1. September events increased uncertainty and investor risk .......... when there were serious concerns about emerging market basics, a global slowdown, and the potential for credit events in specific emerging markets.

2. In the September 11 .......... the average country returns in debt markets rose in a general sell-off to levels last appearing during the Brazilian devaluation, but it has since decreased.

3. Against a .......... of global slowdown, the quality of credit continued weakening, and the average credit quality in the emerging debt markets retreated to its post-Russian-crisis low.

4. Although we had spillovers from countries where credit concerns grew, this was contained within specific emerging markets, and generally financing .......... up reasonably well during this quarter.

5. The measures of broad spillover or .......... across emerging markets during the turmoil in June kept considerably under the levels seen in other historical instances of stress.

6. The near record .......... in June bond issues helped raise the quarterly volume to its highest level since the boom after Y2K.

7. Increased expectation of a US economic slowdown, decreased potential for media and technology sectors, and deterioration of credit markets took their .......... on emerging markets in the third quarter of the year.

8. In spite of the nearly total drying .......... of bond issuance, fund raising on international markets maintained itself rather well, aided by a strong loan market and a surge in placements from China.

9. Shifting expectations of the relative probability of a 'hard' as against a 'soft' .......... scenario for the US economy are liable to maintain volatile markets.

10. As the conditions in equity and bond markets are still choppy, those issuers will continue to exploit .......... of opportunity, while the loan market is expected to remain supportive.