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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Monday, March 06 2000

Daily Brady Bond Trading Commentary

Emerging debt markets were little changed Monday in very quiet trading. Several Latin American countries were celebrating Carnival, and fixed income traders in the U.S. were focused on Alan Greenspan's speech at a technology conference in Boston. Greenspan's hawkish comments did little to upset the celebrations in either South America or the NASDAQ. Treasuries, the Dow and S&P all slid, and nervousness should continue to build ahead of the March 21 FOMC meeting. Argentina launched a US$1.0 billion 10-year issue at 532 bps over Treasuries and a slight pick-up over the outstanding 11.75% of 2009. The new issue finished the day near fixed re-offer. The success of the recent EM new issues is a positive sign for the market, and the secondary market performance of this latest Argentine offering will be important for sentiment for the remainder of the week. Mexico's current account deficit grew more than expected in Q4 '99 to US$4.47 billion, though the country has had little difficulty financing the gap.
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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