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 Credit Lyonnais Securities (USA)

Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Wednesday, December 15 1999

Daily Brady Bond Trading Commentary

A brief pull back Wednesday afternoon sent some Brazilian sovereign debt close to a point off its highs, but the positive momentum in the market has hardly been upset. Clients are adding to positions, encouraged this week by Brazil's stated intentions to continue buying back Brady debt next year. The market has been driven by these limited flows and dealer positioning, and not by particular news events. Venezuelan assets held their ground as the market awaits official results on the constitutional referendum. President Chavez' latest talk of the dire consequences of a "no" vote has not affected market sentiment, as it is widely expected that the constitution will pass by a wide margin.  
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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