1. Emerging Market Financing Outlook Hung Tran October 2002
Deputy Director
International Capital Markets Department
October 2002

2. Emerging Market Financing
(Billions of US dollars)

3. Cumulative Gross Annual Issuance of Bonds, Loans, and Equity
(Billions of US dollars)
1997
2000
2001
1999
1998
2002

4. Sovereign Spreads (basis points) Brazil (right scale) EMBI+ Russia
Mexico

5. Return Performance Q1-Q3 2002
EMBI+
EMBI+ non-Latin
US High Yield
US High Grade
US 10 yr Treasury
EM Free
S&P 500
Nasdaq
Eurotop 300
Topix
- 0.3%
+ 14.9%
- 7.3%
+ 8.4%
+ 15.4%
- 16.2%
- 29.0%
- 39.9%
- 35.1%
- 10.8%

6. EMBI+ Volatility
(30-day rolling)

7. Average Correlations of Emerging Debt Markets
(30-day rolling)
Average correlation of
Argentina, Ecuador,
Panama, Peru,
and Venezuela with Brazil
Average cross correlation of
emerging debt credits