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 Credit Lyonnais Securities (USA)

Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Friday, December 10 1999

Daily Brady Bond Trading Commentary

Benign inflation reports out of the U.S. and Brazil made way for further gains in Latin debt on Friday. In Brazil, the IPCA inflation index rose 0.95% in November, slowing from 1.19% in October. The IPCA, a consumer price index that the government has stated would be a key guide to monetary policy, is up 8.29% for the first 11 months of the year. Fernando de la Rua took the office of President of Argentina, though the year 2000 budget agreement he had hoped for was not in place. Argentine sovereign bonds broke to the upside with the rest of the market late in the week, testing the patience of some short sellers. Though Argentine assets may be set to reverse recent underperformance versus other Latins, we still see more favorable risk/reward possibilities in countries like Brazil, Mexico and Panama.
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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