Emerging Markets Companion

Home |   Asset Prices | News & Global Markets | Research | Search

 Credit Lyonnais Securities (USA)

Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Wednesday, January 5 2000

Daily Brady Bond Trading Commentary

Although Argentina was able to launch its Euro 750 million 7-year issue this week, anticipated USD issues out of Brazil and Argentina may be on hold for the moment. Uncertainty stemming from volatility in U.S. financial markets has raised borrowing costs, at least for the moment. Fund managers have cash to put to work, but appear determined to do so on a more opportunistic basis than in the past. Activity may subside Thursday, as the market awaits the U.S. employment reports. Good news on the interest rate front at this time is that the market has fully discounted 50 bps of tightening by the end of the first quarter. Ecuador's government indicated that it would not dollarize or impose capital controls to halt the decline of the sucre. The news was not soothing, as the government revealed no plans to counter the rapid depreciation of the currency.

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.
 

| Home | Asset Pricing | News & Analysis | Research | Related Sites | Table of Contents | Search

We welcome your comments, opinions, and submissions to EMC.
Please write us at feedback@emgmkts.com

Copyright © 1996-2000, The Emerging Markets Companion, and/or its licensors. All Rights Reserved. The information herein was obtained from sources which The Emerging Markets Companion, Inc. and its suppliers believe reliable, but they do not guarantee its accuracy. Neither the information, nor any opinion expressed, constitutes a solicitation of the purchase or sale of any securities or commodities. Please read our full disclaimer.