Thanks largely to the doldrums of the second half of the year, 07 marked a drop in issuance in those emerging markets that were 06's bright young things.

Mexico, it appears, wasn't an exception, but the first aggregate figures to come out on issuance show that the dip was negligible. And the number for 07 actually ends up looking okay when you consider that 06 was a record year - with volumes by some accounts more than doubling.

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