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 SWISS BANKNOTES - APRIL 7 westgermany 82.25-84.50 france 24.50-25.50 italy 0.1150-0.1210 austria 11.73-12.03 uk 2.37-2.52 spain 1.14-1.26 portugal 1.02-1.18 netherlands 72.75-74.75 belgium 3.94-4.13 sweden 23.25-24.50 denmark 21.50-22.75 norway 21.60-22.85 finland 33.50-35.00 us 1.48-1.57 canada 1.13-1.20 japan 1.0150-1.0550 greece 1.05-1.25 yugoslavia 0.20-0.30 turkey 0.18-0.24 australia 1.00-1.12  | |
 Malaysian exchs 1500 - april 7 us 2.5000/10 uk 4.0525/80 spore 117.10/20  | |
 LONDON EURO DOLLAR DEPOSITS - APRIL 7 OPENING INDICATIONS overnight 6-3/16 1/16 tom/next 6-1/4 1/8 spot next 6-1/4 1/8 week fixed 6-5/16 3/16 one month 6-7/16 5/16 two 6-1/2 3/8 three 6-9/16 7/16 six 6-5/8 1/2 nine 6-3/4 5/8 twelve 6-13/16 11/16  | |
 SWISS GOLD COINS - APRIL 7 vreneli 142-152 napoleon 126-136 sov old 150-160 sov new 148-158 double eagle 750-900 kruger-rand 639-654 mexican 519-523 ingot 20400-20650  | |
 LONDON BULLION OPENING - APRIL 7 GOLD 421.90/422.40 DLRS AN OUNCE (PREVIOUS CLOSE421.50/422.00) Gold 420.10/60 AFTER 421.50/422.00 DLRS Silver spot 671.00/674.00 cents Silver 3 months 424.00/426.00 pence Krugerrand 425.00/428.00 dlrs  | |
 LONDON INTERBANK STERLING OPENING -APRIL 7 overnight 10-1/4 1/8 week 10-3/16 1/16 1 month 10-1/16 9-15/16 two 9-15/16 7/8 three 9-7/8 3/4 six 9-11/16 9/16 nine 9-5/8 1/2 twelve 9-5/8 1/2  | |
 SFE SALES - GREASY WOOL CASH SETTLEMENT - April 7 APR JUN AUG 2 OCT DEC FEB APR JUN AUG TOTAL 2 DELIVERABLE STOCK 36 MICRONS 877  | |
1010 | PRS ADD PARIS SUGAR CLOSING - APR 07 |
Iran said it had achieved important victories against Iraq on the southern war fronts last night. A brief Iranian news agency IRNA report said Important victories achieved in southern fronts Monday night. It gave no further details. Iran launched a major offensive codenamed Karbala-5 towards the major southern Iraqi port of Basra in January but there have been no reports of heavy fighting in the area in recent weeks. REUTER | IRAN REPORTS IMPORTANT VICTORIES ON SOUTHERN FRONT |
Thailand exported 75160 tonnes of rice in the week ended March 31 down from 88785 tonnes the previous week the Commerce Ministry said. (XYYE 0405) PEKING - Wheat and rapeseed crops in east China suffered considerable damage because of frost during a spell of unusually cold weather in late March the China Daily said. (XYYD 0343) DHAKA - President Hossain Mohammad Ershad said the army could be called out to tackle the current food shortage but he dismissed fears of an impending famine. (XYXZ 0145) REUTER | REUTER COMMODITIES NEWS HIGHLIGHTS 0700 GMT - APRIL 7 |
 PRS PARIS SUGAR 18.00 GMT - APR07 May 1158/1168 ba with 1163P AUG 1180/1190 ba with 1185P  | |
 PRS PARIS COCOA 18.30 - APR 07 NIL  | |
 TOKYO RUBBER (YEN PER KILO) - APRIL 07 PREV OPG 1045 1345 1445 CLSG OPN/INT APR 123.5 122.9 122.9 122.2 122.2 122.3 1668 MAY 124.8 124.5 124.0 123.5 124.2 124.3 3839 JUN 125.2 125.0 124.7 124.8 125.3 125.2 2685 JUL 125.9 1258 125.7 125.7 125.8 125.7 2439 AUG 127.0 126.6 126.1 126.0 126.3 126.7 2434 SEP 127.3 126.9 127.0 126.9 127.1 126.9 3077 OCT 127.8 127.1 127.1 127.0 126.9 126.7 4008 NOV 128.4 128.1 128.0 127.9 127.7 127.5 6400 DEC 128.5 127.8 128.0 128.1 127.9 127.8 1015 T/O 1219 338 250 302 168 283 OPN/TTL27555 27565 TOTAL TURNOVER 1341 (FIVE-TONNE LOTS)  | |
 LONDON DOLLAR CROSS RATES OPENING - APRIL 7 SPOT 1 MONTH 3 MONTHS 6 MONTHS STG 1.6213/23 52/49 131/127 225/220 DMK 1.8195/8205 42/39 122/117 246/241 SFR 1.5130/40 48/43 114/109 228/218 DFL 2.0540/50 19/16 58/53 129/122 BFC 37.69/72 01/04 03/08 09/16 FFR 6.0525/75 85/105 240/270 465/515 LIT 1296/1298 310/360 900/1100 1800/2300 YEN 145.05/15 35/31 98/93 200/190 CAN 1.3073/78 BFR FIN 37.82/87 DKR 6.8675/8725 NKR 6.8100/50 SKR 6.3350/3400 AUS SCH 12.79/81 HK 7.8015/20 IRL 1.4680/90  | |
