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Brady Bonds--Past, Present & Future	From Bad Debts to Healthy Securities? The Theory and Financial Techniques of the Brady Plan
Introduction to Brady Bonds--Graicap Fixed Income Research	Introduction to Brady Bonds--BradyNet Staff
Brady Bonds - Return Analysis

Total Return Analysis for Major Brady Bonds

ABN AMRO Securities (USA) Inc.

Total Return Analysis for Major Brady Bonds	Total Return Analysis for Brady Bonds	Average year-to-date annualised returns per country for Brady Bonds
Total Return Analysis for Brady Bonds (by quarter)	Average year-to-date annualised returns per country for Brady bonds	Price and spread data for major Brady bonds for Q3 1996

	Total return					Volatility
Instrument	Q1 1996	Q2 1996	Q3 1996	Year-to-date	Year-to-date annualised	(Q3 1996 annualised)
Argentina FRB	-0.49%	10.54%	8.20%	18.24%	25.03%	44.58
Argentina Discount	-2.02%	8.91%	7.08%	13.97%	19.04%	38.05
Argentina Par	-9.80%	8.23%	8.39%	6.82%	9.20%	29.63
Brazil IDU	-4.10%	10.58%	1.28%	7.76%	10.47%	12.80
Brazil EI	4.96%	7.45%	8.90%	21.30%	29.35%	37.57
Brazil NNMB	6.76%	8.09%	10.66%	25.51%	35.37%	41.00
Brazil DCB	5.98%	6.97%	12.19%	25.14%	34.84%	44.03
Brazil C	6.36%	-0.66%	14.76%	20.46%	28.16%	46.36
Brazil Disc	3.28%	7.48%	9.36%	20.12%	27.68%	34.16
Brazil Par	-4.55%	6.50%	8.83%	10.78%	14.62%	25.76
Mexico Aztec	2.76%	5.18%	2.47%	10.42%	14.12%	27.93
Mexico Disc	6.42%	2.53%	9.31%	18.25%	25.04%	40.89
Mexico Par	-1.72%	1.16%	10.08%	9.52%	12.89%	32.18
Venezuela FLIRB	6.93%	20.50%	16.85%	44.27%	63.00%	60.61
Venezuela DCB	10.29%	15.53%	20.25%	46.07%	65.72%	60.87
Venezuela Disc	4.55%	13.70%	17.50%	35.76%	50.31%	57.50
Venezuela Par	-3.09%	11.15%	14.20%	22.26%	30.72%	43.30
Bulgaria IAB	-5.36%	6.65%	-4.48%	-3.19%	-4.23%	36.93
Bulgaria FLIRB	-3.08%	10.66%	-1.40%	6.19%	8.33%	31.57
Bulgaria DISC	-7.26%	4.06%	-2.69%	-5.89%	-7.78%	23.75
Poland PDI	14.94%	0.63%	4.28%	19.85%	27.29%	23.70
Poland Disc	16.74%	3.51%	2.36%	22.61%	31.23%	14.73
Poland Par	1.89%	3.02%	2.77%	7.69%	10.37%	15.38
Ecuador PDI	17.40%	10.78%	14.02%	42.20%	59.89%	38.71
Ecuador Disc	4.32%	6.78%	8.74%	19.84%	27.29%	33.47
Ecuador Par	-4.50%	3.96%	10.61%	10.07%	13.65%	25.13
Nigeria Par	4.82%	1.63%	14.30%	20.74%	28.56%	37.88
Philippine NMB	1.60%	2.93%	0.25%	4.79%	6.43%	35.38
Philippine FLIRB	7.99%	6.51%	4.01%	18.51%	25.40%	21.66
Philippine DCB	6.53%	3.70%	2.81%	13.03%	17.74%	14.18
Philippine Par	5.86%	0.59%	5.92%	12.37%	16.83%	24.24

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Total return analysis for Brady bonds

Country	Q1	Q2	Q3	Q1+Q2+Q3	Q1+Q2+Q3 annualised
Argentina	-4.10%	9.23%	7.89%	13.01%	17.67%
Brazil	2.67%	6.63%	9.42%	18.72%	25.64%
Ecuador	5.74%	7.18%	11.12%	24.04%	33.18%
Mexico	2.49%	2.96%	7.29%	12.73%	17.28%
Nigeria	4.82%	1.63%	14.30%	20.74%	28.49%
Bulgaria	-5.23%	7.13%	-2.86%	-0.97%	-1.28%
Venezuela	4.67%	15.22%	17.20%	37.09%	52.13%
Poland	11.19%	2.39%	3.14%	16.72%	22.82%
Philippines	5.50%	3.43%	3.25%	12.18%	16.51%

