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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Monday, February 28 2000

Daily Brady Bond Trading Commentary

Emerging markets debt appears to have suffered a decline in liquidity over the past several weeks, and the situation has made it difficult for the market to break above its trading range of the first two months of 2000. While the action in equity markets continue to be wild, volatility in the EM debt universe has subsided. We continue to point to improving local fundamentals as a reason to be patient with long positions in Latin American and Eastern European debt. But as new supply continues to trickle in, new demand is barely keeping pace. While the active players in EM debt are focused on restructurings, new issues and buybacks, it may take some time for prices to gain significant upward momentum.
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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