Have sovereign borrowers from the region encountered that ignorance when they ve been marketing inflation-linked bonds overseas?
Rodriguez, Mexico: Yes. This is why I asked the question. Inflation-linked securities have a very long history in Mexico probably a longer history than in any other emerging economy. But everywhere liquidity is a lot lower in inflation-linked securities than it is in nominal bonds. In this respect we have seen a similar picture in Mexico as in developed economies. But the level of participation by foreigners is 25% in the nominal yield curve and yet it s only about 4% in the inflation-linked market. We have seen, however, that following the crisis and as a result of the outlook for inflation, a lot more people are starting to ask questions about the market and want to get involved. We re starting an interesting exercise next week, which is to issue a local inflation indexed-bond through a syndication for the first time ever. That will give us an extended marketing period allowing the banks to explain better to their clients how these instruments work. So it will be interesting to see w
