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 Credit Lyonnais Securities (USA)

Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Thursday, December 9 1999

Daily Brady Bond Trading Commentary

Credit spreads tightened slightly on limited activity in emerging debt markets Thursday. Client flows have been directed toward relative trades, and little new cash has entered the market in recent days. Momentum remains positive, however, and sentiment on Mexican and Brazilian assets remains on the upswing. Mexico's November CPI registered 0.89% M/M, showing some acceleration from October but meeting expectations. Inflation figures out of the U.S. and Brazil will help to give the market direction on Friday.
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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