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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Friday, February 4 2000

Daily Brady Bond Trading Commentary

Strong employment data sent U.S. Treasuries lower Friday, but the fallout was negligible in emerging debt and equity markets. The positive response to Moody's announcement on Mexico continued to boost prices, as did strong industrial production figures from Brazil (up 8.8% year/year and 3.1% month/month in December). Emerging markets debt was poised for a rally after dealers had reduced positions over the past two weeks as nervousness about the FOMC meeting and jobs data was building. We continue to see room for further upside across the emerging markets debt universe. Good news on growth and inflation has been flowing out of Latin America, particularly Brazil; sustained gains in oil prices are supportive of Russia, Mexico and Venezuela; and ratings agencies (though they are sometimes late to the party) are moving toward more positive outlooks on an increasing number of credits.
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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