2000-02-29 Latin debt rally
Daily Brady Bond Trading Commentary
Tuesday February 29, 2000
Latin debt rallied Tuesday morning after S&P announced an upgrade of Brazil's local currency debt
and changed its outlook on the country's foreign currency debt ratings from neutral to positive. Investors have exercised most of the $500 million in warrants on the Argentina 12.125% of 2019, and the new supply has weighed on global prices so far this week.
Venezuela, in the wake of its recent European road-shows, is planning to issue a Euro 500 million, 5-year bond this week. Government officials are in the U.S. this week, and the country may look to capitalize on recent positive momentum to do a dollar deal as well.
Contributed by
Credit Lyonnais Securities (USA) Inc.
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