Annex a submissions of Brazil
Download 1.12 Mb.
|
- Navigate this page:
- 15/May Collateral
SUBMISSION BY BRAZIL REGARDING SOURCE DATA AT THE SECOND MEETING OF THE PANEL (2 August 2001) SUBMISSION BY BRAZIL OF SOURCE DATA 1. In response to requests from the Chairman of the Panel and Canada, Brazil today provides the Panel and Canada with the following exhibits and data: (a) revised copies of Exhibit Bra-65, to which Brazil has added the appropriate figures in each bar in each of the graphs contained in the exhibit. (b) a disk containing copies of the graphs in Exhibit Bra-65 in an excel file labelled eetc.xls. This file also contains the data from which each graph was derived. These data consist of Morgan Stanley Dean Witter’s (MSDW) periodic reports of the spreads at which all Enhanced Equipment Trust Certificates (EETCs) in the market are trading. At the first meeting of the Panel, on 26 June 2001, Canada provided the Panel with a hard copy of the current MSDW report, as Exhibit Cda-14. Brazil used essentially the same methodology as Canada used in February 2001 before the Brazil – Aircraft Article 21.5 Panel493 to create the bar charts in Exhibit Bra-65. Thus, Brazil took the same MSDW data and, for each month in which Canada provided financing to the airlines listed in Exhibit Bra-65, computed the weighted average spread for each EETC traded in the market during that month.494 The weights used to average the data were the amounts of each tranche for each company’s EETC, weighted as follows: 
where:
Si = Bid Spread of Tranche I at that specific date.
The resulting spread for this transaction would be:  = 130
(c) revised copies of the graph provided as the second page of Exhibit Bra-68 ([]), to which Brazil has added pointers marking the spreads for the transactions for which Brazil referred to this exhibit. (d) a disk containing Exhibit Bra-68 and the source data used to generate that chart. Exhibit Bra-68 is presented in a power point file titled bloomberg.ppt. Both the charts presented in this exhibit and the underlying data used to create it are contained in a zip file on this disk titled bloomberg.zip, which contains extensive data obtained from Bloomberg’s databases. These data consist of daily data for both the 10-year US Treasury Bills and the [] for each different credit rating notch. Brazil used the Bloomberg data to plot the graphs in Exhibit Bra-68 based on information in Canada’s answer to question 45 and information contained in an EDC memorandum dated 18 January 1999, provided in Exhibit Cda-59, which contained information regarding Canada’s [] for certain points in time. Brazil used Canada’s definitions to plot the curve for all Bloomberg data for the period 1 January 1996 – 27 July 2001, as follows: Notch – (Spread)t = (Market Yield)t – (10-Year T-Bill)t , Thus, for each notch (AAA, AA+, and so on), Brazil computed the spread at a given date t as the difference (in terms of basis points above the 10-year US T-bill) between the Market Yield for that specific notch and the 10-year US T-bill Yield for that particular date. In accordance with US Federal Reserve Bank practice, Brazil plotted the graph in Exhibit Bra-68 based on weekly data for each Monday, and has provided the entire dataset in the attached disk. (e) a soft copy of Exhibit Bra-69 is contained in the file eetc.xls, which, as described above, also contains Exhibit Bra-65. Exhibit Bra-69 was generated using the same source data used to generate Exhibits Bra-65 and -68. Directory: english -> tratop e -> dispu e dispu e -> Annex g list of exhibits submitted by the parties dispu e -> World Trade Organization dispu e -> World Trade Organization Download 1.12 Mb. Share with your friends:
|