Table: Giving Asia Credit

The spreads are shrinking between U.S. Treasuries and Asian government bonds

DEC. 1998 MAY 2002 --------BASIS POINTS-------

CHINA 265 120 INDONESIA 1,120 280 MALAYSIA 620 100* PHILIPPINES 425 317 SOUTH KOREA 375 113 THAILAND 375 130

* Petronas bonds

Data: Salomon Smith Barney

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