The emerging markets have attained prominence of late as the recent troubles in the principal emerging markets in Asia, Russia and Latin America have threatened global stability. This book is the first detailed study of emerging markets debt and offers a unique insight into one of the world's more significant, and less understood, financial markets. It offers a comprehensive analysis of the evolution of the market in emerging markets debt from 1983 to date. In the aftermath of the debt crisis of the 1980s the banking community discovered the first disposal technique for the sovereign debt of less developed countries -- a secondary market in that debt. This market played a major role in the history and amelioration of the debt crisis, the Mexican problems in the mid-1990s, and the recent Asian economic crisis. The market focus of this study is on the indebtedness of Latin American nations, which has fanned the backbone of secondary market activity, and the recent developments in Asia. The regulatory focus is on U.S. banks and banking regulation. This book is essential reading for anyone involved with emerging markets debt: bankers, traders, investors, corporate and sovereign issuers, finance lawyers and banking regulators.