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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Tuesday, March 28 2000

Daily Brady Bond Trading Commentary

Most emerging markets debt bounced back from an early morning sell-off, though Argentine assets lagged. The market closed on a late upswing after Brazil's COPOM announced it was cutting the selic rate by 50 bps to 18.50%. Despite the positive comments flowing out of the BID meetings in New Orleans, Latin debt prices have been mostly stagnant as trading volumes remain very low. Global financial markets took on a negative tone early Tuesday, following cautious comments on U.S. equities by a prominent Wall Street strategist. Oil prices slumped as well as OPEC ministers struggled to agree on production increases. Iran's refusal to accede to the proposed 1.7 mln bbl/day increase apparently drew the conference to a close with no agreement in place. But one minister indicated that the increase will be achieved without Iran's participation.
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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