51.   Lower U.S. rates prompted some investors to buy higher-yielding emerging market debt.

52.   Lower yields make emerging market debt more attractive.

53.   Merrell bought Treasuries in late October to offset losses in his holdings of emerging market debt, which suffered amid financial turmoil in Asia.

54.   Most emerging market debt followed in its wake.

55.   Most other emerging market debt was down.

56.   Naqvi said the quiet trading day did not mean investors had lost interest in emerging market debt.

57.   Only a sharp drop in U.S. stocks or bonds could undermine emerging market debt, said Santamarina.

58.   Panamanian Brady bonds, the best-performing Latin American bonds this month, led declines among emerging market debt.

59.   Since East Asian markets began tumbling in October emerging market debt has tracked U.S. stocks as an indicator of risk and world liquidity.

60.   Since the rout began last month, emerging market debt has closely tracked U.S. stocks.