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  • INSURANCE
  • LATIN AMERICA
  • The economies of Latin America have for differing reasons been severely affected by global economic slowdown. Argentina has to face mounting debt tangles as well as crippling deflation and Brazil faces similar problems. Mexico’s success story looks as if it will pick up again but for the moment has been interrupted by the US slowdown. Remarkably, though, the region’s equity markets have so far ridden out the crisis.
  • INDONESIA
  • President, Bank of America Europe
  • Issuer: Republic of Italy Amount: ¥200 billion Launched: December 1996 Deal: Currency swap
  • Head of global debt markets group, Merrill Lynch
  • If anyone thought that some debtor countries take their responsibilities to the multilaterals less than seriously, they won't be encouraged by the arrival of a new board game - Deuda Eterna.
  • When the largest brokerage firm in America sends an email to all its employees offering them voluntary redundancy, it's a sign that something more than a periodic bout of investment banking blood-letting is under way.
  • Issuance is down in the medium-term note market. September's terrorist attacks have left the market nursing its wounds. Fears about liquidity and concerns about widening spreads have persuaded many issuers and investors to stay away.
  • Bankers are selling hard the story of Russia’s return to the Eurobond market with City of Moscow’s latest foray. Yet investors need to be cautious given the republic’s recent debt history. The queue of credible issuers is far from endless and likely to be trimmed by the Russian government as it prepares for its own refinancing in 2002.