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.
Certain of
the materials featured herein have been posted with the express and limited
permission of the author thereof. These materials may be printed for use by your
Member organization, provided however, that such materials may not be copied or
distributed outside of your Member organization without the express consent of
the author thereof.
Any person opening any
materials from this area is deemed to agree to the foregoing.
To submit materials for posting
to this area, please contact EMTA by email at
jmurno@emta.org.
"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 Balston, 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).
"Emerging
Markets Global Outlook." December 13, 2007 - Piero Ghezzi and Advin
Pagtakhan (Barclays Capital).
"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).
"Russia:
Medvedev a Pro-Reform Yet Politically Weak President?" December 10, 2007 -
Sergei Voloboev (Credit Suisse).
"Outlook 2008."
December 3, 2007 - Filippo Nencioni, Bhanu Baweja, Paolo Batori, Nizam Idris,
Alvaro Vivanco and Ju Wang (UBS).
"2008: EM Year Ahead." December 3, 2007 - Michael Hartnett, Daniel
Tenengauzer, Tulio Vera and the ML Global Economics Team (Merrill Lynch).
"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).
"Some Private Sector Views on Country Debt Restructuring." March 7, 2007 -
Michael M. Chamberlin (EMTA).
"EMTA Survey
Shows 19% Increase in Trading Volume." February 21, 2007 - Jane Brauer (Merrill
Lynch).
"2006 EM
Corporate Trading Volumes." February 22, 2007 - Anne Milne (Deutsche Bank).
"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).
"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).
“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).
"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).
"2006 Country
Forecasts and Outlooks." January 2006 - Paulo Vieira da Cunha, Benito Berber,
Marjorie Hernandez and Virgil Esguerra (HSBC).
"EM Debt Beat
Major Debt Markets Since Inception." January 5, 2006 - Jane Brauer (Merrill
Lynch).
"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).
"Commentary Across the
Grades: Emerging Markets." December 13, 2005 - Carl Ross, A. Daniel Lerner and
Michael Mutti (Bear Stearns).
"Outlook for 2006." December 13,
2005 - Michael Gavin, Catherine Agnelli, Javier Kulesz, Victoria Wernick and
David Treiger (UBS).
"EM
Debt: Not a Disaster but No Better Than Cash." December 2, 2005 - Kasper
Bartholdy (CSFB).
"Emerging
Markets Outlook and Strategy for 2006." December 1, 2005 - Thomas Glaessner and
Don Hanna (Citigroup).
"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."
Arturo Porzecanski. (Posted with the Permission of the Chicago Journal of
International Law, Summer 2005, Volume 6, Number 1).
"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).
"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).
"The
Pari Passu Clause in Sovereign Debt Instruments." Working Draft
December 11, 2003 - Lee C. Buchheit and Jeremiah S. Pam (Cleary
Gottlieb Steen & Hamilton).
"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).
Download
Adobe Acrobat Reader (if needed)
BACK TO TOP