 - (Euromoney).

"Emerging Markets as an Asset Class: New Realities." February 28, 2006 - Tulio Vera and Dany Naierman (Merrill Lynch).

"Bondholder Litigation Against Argentina Grows." February 22, 2006 - Pablo Morra (Goldman Sachs).

"Brazil: Abundance is Just Beginning." February 13, 2006 - Gray Newman (Morgan Stanley).

"Secretary Levy Announces Buy Back of External Debt." February 10, 2006 - Paulo Leme (Goldman Sachs).

"Iraq: 2006 Outlook." February 2, 2006 - Khatija Paruk (Deutsche Bank).

"New Iraqi Bond: 'Irrational Exuberance.'" January 27, 2006 - Francis Beddington and Dmitry Shishkin (Standard Bank).

"Some Thoughts on Latin Politics." January 24, 2006 - Michael Gavin (UBS).

"Colombia, Venezuela, Ecuador, Peru, Chile 2006 Themes." January 6, 2006 - Michael Gavin, Catherine Agnelli, Javier Kulesz, Victoria Werneck and David Treiger (UBS).

"Emerging Economy and Financial Trends into 2006." January 5, 2006 - Lawrence Goodman, Guillermo Estebanez, Dwyfor Evans, Kanan Kapadia, Uwe Parpart, Christy Tan, Qing Wang, Steve Wang and Han-Sia Yeo (Bank of America).

"EM Debt Beat Major Debt Markets Since Inception." January 5, 2006 - Jane Brauer (Merrill Lynch).

"2006 Country Forecasts and Outlooks." January 2006 - Paulo Vieira da Cunha, Benito Berber, Marjorie Hernandez and Virgil Esguerra (HSBC).

"Out of Africa." December 31, 2005 - Jay Newman (Elliott Management Corporation). Reprinted from The Wall Street Journal © 2005 Dow Jones & Company. All rights reserved.

"EM Outlook 2006: Weathering the Gusts." December 20, 2005 - Gianfranco Bertozzi, Tolga Ediz, Joe Kogan, Guillermo Mondino, Tim Page and John H. Welch (Lehman Brothers).

"Latin America: The Abundance Challenge." December 19, 2005 - Gray Newman (Morgan Stanley).

"A Benign Out look for Latin America in 2006-2007." December 16, 2005 - Paulo Leme, Alberto Ramos, Pablo Morra and Malachy Meechan (Goldman Sachs).

"Peru Elections: A Bumpy Ride Once Again." December 16, 2005 - Luis Oganes and Andres Ortiz (JP Morgan).

"Limited Gains in Prospect for External Debt Markets in 2006." December 15, 2005 - Philip Suttle (Barclays Capital).

"2006 Emerging Markets Outlook: Steaming Ahead." December 15, 2005 - David Folkerts-Landau, Marcel Cassard, Marc Balston, Pierro Ghezzi, Kingsmill Bond, Michael Spencer, Gustavo Cananero and Jens Nystedt (Deutsche Bank).

"Africa: The Next Frontier." December 15, 2005 - Walter Molano (BCP Securities).

"Emerging Markets Outlook and Strategy for 2006." December 13, 2005 - Joyce Chang (JP Morgan).

"Outlook for 2006." December 13, 2005 - Michael Gavin, Catherine Agnelli, Javier Kulesz, Victoria Wernick and David Treiger (UBS).

"Commentary Across the Grades: Emerging Markets." December 13, 2005 - Carl Ross, A. Daniel Lerner and Michael Mutti (Bear Stearns).

"EM Debt: Not a Disaster but No Better Than Cash." December 2, 2005 - Kasper Bartholdy (CSFB).

"The Year Ahead." December 1, 2005 - Tulio P. Vera & Team (Merrill Lynch).

"Argentina: What the Cabinet Reshuffle Says." November 29, 2005 - Pablo A. Goldberg (Merrill Lynch).

"Argentina: Lavagna's Replacement Does Not Change Economic Policy Orientation." November 29, 2005 - Vladimir Werning (JP Morgan).

"Mexico: A First Look at the 2006 Elections." October 21, 2005 - Paulo Leme (Goldman Sachs).

