Patrick Bayliss

The LTP Trade Finance IndexÖ rose 0.40% during the month of September

LTP Trade Finance IndexÖ rose 0.37% during the month of June, the second highest monthly return of 2003.

The LTP Trade Finance Index rose by 0.30% in April. This positive return continued the trend of the first three months of the year, with the Latin American region providing the most significant gains over the month.

The LTP Trade Finance IndexÖ returned 0.25% in March, bringing the return for the first quarter of 2003 to 0.93%.

The LTP Trade Finance Index returned a modest 0.34% in February, well below the monthly average for 2002 of 0.43%.

The LTP Trade Finance IndexÖ returned a solid 5.03% overall in 2002.

The LTP Trade Finance IndexÖ showed that, overall, trade finance assets delivered negative capital returns for the month of November as LIBOR rose against a background of stable credit margins.