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 Credit Lyonnais Securities (USA)

Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Thursday, January 27 2000

Daily Brady Bond Trading Commentary

The 30-year US Treasury has now rallied consistently over the last few days despite strong economic figures out of Washington. US factory order for durable goods rose a larger than expected 4.1 percent . First time claims for unemployment benefits increased by only 1,000 and held close to their lowest in 26 years. We must wait for the FOMC Meeting to get a clearer picture of the way forward. Trading volume remains muted in the Latin American markets and prices have tended to drift in the face of no conviction.

There is a new Minister of Finance in Ecuador after President Noboa appointed Jorge Guzman and dropped Pablo Concha, the latter having held the position for less than 24 hours. Ecuador, along with Mexico and Venezuela, should be benefiting from petroleum prices that have more than doubled in the last year. In Brazil, the Banco Bradesco 2-year issue was priced today to yield 9.25 percent and increased from US$ 100 million to US$ 150 million.

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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