"'Panda Bonds' to Promote Domestic Capital Markets." October 5, 2005 - Qing Wang and Lawrence Goodman (Bank of America).

"Focus on Brazil: A Landmark Debt Placement." September 26, 2005 - Michael Gavin (UBS).

"Myths and Realities." September 2005 - Paul Singer and Jay Newman (Elliott Associates).

"Of Judges and Vultures." June 2005 - John Barham (Latin Finance).

"Latin American Politics: Not Your Old Boogeyman...But Elections Still Matter." September 21, 2005 - Pablo Goldberg, Felipe Illanes and David Beker (Merrill Lynch).

"Sovereign Report Card: EMBIG." September 19, 2005 - John Chambers and Moritz Kraemer (Standard & Poor's).

"How ICSID Can Protect Sovereign Bondholders." September 2005 - Peter Griffin and Ania Farren (Baker Botts).This article first appeared in the September edition of International Financial Law Review.

"From Rogue Creditors to Rogue Debtors: Implications of Argentina's Default." Summer 2005 - Arturo Porzecanski (Posted with the Permission of the Chicago Journal of International Law).

"Providing the Framework." July/August 2005 - Profit and Loss Magazine.

"EM Debt Beat Major Debt Markets Since Inception." July 29, 2005 - Jane Brauer (Merrill Lynch).

"Latin America; Renminbi Relief." July 25, 2005 - Gray Newman and Luis Arcentales (Morgan Stanley).

"EMTA Summer Forum: In the Eye of the Bull." July 7, 2005 - Tulio P. Vera (Merrill Lynch).

"Nigeria: Update of Paris Club Debt Agreement." July 6, 2005 - Tim Ash (Bear Stearns).

"Latin America: Poised for a Good 2005." June 30, 2005 - Alberto Ramos (Goldman Sachs).

"The Paris Club Owes Nigeria a Fair Deal." June 27, 2005 - Lex Rieffel (The Brookings Institution).

"The Importance of Going Local: Shifting Away from Foreign Currency Sovereign Debt in Latin America." June 21, 2005 - Sebastian Briozzo (Standard & Poor's).

"Belize: Clarifying Recent Government Statements." June 7, 2005 - Christine Richmond (Deutsche Bank).

"Russia: Comments on Paris Club Deal." May 16, 2005 - Tim Ash (Bear Stearns).

"A Survey of FDI and Labor Remittances to Latin America." April 22, 2005 - Alberto Ramos and Pablo Morra (Goldman Sachs).

"Dominican Republic Bond Restructuring Highlights." April 21, 2005 - Franco Uccelli, Alexander Monroy and Carl Ross (Bear Stearns).

"EM Debt Beat Major Debt Classes Since Inception." April 12, 2005 - Jane Brauer (Merrill Lynch).

"Dominican Republic Restructuring Update." April 8, 2005 - Franco Uccelli, Alex Monroy and Carl Ross (Bear Stearns).

"Argentina Debt Restructuring: Belgian Legal Reform Limits the Options of Holdouts." February 24, 2005 - Vladimir Werning (JP Morgan).

"Argentina: Developments in Lawsuits of Holdout Creditors vs. Mendoza Province." February 10, 2005 - Vladimir Werning (JP Morgan).

"EM Debt Beat Major Debt Markets Since Inception." February 8, 2005 - Jane Brauer (Merrill Lynch).

"Venezuela Oil Warrant: Valuation Update." January 24, 2005 - Igor Arsenin, Linan Liu, Paul Fage, Nikolleta Lekka and Ray Farris (CSFB).

"Venezuelan Oil-Indexed Payment Obligation Primer." January 20, 2005 - Frank Zheng (JP Morgan).

"Nigeria: Waiting It out on the Oil Warrants." January 20, 2005 - Alex Garrard (UBS).

"Overview: 2005 Themes, Part II." January 17, 2005 - Michael Gavin (UBS).

"Dominican Republic: And Now for Something Interesting." January 14, 2005 - Geoff Gottlieb (Goldman Sachs).

"Overview: 2005 Themes." January 7, 2005 - Michael Gavin and Javier Kulesz (UBS).

"Bondholders Won't Back New Principles." December 2004 - Felix Salmon.