 LONDON LIFFE U.S. T-BONDS 0825 - APR 7 MTH LAST HIGH LOW PR.SET Jun 9726 9727 9726 9802 Sep --- --- --- 9700 Dec --- --- --- 10012  | |
 KOBE RUBBER (YEN PER KILO) - APRIL 07 PREV OPG CLSG APR 121.9 121.7 121.6 MAY 123.4 123.4 123.8 JUN 125.0 124.7 124.3 JUL 125.9 125.9 125.7 AUG 126.8 126.8 126.6 SEP 127.5 127.1 127.1 OCT 127.8 127.3 127.1 NOV 129.0 128.4 127.9 DEC 128.8 128.3 128.0 T/O 155 216 141 TTL T/O 1601 (FIVE TONNE LOTS)  | |
 JOHANNESBURG EXCHS CLOSING - APRIL 7 US 0.4920/27 STG 3.2950/80 DMK 0.8955/65 SFR 0.7445/55 FFR 2.9810/30 DFL 1.0110/20 YEN 71.35/45 REUTER  | |
 JOHANNESBURG EXCHS OPENING - APRIL 7 US 0.4920/27 STG 3.2950/80 DMK 0.8955/65 SFR 0.7445/55 FFR 2.9810/30 DFL 1.0110/20 YEN 71.35/45 REUTER  | |
The coupon on the 100 mln dlr warrant bond for Kansallis-osake-Pankki (K-o-P) has been set at 4-5/8 pct compared with the indicated range of 4-1/8 to 4-5/8 pct lead manager Morgan Stanley International said. Each 1000 dlr bond has ten warrants attached which are exercisable into K-o-P free shares at 50 Finnish markka per share. The foreign exchange rate on the seven year bond was set at 4.4450 markka to the dollar. REUTER | FINAL TERMS SET ON K-O-P WARRANT BOND |
 MADRID EXCHANGES OPG 7 APR 070932 US DOLLAR 127.40/70 (PREVIOUS CLSE. 127.60/90)  | |
 LONDON STERLING RATES OPENING - APRIL 7 US 1.6213/23 YEN 235.10/40 CAN 2.1190/1220 DKR 11.1180/1330 DMK 2.9540/75 NKR 11.0350/0500 DFL 3.3265/3300 SKR 10.2530/2680 SFR 2.4525/55 AUS SCH 20.70/75 BFC 60.99/61.11 PORT 227.70/229.90 FFR 9.8050/8150 SPAIN 206.30/70 LIT 2101/2104 ECU 1.4198/4214  | |
The 15-year convertible eurobond for Consolidated Goldfields has been increased to 110 mln stg from the initial 100 mln stg and the final terms fixed lead manager Credit Suisse First Boston Ltd said. The coupon was set at 6-3/4 pct compared with the indicated 6-3/4 to seven pct while the conversion price was set 10.80 stg per share a premium of some 16 pct. REUTER | CONSGOLD STERLING EUROBOND INCREASED, FIXED |
The dollar opened easier in quiet trading and should stay firmly entrenched in its established range ahead of this weeks round of international finance meetings dealers said. There is little turnover no new ideas or impulses a dealer at a U.S. Bank said. It promises to be a boring day. He said the dollars range was expected to be 1.8075 to 1.8250 marks in the run-up to the International Monetary Fund forum. The mark eased against some currencies on speculation call money rates could fall further. Despite this the dollar opened lower at 1.8200/15 marks after yesterdays 1.8260/70. The Bundesbank is due to announce a securities repurchase tender today. Money market dealers said funds may be allocated at lower than the 3.80 pct the bank has set since its monetary package at the end of January softening the marks undertone. Sterling opened at 2.951/955 marks just under yesterdays closing 2.954/958 and was seen firming further against major currencies on a wave of popularity for British prime minsiter Margaret Thatchers ruling Conservatives. Sterling is looking very healthy at the moment one dealer said adding that Japanese security houses bought pounds at the start of trading. Dealers said the pound was also supported by an improved British economic outlook and stability in the oil market. The Swiss franc continued to firm against the mark as investors took advantage of the interest rate differential. It opened higher at 120.25/40 marks per 100 after yesterdays last 120.10/25. The yen strengthened to open at 1.2520/2540 marks per 100 from yesterdays last 1.2490/2510 and the French franc was unchanged at yesterdays last 30.04/07 marks per 100. The Belgian franc was stable at 4.828/830 marks per 100. The Danish crown started at 26.48/51 marks per 100 little changed from yesterdays closing 26.49/51. Eurodollar deposit rates were steady from late yesterday with six month funds unchanged at midpoint 6-9/16 pct. Six-month euromarks were stable at midpoint 3-7/8 pct. REUTER | DOLLAR OPENS EASIER IN QUIET FRANKFURT |
