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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Wednesday, February 16 2000

Daily Brady Bond Trading Commentary

Trading was extremely sluggish Wednesday as most emerging markets debt prices slid marginally. Greenspan's Humphrey Hawkins testimony and the U.S. PPI report will be the market's focus through Thursday morning. Despite the market's preparedness for several more rate hikes this year, there is still downside risk stemming from an inflationary spike or uncharacteristically bearish comments from the Fed Chairman. Brazil's COPOM left the selic rate unchanged, as expected, and maintained no bias on the direction of rates. With any desire to resume easing rates tempered by fears of inflation, the Brazilian Central Bank is likely to be very cautious in coming months.
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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