"Macroeconomic Outlook for Latin America in 2005." December 17, 2004 - Paulo Leme, Alberto Ramos, Geoff Gottlieb, Pablo Morra and Malachy Meechan (Goldman Sachs).

"2005 Emerging Markets Outlook: Tail Wind and Tail Risk." December 16, 2004 - David Folkerts-Landau, Marcel Cassard, Gustavo Conanero, David Sekiguchi and Michael Spencer (Deutsche Bank).

"Global Emerging Markets: Growing Up." December 14, 2004 - Tulio Vera, Sadiq Currimbhoy and Yianos Kontopolous (Merrill Lynch).

"Emerging Markets Outlook for 2005." December 13, 2004 - Joyce Chang and Emerging Markets Research Team (J.P. Morgan).

"Another Happy New Year?" December 9, 2004 - Whitney Kane (Morgan Stanley).

"Latin America: Growing with Uncertainty." December 6, 2004 - Gray Newman (Morgan Stanley).

"Global Emerging Markets Strategy." December 1, 2004 - Citigroup Emerging Markets Economic and Quantitative Research Team (Citigroup).

"EM Debt Outlook for 2005: Between Liquidity and Risk." December 1, 2004 - Tulio Vera (Merrill Lynch).

"Iraq’s Paris Club Deal: They Said It Couldn’t Be Done." November 2004 - Richard Segal (Exotix).

"Collective Action Clauses (CACs): An Analysis of Provisions Included in Recent Sovereign Bond Issues." November 2, 2004 - Bank of England.

"An Injunction to Halt Exit Consent Abuses." November 1, 2004 - Daniel C. Tillotson (Wachovia Securities).

"Argentina - What is Fairness." October 26, 2004 - Daniel C. Tillotson (Wachovia Securities).

“Argentina’s Sovereign Debt Restructuring.” October 19, 2004 – J.F. Hornbeck (Congressional Research Service Report for Congress).

"Argentina Road Map of the Restructuring: What to Look for at Each Stage of the Process." October 7, 2004 - Vladimir Werning (JP Morgan).

"EM Debt Again Beat Major Debt Markets Since Inception." October 6, 2004 - Jane Brauer (Merrill Lynch).

"Argentina: Does the Province of Mendoza Deal Matter for the Sovereign?" September 30, 2004 - Andres Lederman (Citigroup).

"Sovereign Defaults Set to Fall Again in 2005." September 28, 2004 - David T. Beers and John Chambers (Standard & Poor's).

"Argentina: Is a Debt Deal Imminent?" September 24, 2004 - Andres Lederman (Citigroup).

"Emerging Markets Outlook." September 15, 2004 - Sharon Raj, Lionel Price, David Riley, Roger Scher, Ed Parker, James McCormack, Brian Coulton and Sebastien Clerc-Renaud (Fitch Ratings).

"Argentina: Investor's Prisoners Dilemma." September 2, 2004 - Pablo Goldberg (Merrill Lynch).

"Lavagna's Comments on Argentina's Debt Restructuring." September 2, 2004 - Marc Balston and David Sekiguchi (Deutsche Bank).

"Iraq News Update for External Debt Observers.” August 2004 - Richard Segal (Exotix Limited).

"Argentina: The Debt Saga at a Crossroads." August 27, 2004 - Pablo Morra (Goldman Sachs).

"Lessons from Five Years of Inflation Targeting in Brazil." August 27, 2004 - Paulo Leme (Goldman Sachs).

"Venezuela: Crisis Resolved?" August 20, 2004 - Michael Gavin (UBS).

"The Paris Club and the Dominican Republic." July 15, 2004 - Michael Gavin (UBS).

"The Paris Club and the Bond Markets." July 12, 2004 - Michael Gavin (UBS).

"Russia: Repackaging of Paris Club Debt to Germany." June 30, 2004 - Tim Ash (Bear Stearns).

"Russia's New Aries Bond: Paris Club Debt Securitization." June 30, 2004 - Jane Brauer and Ralph Sueppel (Merrill Lynch).

"Germany's Priority Undermines Russia's Technicals." June 25, 2004 - Michael Marrese, Jonathan Bayliss, Stuart Sclater-Booth, Vladimir Werning, Frank Zheng and Gloria Kim (J.P. Morgan).

