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 Credit Lyonnais Securities (USA)

Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Wednesday, February 9 2000

Daily Brady Bond Trading Commentary

The action was in the US bond and equity markets Wednesday, as emerging markets saw little volume. Prices did drift lower and it seems that dealers are slightly long and, without further investor buying, we expect prices to remain stable to lower. Despite higher interest rates the news out of Latin America continues to be good. Brazil's inflation figures are improving and the trade figures will be eagerly anticipated, but should show improvement. In Argentina, on the other hand, the trade deficit widened to US$279 million (vs US$ 247 million in December 1998). 

Even this news is somewhat positive as it shows that Argentina is emerging from the downturn and that there is demand for imported goods. We expect Argentina to post positive growth this year after negative growth in 1999. Industrial investment in Mexico rose by 10.8 per cent in November when measured against November of the prior year and this vote of confidence in Mexico's economic prospects, should result in solid growth.

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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