Telebras (TBH) & Brazil Message Board

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Strategies & Market Trends : Telebras (TBH) & Brazil

TBH 0.956

-0.1%

3:59 PM EST

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To: Steve Fancy who wrote (11489)	1/12/1999 8:53:00 PM
From: wl9839	Read Replies (2) of 22640

Steve, I wish to thank you very much for all the work you do in collecting and publishing all the data on the Brazilian market and political situation. I also thank those that have direct experience with Brazil in giving a "local" spin on the interpretation of data. Query, this board always seems to have focused on Brazilian equities- is it permitted to talk about Brazilian debt? It seems that with the recent plunge in the C Bond market that many corporate issuers are seeing their debt trade at equity like returns. As an example, I acquired a small block of 10% coupon Banco Fibra dollar denominated Euorbonds in the fall for 65 cents on the dollar although they had only a maturity of one year. It would seem that similar opportunities should exist for other companies of which we have knowledge such as UBB. Any thoughts on this topic, especially any potential risk that Brazil in an extreme situation would impose a Russian like moratorium on payments in dollars on maturing corporate debt?

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