"Bulgaria Update: Additional Interest Component of Discount Bonds." May 18, 2004 - Tim Ash (Bear Stearns).

"Bulgaria: The Balkans' 'Other' GDP-Linked External Debt." April 2004 - Richard Segal (Exotix).

"The Pari Passu Clause -- What is Fair Treatment?" April 2004 - Michael M. Chamberlin (EMTA).

"Bosnia Herzegovina Update: Major Revision to GDP Statistics." April 19, 2004 - Tim Ash (Bear Stearns).

"The Making of Argentina's Restructuring Trade: A Self-Fulfilling Deal?" April 16, 2004 - Martin Anidjar and Leland Wei (Morgan Stanley).

"Capital Flows to Emerging Market Economies." April 15, 2004 - (Institute of International Finance).

"Argentina Debt Outlook: Light at the End of the Restructuring Tunnel?" April 8, 2004. Marc Balston, Gustavo Canonero and Piero Ghezzi (Deutsche Bank).

"The Decline of Brady Debt." April 5, 2004 - Jane Brauer and Ryan McDuffy (Merrill Lynch).

"Iraqi Debts to the Private Sector: A Comparative Analysis." March 2004 - Peter Bartlett (Exotix).

"Bulgaria Update: View on Bulgaria Discount Brady Bond Additional Interest Liability." March 25, 2004 - Tim Ash (Bear Stearns).

"Statement to the Senate Banking Subcommittee on International Trade and Finance Hearing on the Argentine Financial Crisis." March 10, 2004 - Michael Mussa (Institute of International Economics).

"Emerging Debt is a Safe Haven from G7 Volatility." February 6, 2004 - Jerome Booth (Ashmore Investment Management).

"What Happened to Fiscal Policy?" February 5, 2004 - Walter Molano (BCP Securities).

"Argentina's Debt Restructuring - 'Terminator 3?'" January 2004 - Gintaras Shlizhyus (Raiffeisen Research).

"Sovereign Upgrades to Exceed Downgrades in 2004." January 30, 2004 - John Chambers and David T. Beers (Standard & Poor's).

"Capital Flows to Emerging Markets Economies." January 15, 2004 - Institute of International Finance.

"EM Debt Return Update: Beat Major Asset Classes by 300 BP Per Year for 12 Years." January 15, 2004 - Jane Brauer (Merrill Lynch).

"Has Argentina Found a True Amicus?" January 15, 2004 - Guillermo Mondino, Esteban Fernandez Medrano and Luciano Laspina (Latin Source).

"Bubbly Fundamentals." First Quarter 2004 - Karim Abdel-Motaal (Morgan Stanley).

"The Pari Passu Clause in Sovereign Debt Instruments." Volume 53, Special Edition 2004 - Lee C. Buchheit and Jeremiah S. Pam (Cleary Gottlieb Steen & Hamilton).

"Strategy for 2004." December 17, 2003 - Arturo Porzecanski (ABN Amro).

"A Challenging '04, But, Before That, '03 Has Further To Deliver." December 12, 2003 - Filippo Nencioni (CSFB).

"Emerging Markets Outlook for 2004." December 9, 2003 - Joyce Chang (J.P. Morgan).

"Latin America Economic Outlook: The Region Should Recover 2004-2005." December 9, 2003 - Thomas Trebat, Seth Antiles, Leo Goldstein, Carlos Kawall, Andres Lederman and Pradeep Kumar (Citigroup).

"Market Outlook: The Year Ahead 2004 for EM Debt -- A First Cut." December 2, 2003 - Tulio Vera (Merrill Lynch).

"Pari Passu Clauses - What Do They Mean?" November 2003 - Philip R. Wood (Butterworths Journal of International Banking and Financial Law).

"The Constructive Role of Private Creditors." Arturo Porzecanski (ABN Amro). Reprinted from "Dealing Justly with Debt," Ethics and International Affairs Volume 17, No. 2, with the kind permission of the Carnegie Council on Ethics and International Affairs.

"Trends in Sovereign Indebtedness." October 22, 2003 - Arturo Porzecanski (ABN Amro).

"Spreads vs. Yields." October 21, 2003 - Walter Molano (BCP Securities).

