1.   Any debt swap with foreign creditors would require guarantees from outsiders, such as the IMF or the United States Treasury.

2.   Horacio Liendo, an adviser to Cavallo, said in a radio interview Wednesday that the government was moving ahead with the debt swap.

3.   In addition, the debt swap will raise fresh capital by freeing up the U.S. bond collateral that backs the Mexican Brady securities to be sold.

4.   In the debt swap, bondholders are accepting a delay in interest payments, giving the government some relief from its crushing debt burden.

5.   In the two previous debt swaps this year, bondholders received new instruments at far higher interest rates.

6.   One reason for the debt swap is so the countries can capture the collateral, which backs many of the Brady bonds.

7.   Panama should attract interest from fixed-income investors later this year when it completes its debt swap for Brady bonds with international lenders, analysts said.

8.   Talking to the banks on an individual basis might result in lower interest rates than a public bond sale or loan for debt swap, the bankers said.

9.   Talking to the banks on an individual basis might result in lower interest rates than a public bond sale or loan for debt swap.

10.   The debt swap also could relieve pressure on Korea to reorganize their businesses, the Deutsche Bank official said.