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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Thursday, January 13 2000

Daily Brady Bond Trading Commentary

It was Latin equities that helped to drive sentiment in Latin debt for a change Thursday, after the announcement by Spain's Telefonica that it would up its stakes in a handful of telcos in Argentina, Brazil and Peru to full ownership. U.S. Treasuries and equities boosted the market as well after the Producer Price Index came in exactly on expectations. Volume was once again moderate. All eyes will be on the CPI release Friday morning, but the markets will also be digesting Fed Chairman Greenspan's comments to be delivered in New York this evening. If the news is friendly, the market should be able to build on Thursday's gains, but will also have to deal with a rush to issue debt ahead of the February 1-2 FOMC meeting.
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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