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J.P. Morgan EMBI Global drops 2.03% in October; year-to-date return 10.01%

By J.P. Morgan, November 7, 2000

The J.P. Morgan Emerging Markets Bond Index Global (EMBI Global) dropped 2.03% in October, bringing its year-to-date return to 10.01%. The EMBI+ dropped 2.25%, bringing its year-to-date return to 11.17%. The EMBI Global spread over comparable U.S. Treasury bonds widened 65 basis points (bps) for the month to close at 715. The EMBI+ spread widened 68 bps this month to close at 743.

Croatia was the best monthly (+1.78%) performer for the EMBI Global. Poland (+0.35%) was the best monthly performer for the EMBI+, due largely to that country's decision to call some of its Brady bonds. Russia (+55.56%) was the best year-to-date performer for the EMBI Global and the EMBI+ as good fiscal conditions continued.

Cote d'Ivoire was the worst monthly (-20.29%) performer for the EMBI Global. It continued to experience political instability, which translated into increased doubts about the country's ability to meet its external payment obligations. Year-to-date, the Philippines (-10.38%) was the worst performer for the EMBI Global. It was also the worst monthly (-7.50%) and year-to-date (-11.84%) performer for the EMBI+. Political turmoil, a continuing drop in the Philippine peso, and the precarious ratings stance from S&P and Moody's contributed to the underperformance during the month.

The J.P. Morgan Emerging Markets Bond Index Global is the most comprehensive emerging markets debt benchmark index and the best representative of the full range of global fixed income investment opportunities. Launched in August 1999, it tracks total returns for U.S. dollar-denominated debt instruments for 27 emerging market countries. The J.P. Morgan Emerging Markets Bond Index Plus tracks similar debt instruments, but represents 16 countries and uses stricter liquidity requirements. Information about the EMBI Global and the EMBI+ is also available on the Internet (www.jpmorgan.com).

 U.S. dollar total return performance (%)
 October 31, 2000                  
                                  EMBI Global                 EMBI+
                            Oct     YTD   12 mos        Oct    YTD   12 mos
 Composite                -2.03   10.01    18.18      -2.25  11.17    20.50

 Country composites
 Algeria                  -0.85   20.01    28.09        -      -        -
 Argentina                -4.41    1.11     5.39      -4.42   1.05     5.32
 Brazil                   -1.96    7.72    19.58      -2.04   7.52    19.43
 Bulgaria                 -1.02    2.13     9.34      -1.02   2.13     9.34
 Chile                    -1.19    5.14     5.51        -      -        -
 China                     0.69    8.31     8.93        -      -        -
 Colombia                 -1.15   -3.80    -0.33      -1.15  -4.62    -0.91
 Cote d'Ivoire           -20.29   -8.53   -37.83        -      -        -
 Croatia                   1.78   10.33    21.06        -      -        -
 Ecuador                  -2.94   52.03    60.28      -2.94  52.03    60.28
 Hungary                   0.74    7.59     8.35        -      -        -
 Lebanon                   0.68    7.41     7.74        -      -        -
 Malaysia                 -0.12    6.49    10.47        -      -        -
 Mexico                   -1.26   12.98    20.43      -1.32  13.20    20.78
 Morocco                  -1.83    4.20    10.53      -1.83   4.20    10.53
 Nigeria                  -4.87   -9.04    -5.91      -3.33   4.15     4.92
 Panama                   -0.09    7.24    12.33      -0.09   7.24    12.33
 Peru                     -4.54   -8.71     2.78      -4.54  -8.71     2.78
 The Philippines          -7.50  -10.38    -7.62      -7.50 -11.84    -9.66
 Poland                    0.35    9.28    10.44       0.35   9.28    10.44
 Russia                   -0.66   55.56   114.75      -0.66  55.56   115.93
 South Africa             -0.95    5.15     8.51        -      -        -
 South Korea              -0.10    5.90     7.81       0.24   5.92     8.61
 Thailand                  0.23    9.32    10.21        -      -        -
 Turkey                   -1.49    5.82    12.21      -2.08   3.42     9.18
 Ukraine                  -5.79     -        -          -      -        -
 Venezuela                -1.11   15.58    16.48      -1.09  14.68    15.55


 Other indices
                                    Oct         YTD      12 mos
 EMBI Global Constrained          -1.79        8.62       14.99
 EMBI                             -1.70       11.04       19.37
 ELMI+                            -1.64       -1.17        1.12
 ELMI                             -2.45       -2.12        0.40
 LEI                              -2.68        3.05        8.85
 GBI Global                       -1.19       -3.22       -3.50
 GBI Broad                        -1.26       -3.48       -3.72
 GBI+                             -1.29       -3.13       -3.25

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