"Russia's Upgrade and the Impact on Market Technicals." October 9, 2003 - Jonathan Bayliss (J.P. Morgan).

"Russia: Investment Grade At Last." October 8, 2003 - Alex Garrard and Al Breach (UBS Investment Bank).

"Argentina's Dubai Proposal: Worse Than Already Lowered Expectations." September 23, 2003 - Filippo Nencioni, Lacey Gallagher, Igor Arsenin, Paul Fage, Linan Liu and Carola Sandy (Credit Suisse First Boston).

"Sovereign Defaults: Heading Lower Into 2004." September 18, 2003 - David T. Beers and John Chambers (Standard and Poor's).

"Argentina: Impact of Recent Legal Decisions." September 16, 2003 - Andres Lederman (Citigroup).

"Restructuring Sovereign Debt: The Case for Ad Hoc Machinery." September 15, 2003 - Lex Rieffel (Brookings Institution Press).

"The Class Action Threats to Sovereign Workouts." July 2003 - Whitney Debevoise and David Orta (Arnold & Porter). Posted with permission of International Financial Law Review.

"Brazil's Current Policy Mix Must Be Backed by Structural Reform for Growth Prospects to Strengthen." July 25, 2003 - Lisa M. Schineller and Helena Hessel (Standard & Poor's).

"Credit Quality Continues to Improve in Emerging Markets." July 23, 2003 - Dianne Vazza and Devi Aurora (Standard & Poor's).

"Beware the Conventional Wisdom about the Market Outlook." June 25, 2003 - Larry Brainard (WestLB). Commentary on EMTA's 2003 Summer Forum in London.

"International Financial Crises: Challenges Remain in IMF's Ability to Anticipate, Prevent, and Resolve Financial Crises." June 16, 2003 - General Accounting Office.

“Chamberlin Remarks at Int’l Insolvency Institute.” June 9, 2003 - Michael M. Chamberlin (EMTA).

"Restructuring Sovereign Debt: The Case for Ad Hoc Machinery." Available in September 2003 - Lex Rieffel (Brookings Institution Press).

"Fundamentals Offer Limited Support for Current EMBIG Valuations But the Liquidity Environment Is Crucial." May 28, 2003 - Graham Stock, Martin Anidjar and Eric Torres (JP Morgan).

"Brazil: Positive Surprises from the New Issue." April 30, 2003 - Filippo Nencioni (Credit Suisse First Boston).

"EM Debt Returns Top Major Asset Classes." April 3, 2003 - Jane Brauer (Merrill Lynch).

"A Comment on the Sovereign Debt Restructuring Debate." March 17, 2003 - Michael Gavin (UBS Warburg).

"Cumulative EM Returns Best over Last 11 Years." March 10, 2003 - Jane Brauer (Merrill Lynch).

"Sovereign Bankruptcy Initiatives: A Critique." March 2003 - Arturo Porzecanski (ABN Amro).

"Democracy's Pains." (A Book Review of "In the Shadow of the Liberator: Hugo Chavez and the Transformation of Venezuela" by Richard Gott). February 3, 2003 - Naomi Daremblum (The New Republic).

"A Cautiously Bullish View on the EM Debt Market." January 17, 2003 - Kasper Bartholdy (Credit Suisse First Boston).

"Market Outlook: The Year Ahead 2003." January 10, 2003 - Tulio Vera, Felipe Illanes, Isaac Tabor and Vincent Low (Merrill Lynch).

"2003 Outlook and Themes." January 2003 - Michael Gavin, Alex Garrard, Guido Cipriani, Javier Kulesz and Boris Vladimirov (UBS Warburg).

"Macroeconomic Outlook for Latin America for 2003." December 20, 2002 - Paulo Leme, Jesus Viejo, Pablo Morra and Monica Fuentes (Goldman Sachs).

"Looking Back at 2002." December 19, 2002 - Javier Kulesz (UBS Warburg).

"Blockbuster Returns Will Be Hard to Achieve in 2003." December 10, 2002 - Joyce Chang (J.P. Morgan).

"Brazil: There is No Quick Fix." December 9, 2002 - Drausio Giacomelli (J.P. Morgan).

