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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Monday, March 20 2000

Daily Brady Bond Trading Commentary

Although the tone was positive, there was very little movement ahead of the FOMC Meeting tomorrow. While the market is expecting 25bp, there is a small group who believe that there might be a 50bp and this would be a surprise. The markets have discounted 25bp but that any greater attempt to slow the US economy would adversely impact the Emerging Markets. Most Ministers of Finance and Governors of Central Banks are making their way to New Orleans to attend the annual Inter-American Development Bank Meeting. Some traders had hoped that Ecuador would make a statement on their debt situation but Finance Minister Jorge Guzman announced today that talks regarding the default on Ecuador's Brady debt cannot begin for three to five months.
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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