Emerging sovereign debt markets in general, and Latin American sovereign bonds in particular, had a surprisingly good year in 2001, considering that the largest sovereign bond issuer of all time defaulted on some $100 billion of global bonds. The Argentine default was very clearly flagged, allowing virtually all professional bond investors to exit the country in good time. At the same time, investors in US corporate debt, from Enron to WorldCom, were starting to get jittery about their own market.
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