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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Wednesday, May 17 2000

Daily Brady Bond Trading Commentary

Fallout from the Fed rate hike weighed debt and equity markets Wednesday. Most emerging markets debt prices slid, as investors remain scarce and the future interest rate picture cloudy. Mexico's booming GDP figures released Tuesday (7.9% Q1 growth) provided further encouragement that the country could endure higher U.S. interest rates as well as a possible transition in government. Yet, investors are mostly sidelined, as further rate increases should keep the market capped over the near term. We continue to believe that the prospects for EM debt may brighten in coming months, once the market believes the Fed has done its job and some of the political uncertainties have been removed through national elections.
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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