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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Friday, March 03 2000

Daily Brady Bond Trading Commentary

Emerging market debt was aided by a number of positives and traded well albeit on relatively light volume which was concentrated in the morning hours. A very benign jobs number - well below the fears of some economists - combined with a small uptick in the unemployment rate allayed fears of a 50 bps tightening by the FOMC at its next meeting later this month. US bond prices and the equity markets took encouragement from these figures released at 0830 hrs, and we never lost the positive tone although some traders let paper go in the afternoon in front of the week-end. Traders are positioned to take advantage of a Mexican upgrade by Moodys and are also encouraged by IMF comments about Ecuador's dollarization program and a possible multilateral financing package. It is worth noting that Carnival in Brazil should take some traders out of the market for a few days but, in the short term, we see little to take the optimism out of this bull run.
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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