Despite Argentina's recent plight, including a sovereign default and currency devaluation, several CDOs backed by emerging market sovereign and corporate debt are underfoot.

But don't expect the flood gates to open: "Maybe we'll see six to ten EM CDOs in 2002," said Alex Reyfman, the global head of CDO research at Goldman Sachs. "The investor and issuer base for these deals is currently too small to warrant a major flow of such transactions."

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