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Average year-to-date annualised returns per country for Brady bonds

Venezuela 52.13%

Ecuador 33.18%

Nigeria 28.49%

Brazil 25.64%

Poland 22.82%

Argentina 17.67%

Mexico 17.28%

Philippines 16.51%

Bulgaria -1.28%

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Total return analysis for Brady bonds

Country Q1 Q2 Q3 Q1 to Q3 Q1 to Q3 (annualised)

Argentina -4.10% 9.23% 7.89% 13.01% 17.67%

Brazil 2.67% 6.63% 9.42% 18.72% 25.64%

Ecuador 5.74% 7.18% 11.12% 24.04% 33.18%

Mexico 2.49% 2.96% 7.29% 12.73% 17.28%

Nigeria 4.82% 1.63% 14.30% 20.74% 28.49%

Bulgaria -5.23% 7.13% -2.86% -0.97% -1.28%

Venezuela 4.67% 15.22% 17.20% 37.09% 52.13%

Poland 11.19% 2.39% 3.14% 16.72% 22.82%

Philippines 5.50% 3.43% 3.25% 12.18% 16.51%

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Average year-to-date annualised returns per country for Brady bonds

Venezuela 52.13%

Ecuador 33.18%

Nigeria 28.49%

Brazil 25.64%

Poland 22.82%

Argentina 17.67%

Mexico 17.28%

Philippines 16.51%

Bulgaria -1.28%

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Price and spread data for major Brady bonds for Q3 1996

Price Spread

Instrument Beginning Q3 1996 End Q3 1996 Change over Q3 Year to date high Beginning Q3 1996 End Q3 1996 Change over Q3 Year to date low

Argentina FRB 77.813 84.375 6.562 84.375 688 511 -177 508

Argentina Discount 69.188 74.875 5.687 82.500 897 708 -190 697

Argentina Par 54.750 59.500 4.750 61.875 902 725 -178 721

Brazil IDU 93.688 96.500 2.812 96.875 379 266 -113 248

Brazil EI 80.438 87.500 7.062 91.188 553 390 -164 373

Brazil NNMB 73.375 81.125 7.750 82.000 652 476 -177 453

Brazil DCB 67.563 75.750 8.187 76.500 689 514 -175 508

Brazil C 61.875 71.000 9.125 71.750 733 559 -175 551

Brazil Disc 70.375 76.875 6.500 77.375 830 640 -191 629

Brazil Par 55.313 60.125 4.812 60.500 801 636 -166 629

Mexico Aztec 96.875 99.375 2.500 100.000 620 506 -115 468

Mexico Disc 78.375 84.625 6.250 85.500 783 585 -199 536

Mexico Par 64.750 69.750 5.000 70.500 771 589 -183 545

Venezuela FLIRB 72.250 84.750 12.500 84.780 933 540 -393 531

Venezuela DCB 70.563 83.500 12.937 83.438 909 540 -369 530

Venezuela Disc 66.625 78.625 12.000 78.875 1204 711 -494 710

Venezuela Par 61.250 70.250 9.000 70.250 1050 694 -357 683

Bulgaria IAB 47.938 46.625 -1.313 55.250 1246 1303 57 928

Bulgaria FLIRB 33.625 33.375 -0.250 41.000 1301 1364 63 994

Bulgaria DISC 52.313 51.625 -0.688 58.500 1660 1753 93 714

Poland PDI 76.688 79.750 3.062 81.500 197 165 -33 131

Poland Disc 93.813 95.625 1.812 96.625 260 218 -43 183

Poland Par 51.250 52.500 1.250 58.250 246 239 -7 196

Ecuador PDI 45.500 52.250 6.750 52.280 1027 862 -166 857

Ecuador Disc 57.250 63.000 5.750 63.000 1324 1067 -258 1046

Ecuador Par 36.625 40.875 4.250 40.875 1364 1060 -304 1027

Nigeria Par 53.250 60.250 7.000 60.750 1282 913 -369 662

Philippine NMB 96.250 97.625 1.375 98.375 208 165 -43 143

Philippine FLIRB 90.188 93.000 2.812 97.000 235 174 -62 101

Philippine DCB 94.875 96.500 1.625 97.375 216 167 -49 149

Philippine Par 80.125 83.875 3.750 84.000 350 218 -132 212

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The information contained herein has been prepared for information purposes only. It does not constitute an offer, recommendation or solicitation to buy or sell, nor is it an official confirmation of terms. The information contained herein is based on information generally available to the public from sources reasonably believed to be reliable. ABN AMRO Group makes no representation or warranties, express or implied, as to the accuracy or completeness of the above information or that any returns indicated will be achieved. Readers should determine for themselves the relevance of the information. Changes to assumptions may have a material impact on any returns indicated. Past performance is not indicative of future returns.

