Sovereign Bond Spreads:  =20  Significant New Issuance - CSFB Commentary:  ?=09The emerging debt markets rallied this week as the long expected new IM= F package for Argentina was finally announced on Tuesday.
Argentina will re= ceive US$8bn in new loans from the IMF, of which US$5bn will be allocated n= ext month to reinforce reserves that were depleted as a result of massive s= avings withdrawal.
Another US$3bn will be extended if Argentina obtains an = agreement to cut financing costs through a debt swap and possible buyback.
= The rally in Argentina spilled over first to the higher yielding EM assets = (Brazil, Turkey etc), then helped other credits, although the impact was so= fter.
However, the Argentine problem is far from solved, as the Republic's = government still has to deliver on its promises of a zero budget deficit an= d debt restructuring, therefore the medium term outlook is still cautious.
= The Turkish market traded up after the Argentina package was announced; the=  rally was also helped by the satisfactory T-Bills auction results and othe= r positive news from the country.
For Russian assets, the IMF announcement = was also a long awaited boost: volumes increased significantly with prices = climbing by more than 2 points.
The Russian US$ yield curve is getting very=  steep because most of the supply that we see is concentrated in Russia 203= 0, while the buying interest is spread across the curve.
Central and Easter= n European asset prices were on average ?
point higher on the week with Pol= and underperforming other countries after the S&P changed its outlook on fo= reign currency rating for the Republic from "positive" to "stable".
The EMB= I+ Index tightened by 50 bps in one session on Wednesday and closed 29 bps = tighter on the week.
?=09On Tuesday the FOMC cut the Fed Funds rate for the 7th time this year b= y 25 bps to 3.50%, the lowest since April 1994.
The accompanying Fed statem= ent pointed at the slowing global growth and weakening business profits and=  capital spending in the US, thus suggesting further easing is possible.
?=09As market conditions remain difficult and we are still in a traditional=  August holiday period, primary market activity is very slow but expected t= o soar in September with a number of deals waiting in the pipeline.

Sovereign Bond Spreads, 24 August 2001
Sovereign Bond Spreads: =<NUMBER> Significant New Issuance - CSFB Commentary: ?=00The emerging debt markets rallied this week as the long expected new IM= F package for Argentina was finally announced on Tuesday.
Argentina will re= ceive US<CUR>0bn in new loans from the IMF, of which US<CUR>0bn will be allocated n= ext month to reinforce reserves that were depleted as a result of massive s= avings withdrawal.
Another US<CUR>0bn will be extended if Argentina obtains an = agreement to cut financing costs through a debt swap and possible buyback.
= The rally in Argentina spilled over first to the higher yielding EM assets = (Brazil, Turkey etc), then helped other credits, although the impact was so= fter.
However, the Argentine problem is far from solved, as the Republic's = government still has to deliver on its promises of a zero budget deficit an= d debt restructuring, therefore the medium term outlook is still cautious.
= The Turkish market traded up after the Argentina package was announced; the= rally was also helped by the satisfactory T-Bills auction results and othe= r positive news from the country.
For Russian assets, the IMF announcement = was also a long awaited boost: volumes increased significantly with prices = climbing by more than <NUMBER> points.
The Russian US<CUR> yield curve is getting very= steep because most of the supply that we see is concentrated in Russia <NUMBER>= <NUMBER>, while the buying interest is spread across the curve.
Central and Easter= n European asset prices were on average ?
point higher on the week with Pol= and underperforming other countries after the S&P changed its outlook on fo= reign currency rating for the Republic from "positive" to "stable".
The EMB= I+ Index tightened by <NUMBER> bps in one session on Wednesday and closed <NUMBER> bps = tighter on the week.
?=00On Tuesday the FOMC cut the Fed Funds rate for the 0th time this year b= y <NUMBER> bps to <NUMBER>%, the lowest since April <NUMBER>.
The accompanying Fed statem= ent pointed at the slowing global growth and weakening business profits and= capital spending in the US, thus suggesting further easing is possible.
?=00As market conditions remain difficult and we are still in a traditional= August holiday period, primary market activity is very slow but expected t= o soar in September with a number of deals waiting in the pipeline.
conditions remain swap possible volumes increased significantly new im package bps number lowest russian cur ext month reinforce announced tuesday argentina sovereign bond spreads cut