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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Wednesday, March 15 2000

Daily Brady Bond Trading Commentary

Profit-taking ahead of the U.S. inflation releases and Tuesday's FOMC meeting sent emerging markets debt lower Wednesday. The corrective move in tech stocks, rationally or not, has unquestionably had a negative impact on sentiment. Technically, the market appears weak at the moment. Crossover buyers of Mexico have been slower to materialize than the market anticipated, and dealers have all been the same way -- long. The theme of improving fundamentals being offset by burgeoning supply and external shocks continues to hold true, particularly for Latin debt, which is much more sensitive to U.S. interest rates.
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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