"Using Clauses to Reform the Process for Sovereign Debt Workouts: Progress and Next Steps." December 5, 2002 - John B. Taylor (Under Secretary of Treasury for International Affairs) (Remarks Delivered at the EMTA Annual Meeting).

"The Latin Economic Outlook for 2003-2004." December 4, 2002 - Thomas Trebat (Salomon Smith Barney).

"The Debt Crisis Debate." November 2002 - Whitney Debevoise (Arnold & Porter).

"Argentina: The Implications of the Terms Set by the World Bank for the Reimbursement of the Guarantee." October 30, 2002 - Martin Anidjar (J.P. Morgan).

"EMTA Position Regarding the Quest for More Orderly Sovereign Work-Outs." October 17, 2002.

"Sovereign Debt Contracts: What Do We Need to Change?" October 17, 2002 - Michael M. Chamberlin (Remarks Delivered at IIF Conference in London).

"Current Proposals for Sovereign Debt Restructuring - Do We Really Need a Two-track Approach." October 17, 2002 - David C. Mulford (CSFB) (Remarks Delivered at IIF Conference in London).

"Can We Break the Crisis Cycle for Emerging Markets." October 17, 2002 - Jacques de Larosiere (BNP-Paribas) (Remarks Delivered at IIF Conference in London).

"Global Economic Outlook and Policy Responses." September 28, 2002 - Statement by Pedro Malan, Minister of Finance of Brazil to the International Monetary and Financial Committee.

"Sovereign Defaults: Moving Higher Again in 2003?" September 24, 2002 - David T. Beers and John Chambers (Standard & Poor's).

"Frequently Asked Questions Regarding Brazilian External Accounts." September 11, 2002 - Central Bank of Brazil.

"Strengthening The International Financial Architecture: Sovereign Debt Restructuring Mechanism (SDRM) - A Factsheet." August 2002 - International Monetary Fund.

"Brazil: Implications of the New US$30 Billion IMF Package." August 9, 2002 - Joyce Chang, Luis Fernando Lopes, Gabriel Sod-Hoffs, Eric Torres (J.P. Morgan).

"A Casual Observer's Commentary on the Taylor Proposal and EMCA's Model Covenants for New Sovereign Debt Issues (5/3/02 draft)." August 9, 2002 - Michael M. Chamberlin (EMTA).

"Check, Please." August 8, 2002 - Walter Molano (BCP Securities).

"Latin Local Markets: Why Bother?" Third Quarter 2002 - Karim Abdel-Motaal (Morgan Stanley).

"A Casual Observer's Commentary [Part (1)] on the Taylor Proposal and EMCA's Model Covenants for New Sovereign Debt Issues (5/3/02 draft)." July 17, 2002 - Michael M. Chamberlin (EMTA).

"Argentina: Implications of Defaulting to Multilateral Creditors." July 15, 2002 - Martin Anidjar (J.P. Morgan).

"Do the Waffle." July 12, 2002 - Walter Molano (BCP Securities).

"Brazil Update." July 5, 2002 - Michael Gavin (UBS Warburg).

"Brazil's Economy and the Upcoming Elections." July 5, 2002 - Alfredo Thorne and Luis Fernando Lopes (J.P. Morgan).

''Summary of Views from the EMTA Forum.'' June 27, 2002 - Richard Segal (Exotix Limited).

''Collective Action Clauses in Sovereign Bond Contracts: Encouraging Greater Use.'' June 6, 2002 - International Monetary Fund.

''The Design and Effectiveness of Collective Action Clauses.'' June 6, 2002 - International Monetary Fund.

"The Importance of a Sound Financial System in Helping Countries Overcome Financial Crises: Seven Principles for Policymakers." May 13, 2002 - Nicholas Brady (Darby Overseas Investments). (Remarks Delivered at the Institutional Investor Roundtable, Shanghai, People's Republic of China.)

"A Critique of Sovereign Bankruptcy Initiatives." April 17, 2002 - Arturo Porzecanski (ABN Amro).

"Don't Kill the Asset Class." April 8, 2002 - Walter Molano (BCP Securities).

"Revisiting the IMF’s Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-Outs." April 2, 2002 - Michael M. Chamberlin (EMTA Executive Director). (Remarks Delivered at the Institute for International Economics Conference on "Sovereign Debt Workouts: Hopes and Hazards.)

