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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: russwinter who wrote (62138)	5/28/2006 11:41:42 PM
From: Wyätt Gwyön	Respond to of 110194

Emerging debt (in general) is likely to be marked down as credit spreads widen. i bought the BRL 12.5% 10yr last fall for 95; sold early spring for 105. i think it went as high as 110, but i was quoted 91.80 last Thursday. likewise, BRL/USD has gone from low 40s to high 40s and back down during this time period. if emerging gets nasty, it can get a LOT worse than going back to where it was 6 months ago. i am trying to keep this in mind as i weigh possible reentries into non-USD plays (other than EUR).