The information and opinions contained herein do not necessarily express the opinions of BradyNet, Inc. This report has been prepared solely for informational purposes and is not a solicitation of any transaction in the securities with which it deals or an offer to enter into any such transaction. Prices and/or other information in this report are subject to change without prior notice.

Please read our disclaimer.

General Correspondence: bradynet@bradynet.com Questions/Problems? support@bradynet.com

Country	Q1	Q2	Q3	Q1 to Q3	Q1 to Q3 (annualised)
Argentina	-4.10%	9.23%	7.89%	13.01%	17.67%
Brazil	2.67%	6.63%	9.42%	18.72%	25.64%
Ecuador	5.74%	7.18%	11.12%	24.04%	33.18%
Mexico	2.49%	2.96%	7.29%	12.73%	17.28%
Nigeria	4.82%	1.63%	14.30%	20.74%	28.49%
Bulgaria	-5.23%	7.13%	-2.86%	-0.97%	-1.28%
Venezuela	4.67%	15.22%	17.20%	37.09%	52.13%
Poland	11.19%	2.39%	3.14%	16.72%	22.82%
Philippines	5.50%	3.43%	3.25%	12.18%	16.51%

	Price				Spread
Instrument	Beginning Q3 1996	End Q3 1996	Change over Q3	Year to date high	Beginning Q3 1996	End Q3 1996	Change over Q3	Year to date low
Argentina FRB	77.813	84.375	6.562	84.375	688	511	-177	508
Argentina Discount	69.188	74.875	5.687	82.500	897	708	-190	697
Argentina Par	54.750	59.500	4.750	61.875	902	725	-178	721
Brazil IDU	93.688	96.500	2.812	96.875	379	266	-113	248
Brazil EI	80.438	87.500	7.062	91.188	553	390	-164	373
Brazil NNMB	73.375	81.125	7.750	82.000	652	476	-177	453
Brazil DCB	67.563	75.750	8.187	76.500	689	514	-175	508
Brazil C	61.875	71.000	9.125	71.750	733	559	-175	551
Brazil Disc	70.375	76.875	6.500	77.375	830	640	-191	629
Brazil Par	55.313	60.125	4.812	60.500	801	636	-166	629
Mexico Aztec	96.875	99.375	2.500	100.000	620	506	-115	468
Mexico Disc	78.375	84.625	6.250	85.500	783	585	-199	536
Mexico Par	64.750	69.750	5.000	70.500	771	589	-183	545
Venezuela FLIRB	72.250	84.750	12.500	84.780	933	540	-393	531
Venezuela DCB	70.563	83.500	12.937	83.438	909	540	-369	530
Venezuela Disc	66.625	78.625	12.000	78.875	1204	711	-494	710
Venezuela Par	61.250	70.250	9.000	70.250	1050	694	-357	683
Bulgaria IAB	47.938	46.625	-1.313	55.250	1246	1303	57	928
Bulgaria FLIRB	33.625	33.375	-0.250	41.000	1301	1364	63	994
Bulgaria DISC	52.313	51.625	-0.688	58.500	1660	1753	93	714
Poland PDI	76.688	79.750	3.062	81.500	197	165	-33	131
Poland Disc	93.813	95.625	1.812	96.625	260	218	-43	183
Poland Par	51.250	52.500	1.250	58.250	246	239	-7	196
Ecuador PDI	45.500	52.250	6.750	52.280	1027	862	-166	857
Ecuador Disc	57.250	63.000	5.750	63.000	1324	1067	-258	1046
Ecuador Par	36.625	40.875	4.250	40.875	1364	1060	-304	1027
Nigeria Par	53.250	60.250	7.000	60.750	1282	913	-369	662
Philippine NMB	96.250	97.625	1.375	98.375	208	165	-43	143
Philippine FLIRB	90.188	93.000	2.812	97.000	235	174	-62	101
Philippine DCB	94.875	96.500	1.625	97.375	216	167	-49	149
Philippine Par	80.125	83.875	3.750	84.000	350	218	-132	212