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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Monday, April 10 2000

Daily Brady Bond Trading Commentary

In the long run, a cooling off of U.S. tech stocks may help to push investors back into emerging markets debt in search of excess returns. For the moment, however, any significant down-ticks in the NASDAQ raise fears of an abrupt correction and the negative impact it would have on global liquidity and investors' risk appetites. While we see value in Em debt after the most recent sell-off, we look for the same type of illiquid, choppy trading to continue into the foreseeable future. Peru's President Fujimori was running just shy of the 50% of votes needed, with less than half of the ballots counted, to avoid a runoff in his bid to secure a third term. With the opposition already crying foul and voters protesting the results, a Fujimori victory is likely to fuel further unrest.
This report was prepared by Credit Lyonnais Securities (USA) Inc. The information and statistical data herein have been obtained from sources we believe to be reliable but in no way are warranted by us as to accuracy or completeness. Returns set forth in this report are estimates based on internal assumptions, and any changes in these assumptions may have material impact on such estimated returns. This is not a solicitation or any offer to buy or sell securities. We, our affiliates, and any officer, director or stockholder or any member of their families, may have a position in and may from time to time purchase or sell any of the above mentioned or related securities.
 

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