"A Note on the International Debt Commission." March 31, 2002 - Lex Rieffel (Guest Scholar, Brookings Institution).

"Moral Hazard: Does IMF Financing Encourage Imprudence by Borrowers and Lenders?" March 2002 - Timothy Lane and Steven Phillips (International Monetary Fund).

Igor Kostikov, Chairman of the Russian Federal Commission for the Securities Markets, Speaks at Special EMTA Meeting - February 4, 2002

"The IMF's Sovereign Bankruptcy Proposal and the Quest for More Orderly Sovereign Work-outs (Revised)." January 29, 2002 - Michael M. Chamberlin (EMTA Executive Director). (Remarks Delivered at the JP Morgan Emerging Markets Winter Conference (Revised).)

"Emerging Markets and the Global Economy in the Year Ahead." January 10, 2002 - Jose Luis Daza and Leonardo Leiderman (Deutsche Bank).

"A New Approach to Sovereign Debt Restructuring." December 20, 2001 - Anne Krueger (First Deputy Managing Director, International Monetary Fund). (Remarks Delivered at the Indian Council for Research on International Economic Relations.)

"Emerging Markets Debt: Outlook for 2002." December 17, 2001 - Joyce Chang (J.P. Morgan).

"2002: The Year Ahead." December 4, 2001 - Tulio P. Vera (Merrill Lynch).

"Please, Engage Brains." November 21, 2001 - Walter Molano (BCP Securities).

"How to Keep Developing Countries in their Place: Cut them off from Capital." October 4, 2001 - Jerome Booth (Ashmore Investment Management).

"ARS NDFs: How Realistic A Scenario Is Dollarization?" October 2, 2001 - Martin Anidjar (J.P. Morgan).

"No More Hideouts for Criminal Money." September 28, 2001 - Arminio Fraga (President, Central Bank of Brazil, Republic of Brazil).

"Developments in Sovereign Finance: Crisis Management Needs a Clearer Framework for Private Sector Involvement." September 2001 - Whitney Debevoise (Arnold & Porter).

"Argentina: A Huge Leap for Congress is a Small Step on the Difficult Path to Debt Sustainability." August 1, 2001 - Joyce Chang and Eva Sanchez (J.P. Morgan).

"Reading the Washington Tea Leaves." July 31, 2001 - Tulio Vera, Felipe Illanes and Yianos Kontopoulos (Merrill Lynch).

"Auto da Fe." July 25, 2001 - Walter Molano (BCP Securities).

"Sovereign Risk and Ratings Above the Sovereign." July 23, 2001 - Laura Feinland Katz and David T. Beers (Standard & Poor's).

"Is the Tango Contagious." July 19, 2001 - Leonardo Leiderman, Marcel Cassard and Michael Spencer (Deutsche Bank).

"Argentina - Update on Our View." July 12, 2001 - Carl Ross, Paris Karasso, Franco Uccelli and William Heck (Bear Stearns).

"An Open Letter to the Markets." April 22, 2001 - Domingo F. Cavallo (Minister of the Economy, Republic of Argentina).

"Having His Cake and Eating It Too." April 18, 2001 - Pablo Goldberg (Merrill Lynch).

"Argentina: The Euro and the Convertibility Regime." April 17, 2001 - Andres Lederman (Salomon Smith Barney).

"Argentina: The Costs and Benefits of Changing US$ Convertibility to a Basket." April 17, 2001 - Martin Anidjar (J.P. Morgan)

"Argentina: A Currency Basket is Becoming a Reality." April 17, 2001 - Carlos Janada (Morgan Stanley Dean Witter).

"Brazilian Relative Value: High Brady Cash Flow Payments Historically Have Little Impact on Asset Pricing." April 17, 2001 - Stuart Sclater-Booth and Eric Beinstein (J.P. Morgan).

"Argentina: The Risks of Cavallo's Currency Basket Proposal." April 16, 2001 - Leonardo Leiderman (Deutsche Bank).

"Do Large Brady Payments Lead to Abnormally High Market Returns?" April 2, 2001 - Javier Kulesz and Michael Corlett (UBS Warburg).

"Fundamentals Challenging Technicals." March 9, 2001 - Eric Fine (Morgan Stanley Dean Witter).

