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LATIN DEBT markets were hit with a vengeance by the overspill from the Asian currency crisis this week, as concerns about Brazil's fiscal position spread to other countries in the region.

LATIN DEBT markets were hit with a vengeance by the overspill from the Asian currency crisis this week, as concerns about Brazil's fiscal position spread to other countries in the region.

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JP MORGAN scored a major coup this week by overcoming poor market conditions to complete one of the largest IPOs in the US this year. The flotation of CIT Group, a diversified finance company, raised $850m and was priced near the top of the indicated range. Some 31.5m shares were sold to investors at $27, compared to the pricing range of $25-$28. JP Morgan said the success of the deal reflected the quality of stock. Investor interest in the transaction blossomed during a two-and-a-half week roadshow that covered most financial centres in the US.

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Emerging markets commentary Compiled by ANZ Investment Bank, London. Contact: Jerome Booth, tel: +44 171-378 2959

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