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 Credit Lyonnais Securities (USA)

Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Monday, December 20 1999

Daily Brady Bond Trading Commentary

Panama was the main - or perhaps the only - story in the Emerging Markets Monday. Panama is contemplating buying back a portion of its Brady debt by the sale of certain State assets. As a result Panamanian Brady bonds enjoyed positive investor sentiment and tightened. On the other hand, liquidity remains tight as we move closer to year end, and the specter of the Fed meeting tomorrow and, more importantly, in February continues to keep tension high in the US debt markets. The Brazilian currency traded as low as 1.7940 and Brazilian bonds remain the most actively traded.
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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