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Brady Bond Trading Recap

contributed by Credit Lyonnais Securities (USA) Inc.

Thursday, May 18 2000

Daily Brady Bond Trading Commentary

Emerging markets debt posted mixed results Thursday on low volume and continues to trade in a range-bound fashion, led by gyrations in equity markets. Nether debt nor equity markets can escape the fear of higher U.S. interest rates for the moment, and further selling pressure is likely to ensue unless some very encouraging economic data materializes. Encouraging news on the local front in Brazil was a record primary budget surplus in March of R$ 5.66 billion (US$3.1 billion), although the 12-month nominal deficit reading worsened. The Brazilian government also announced that it was cutting R$7.5 billion from its discretionary spending as approved in the 2000 budget.
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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