◆  US downgrade: why, if you liked US Treasuries at 3.96%, you'll love them at 4.18% ◆ A new fund for forests ◆ The African sovereign bond paradox ◆ Pemex problemsThere was a lot going on in the US Treasury market this week, following a downgrade of the sovereign by Fitch, an increase in government borrowing beyond what was expected and jobs data. We delve into what it means for the bond market.Meanwhile, former World Bank treasurer Ken Lay is gaining some traction lately with an old idea he has been working on for years — a sovereign wealth fund to save forests. We explain how it would work and which countries are up for it.Finally, we turn our attentions to the emerging markets where some see the return of Gabon to bond issuance this week as a sign that other African sovereigns will follow. But there's a paradox: investors don't want to buy bonds from those issuers until the yields are lower. We explain why and whether any of those issuers will be forced to raise debt capital anyway and how they might do it.We also talk about mounting problems at Mexico's state-owned oil company, and EM bond market giant, Pemex.