2000-02-15 Russian Debt rally continues
Daily Brady Bond Trading Commentary
Tuesday February 15, 2000
Russian debt continues to rally on the back of Friday's agreement with London club creditors.
Seizing on the renewed confidence in Russian credit, with the help of surging oil prices, the government intends to resume issuing GKO's this month to help bring liquidity to local markets. S&P raised its ratings on Russian Eurobonds one notch to CCC+.
With many players focused on Eastern Europe, Latin debt edged higher in listless trading. It will be difficult for Latin debt to break to the upside ahead of Thursday's inflation report and Humphrey Hawkins testimony.
Argentina's preliminary EMI industrial production reading for January was disappointing, showing mild y/y growth of 3.5%, and a seasonally adjusted 1.5% contraction from December. The next dose of new supply for the market is expected to come within a week in the form of a 20- year issue from Colombia.
Contributed by
Credit Lyonnais Securities (USA) Inc.
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.