Abgeschickt von rolf am 26 Januar, 2006 um 09:57:19
EM Run - 25th-Jan-2006
US$ Latin America NY close
Argentina
FX: 3.0475
Bond Desc BID ASK BidYld AskYld Duration
-------------------------------------------------------------
ArgDis USD* 89.350 89.850 9.22 9.18 12.15
ArgPar USD* 34.900 35.400 8.96 8.86 15.44
ArgDis Eur* 89.000 89.500 8.77 8.72 12.48
ArgPar Eur* 34.850 35.350 8.47 8.38 16.20
ArgDis ARS/$ 39.500 40.000 6.24 6.15 14.50
ArgPar ARS/$ 16.450 16.950 5.38 5.24 21.34
ArgBod12 80.300 80.800 8.49 8.28 2.99
ArgBod13 83.500 84.000 8.79 8.60 3.19
ArgBod07 21.600 21.850 2.25 -0.05 0.50
ArgBod08 25.000 25.500 0.67 -0.74 1.40
Pre08 63.150 63.650 0.92 0.51 1.93
Pro12 59.000 59.500 3.05 2.86 4.53
ArgBogar18 46.400 46.900 4.81 4.64 6.27
ArgBod14 33.600 34.100 3.90 3.66 6.38
GDP Wrts ARS 1.790 1.820
GDP Wrts USD 6.050 6.250
GDP Wrts EUR 6.000 6.200
*Clean prices.
Ecuador
B/S ASSET BID ASK BidYld AskYld BidSpd AskSpd SpdChg
--------------------------------------------------------------------------------
Ecua 12.00 12 102.75 103.75 2.45 -0.81 -205 -530 -201
Ecua 9.375 15 97.25 98.25 9.81 9.65 534 517 -13
Ecua 8.00 30 96.00 97.00 10.39 10.28 574 562 -20
Argentina Corp
Bond BidPx-AskPx BYld-AYld Size BZSpd BTSpd UST BBSpd Bch
--------------------------------------------------------------------------------
BNCGAL 07 101.00-102.00 7.16-6.46 230 268 2y
BNCGAL 10 97.75-98.75 9.13-8.60 426 469 5y
BNCGAL 14 85.50-86.50 9.73-9.48 1x2 479 523 10y
BNCGAL 19 103.75-104.75 11.52-11.40 1x1 649 702 10y
BHIP 9.75 10 102.00-103.00 9.22-8.96 1x1 431 478 5y
BHIP13 87.50-89.00 8.85-8.46 1x1 392 435 10y
HPDA 13 85.00-87.00 8.51-8.00 359 402 10y
Masher 12 82.00-84.00 12.11-11.60 716 767 5y
Pesaar 9 07 103.00-104.00 5.87-4.85 101 139 2y
Pesaar 8.125 07102.25-103.25 6.48-5.77 162 200 2y
Pesaar 09 105.25-106.25 7.16-6.82 229 272 5y
Pesaar 10 103.00-104.00 7.32-7.06 1x1 243 289 5y
Pesaar 13 107.75-108.75 8.01-7.84 305 351 10y
TelcomP 10 101.25-102.25 8.92-8.67 402 449 5y
Telcom 11 101.00-101.75 9.96-9.72 506 553 5y
Telcom 14 95.50-97.50 7.68-7.25 275 319 10y
Telarg 06 101.25-102.25 6.77-4.39 194 221 1y
Telarg 07 109.00-110.00 6.35-5.78 148 188 2y
Telarg 08 103.75-105.25 7.29-6.59 242 286 3y
Telarg 10 104.50-105.50 7.97-7.72 305 353 5y
Telarg 11 103.00-104.00 8.16-7.94 324 373 5y
TGS 10 98.00-99.00 7.89-7.50 1x1 300 345 5y
TGS 13 99.00-100.00 8.67-8.39 1x1 376 418 10y
Tranar 15 98.00-99.00 9.92-9.72 496 542 10y
Tranar 16 69.00-71.00 9.72-9.30 471 522 10y
YPF 07 103.50-104.50 5.40-4.75 54 92 2y
YPF 09 108.00-110.00 6.22-5.53 1x1 134 178 5y
Cesp 08 109.00-110.50 5.99-4.92 1x1 111 160 3y 73 Brz08
Cesp 11 110.00-112.00 11.35-10.86 642 691 5y 525 Brz11
EUR Latin America London close
Asset BidPx AskPx BidYld AskYld GvBidSp GvAskSp ChgBp ModDur $Spd
--------------------------------------------------------------------------------
S ARGDIS E 89.10 89.60 8.95% 8.89% 524 519 2 9.83 115
B ARGPAR E 34.80 35.30 8.54% 8.45% 484 474 3 15.37 94
S ARGWTS E 5.90 6.15 9.94% 9.78% 994 978 -9 27.19 0
Argentina color -
Ranges: $Disc 90-89.25 PDisc 39.70-39.95 Bod12 80.3-80.750 $Wrrnt: 6.10-6.25
Compared to the past few days, today's session was almost boring. If there is
one thing to take away from today's price action is that it was relatively
orderly despite weak treasury mkt and volatile Braz flow....hinting in our view
that technicals continue to improve...although slowly.
Very little warrant activity with better sellers at the margin. Both $ and €
down 10 cents...while ARS closed virtually unchanged.
On the bond side, saw net selling, but just so. $Disc actually managed to
tighten 5bps and continues to reflect the realities of being hyper-special on
repo. Bod12 had a rougher outing and widened 10+bps which seems a little
overdone and would look to buy them weakness. ARS side of the fence continues to
impress us. While ARS Disc took a little on the chin (and we did see a little
selling there) the overall px damage was relatively confined. Bog18Pre8, Bod14,
Pro12, on the other hand, seem to be able to weather the storm amazingly well.