While many emerging market bankers took a holiday break in August, at least a few spent the month fashioning cross-border deals to kick off the fall season. So far, what's in store for future flow investors is a first-time opportunity to try on some Guatemala and an offering from Turkey featuring public debuts for three monoline issuers.

Prior to last week, Wachovia Securities roadshowed a $125 million seven-year bond for Guatemala's Banco Industrial, expected to price shortly as of press-time. Thanks to a wrap from XLCA, the transaction has triple-A ratings from Moody's Investors Service and Standard & Poor's. The underlying ratings are BBB-' and Baa2', respectively. Average life is 4.7 years.

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