"Sovereign Piracy." February 2001 - G. Mitu Gulati and Kenneth N. Klee (The Business Lawyer, Vol. 56).

"Today's Emerging Markets: Building an Asset Class with More Meaningful Investor Rights." February 15, 2001 - EMTA Executive Director Michael Chamberlin.

"Burden-Sharing in 2001: Now is the Time to Reform the Paris Club." February 13, 2001 - EMTA Policy Paper.

"Principles for Private Sector Involvement in Crisis Prevention and Resolution." January 24, 2001 - Institute for International Finance.

"EM External Debt Trading Volumes." January 12, 2001 - Jonathan Bayliss (Deutsche Bank).

"Emerging Markets 2000-2001." January 8, 2001 - Mohamed A. El-Erian (PIMCO).

"Emerging Markets Debt: Year in Review." January 2001 - Joyce Chang (Chase Securities).

"The Role and Potential of Self-Regulatory Organizations: the Emerging Markets Traders Association from 1990 to 2000." Ross P. Buckley (Stanford Journal of Law, Business and Finance, Volume 6:1).

"Emerging Markets Debt: Outlook for 2001." December 22, 2000 - Tulio Vera (Merrill Lynch).

"Emerging Markets External Strategy: The Year Ahead." December 8, 2000 - Jonathan Bayliss and Anna Titarchuk (Deutsche Bank).

"MSDW Emerging Markets 2001 Roadshow Poll." December 1, 2000 - Eric Fine (Morgan Stanley Dean Witter).

"Emerging Markets and a US Hard Landing; To Worry or Not to Worry." November 6, 2000 - Karim Abdel-Motaal (J.P. Morgan).

"Argentina: A Stress Test of the 'New International Financial Architecture'?" November 1, 2000 - Arturo Porzecanski (ABN Amro).

"Macroeconomic Outlook for Emerging Economies." November 2000 - Paulo Leme and Federico Kaune (Goldman Sachs).

"Financial Crises in the Emerging Markets: The Roles of the Public and Private Sectors." November 2000 - Terrence J. Checki (Federal Reserve Bank of New York) and Ernest Stern (J.P. Morgan).

"Debt Restructuring: Legal Considerations." October 30, 2000 - Eric Lindenbaum and Alicia Duran (Merrill Lynch).

"Resolving Financial Crises in Emerging Market Economies." October 23, 2000 - Timothy F. Geithner (U.S. Treasury Undersecretary for International Affairs).

"Emerging Markets Versus High Yield." October 16, 2000 - Tulio Vera, Leland Wei and Jane Brauer (Merrill Lynch).

"Emerging Markets Versus High Yield: Credit Fundamentals Revisited." October 13, 2000 - Peter Rappoport (J.P. Morgan).

"All for One and One for All: Burden Sharing Revisited." October 13, 2000 - Robin Hubbard (Chase Securities).

"Emerging Markets Outlook (abridged)."October 4, 2000 - Jose Luis Daza (J.P. Morgan).

"The Long and Winding Road." October 2000 - Mohamed A. El-Erian (PIMCO).

"Address to the 7th International Conference on Hedge Funds." September 26, 2000 - Nicholas F. Brady (Darby Overseas Investments).

"A Slippery Slope." September 20, 2000 - Walter Molano (BCP Securities).

"Emerging Markets Debt Trends: Mid-Year Review and Outlook." July 21, 2000 - Joyce Chang (Chase Securities).

"Mexican VRRs Move Deeply Into the Money." July 5, 2000 - Filippo Nencioni (J.P. Morgan).

"Russian Research: Has Anything Really Changed?" June 9, 2000 - Philip Poole (ING Barings).

"The Impact of Liquidity on Measured Historical Volatility." June 2000 - Arvind Rajan (Salomon Smith Barney).

"What is the Best Way to Facilitate Sovereign Debt Workouts?" March 3, 2000 - Joyce Chang (Chase Securities).

"Emerging Markets Fixed Income: Why Bother?" September 8, 1999 - Karim Abdel-Motaal (J.P. Morgan).

"Ecuador: Beyond Comparability. From 'Burden Sharing' to 'Burden Shifting'?'" August 28, 1999 - Michael Gavin (UBS Warburg).