TO:             EMTA Members 

FROM:        Michael Chamberlin 

DATE:         August 15, 2003 (6:00 am NYC time) 

RE:             Friday’s Markets

Consistent with expectations for the broader US fixed income markets, EMTA currently expects that the trading market in New York City for Brady bonds and other Emerging Markets debt instruments will be open on Friday, August 15, despite last night’s electric power outage.  It is possible that further market advisories/recommendations will be made later today, in view of some continuing temporary disruptions, to maintain consistency with the financial markets generally.

For further information, please visit the New Developments Area of EMTA’s website (www.emta.org) or contact Michael Chamberlin at 845-373-9846 (or c/o margieob@aol.com).