FYI.  These guys do great intelligence work for us, and I'd be happy to help 
you guys get a similar effort going for you if you do not receive these 
services already.  (They have done everything from competitior studies to 
industry studies both commercial and political)

Best,

Jeff
----- Forwarded by Jeffrey A Shankman/HOU/ECT on 02/07/2001 10:42 AM -----

	Robert Johnston
	02/07/2001 10:03 AM
		 
		 To: Jeff Kinneman/HOU/ECT@ECT, Gary Hickerson/HOU/ECT@ECT, Jeffrey A 
Shankman/HOU/ECT@ECT
		 cc: Darren Delage/AP/Enron@Enron, Michael W Bradley/HOU/ECT@ECT, Eric 
Scott/HOU/ECT@ECT, Pushkar Shahi/HOU/ECT@ECT, William Stuart/HOU/ECT@ECT, 
Steve Jacobellis/NA/Enron@Enron, Brendan Fitzsimmons/NA/Enron@Enron, Kimberly 
Landry/NA/Enron@Enron, Scott Tholan/Corp/Enron@Enron
		 Subject: Asian Credit Alert- AP & P

The Asian Pulp & Paper debt situation is once again becoming critical to 
Asian growth prospects.  AP & P is the most popular Asian bond holding among 
foreign investors.  AP & P narrowly met a Feb.1 deadline for a debt payment 
and has a 30 day grace period on another which runs out at the end of 
February.  Depressed pulp and paper prices and a high risk premium for 
Indonesian debt raise serious doubts about AP & P's ability to meet this 
payment.

The ripple effect of an AP &P default or government-imposed restructuring 
would be significant for Asian credit and equity markets, with possible 
contagion effects for other emerging markets.  We will continue to update 
this issue in the days ahead.

RJ