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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Tuesday, February 29 2000

Daily Brady Bond Trading Commentary

Latin debt rallied Tuesday morning after S&P announced an upgrade of Brazil's local currency debt and changed its outlook on the country's foreign currency debt ratings from neutral to positive. Investors have exercised most of the $500 million in warrants on the Argentina 12.125% of 2019, and the new supply has weighed on global prices so far this week. Venezuela, in the wake of its recent European road-shows, is planning to issue a Euro 500 million, 5-year bond this week. Government officials are in the U.S. this week, and the country may look to capitalize on recent positive momentum to do a dollar deal as well.
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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