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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Wednesday, March 29 2000

Daily Brady Bond Trading Commentary

Latin debt held its trading range Wednesday, selling off in the afternoon in sympathy with U.S. tech stocks (all the evidence one needs that it is currently a traders' market). The Mexican government continues to enact private exchanges for dollar Brady Bonds, doing so today by re-opening the 8.625% of 2008. Outside of the realms of liability management (debt exchanges) and debt restructurings, however, emerging markets debt investors have been relatively quiet. Crossover buyers of Mexican sovereigns and corporates have not emerged as rapidly as had been anticipated in the wake of the country's recent upgrade. Perhaps the addition of Mexican debt to investment grade indexes next month will bring further demand, but for now the spreads on the country look quite attractive relative to most similarly rated credits.
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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