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 Credit Lyonnais Securities (USA)

Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Monday, December 13 1999

Daily Brady Bond Trading Commentary

Positive sentiment on Brazil and anticipation of a rally early next year continue to drive Latin debt prices higher. At the same time, diminishing liquidity has opened the market to price gaps when a small amount of institutional demand comes in, and we believe there will be opportunities to buy on dips. The convergence of Brazil to Argentina continues as well, though we expect to see some clients exit that trade before the two credits reach parity. Brazil's COPOM meets Wednesday and is expected to leave rates unchanged. Also on Wednesday, Venezuelans are expected to pass President Chavez' constitution by a wide margin, and the U.S. officially hands over the canal to 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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