Japans Livestock Industry Promotion Corp (LIPC) said that on April 28 it will import 7515 tonnes of beef for the first half of the 1987 fiscal year started on April 1 under the simultaneous buy and sell tender system against 6813 a year ago. The system calls on the agency to buy beef from trading houses and simultaneously sell it to users in one tender. The tender quota in April-September is 10 pct of the agencys beef import share. Japans beef import quota in 1987/88 was set at 93000 tonnes against 85000 for the same period in 1986/87. REUTER | JAPAN'S LIPC TO BUY BEEF ON APRIL 23 |
 SINGAPORE ASIAN DLR CLSG - APRIL 7 TUES/WED 6-5/16 6-3/16 WED/THURS 6-5/16 6-3/16 7 DAYS FIX 6-5/16 6-3/16 ONE MTH 6-1/2 6-3/8 TWO MTHS 6-9/16 6-7/16 THREE MTHS 6-9/16 6-7/16 FOUR MTHS 6-9/16 6-7/16 FIVE MTHS 6-5/8 6-1/2 SIX MTHS 6-11/16 6-9/16 NINE MTHS 6-3/4 6-5/8 TWELVE MTHS 6-3/16 6-11/16  | |
Japans Livestock Industry Promotion Corp (LIPC) said that on April 28 it will import 7515 tonnes of beef for the first half of the 1987 fiscal year started on April 1 under the simultaneous buy and sell tender system against 6813 a year ago. The system calls on the agency to buy beef from trading houses and simultaneously sell it to users in one tender. The tender quota in April-September is 10 pct of the agencys beef import share. Japans beef import quota in 1987/88 was set at 93000 tonnes against 85000 for the same period in 1986/87. REUTER | JAPAN'S LIPC TO BUY BEEF ON APRIL 23 |
 LONDON LIFFE EURODOLLAR 0835 - APR 7 MTH LAST HIGH LOW PR.SET Jun 9333 9333 9333 9336 Sep --- --- --- 9330 Dec --- --- --- 9322 Mar --- --- --- 9308 Jun --- --- --- 9288 Sep --- --- --- 9267 Dec --- --- --- 9245 Mar --- --- --- 9224  | |
 LONDON CDS MORNING -APRIL 7 STERLING 1 month 10 9-7/8 two 9-7/8 3/4 three 9-13/16 11/16 six 9-1/2 3/8 nine 9-1/2 3/8 twelve 9-3/8 1/4 US DOLLAR 1 month 6.32/27 two 6.33/28 three 6.36/31 six 6.45/40  | |
 LONDON LIFFE STERLING-DP 0835 - APR 7 MTH LAST HIGH LOW PR.SET Jun 9077 9078 9077 9078 Sep --- --- --- 9104 Dec --- --- --- 9108 Mar --- --- --- 9098 Jun --- --- --- 9083 Sep --- --- --- 9061 Dec --- --- --- 9051 Mar --- --- --- 9030  | |
 BRUSSELS EXCHANGES OPENING - APRIL 7 US DLR COM 37.67 37.74 US DLR FIN 37.70 38.10  | |
Asian dollar deposit rates closed steady at opening levels in dull and featureless trading dealers said. They said most operators refrained from taking large positions amid expectations that the group of seven would hold currency talks on the sidelines of the International Monetary Fund conference in Washington later this week. Short-dates were mostly steady at the outset and remained unchanged in subsequent trading. Overnight Wednesday/Thursday and week-fixed closed at a common 6-5/16 6-3/16 pct. Term rates were little changed from earlier levels of 6-1/2 6-3/8 pct for one month 6-9/16 6-7/16 pct for three months 6-11/16 6-9/16 pct for six months and 6-13/16 6-11/16 pct for one year. Asian dollar CD rates held unchanged at the mornings levels in quiet trading dealers said. One month closed at 6.45/35 pct three months at 6.55/45 pct and six months at 6.65/55 pct. REUTER | ASIAN DOLLAR DEPOSITS CLOSE QUIETLY STEADY |
 LONDON EURO DEPOSITS - YEN MORNING - APRIL 7 one week 1 month 3-15/16 13/16 two 3-15/16 13/16 three FOUR 3-7/8 six FOUR 3-7/8 twelve FOUR 3-7/8  | |
 CORRECTED SINGAPORE ASIAN DLR CLSG - APRIL 7 TUES/WED 6-5/16 6-3/16 WED/THURS 6-5/16 6-3/16 7 DAYS FIX 6-5/16 6-3/16 ONE MTH 6-1/2 6-3/8 TWO MTHS 6-9/16 6-7/16 THREE MTHS 6-9/16 6-7/16 FOUR MTHS 6-9/16 6-7/16 FIVE MTHS 6-5/8 6-1/2 SIX MTHS 6-11/16 6-9/16 NINE MTHS 6-3/4 6-5/8 TWELVE MTHS 6-13/16 6-11/16 (CORRECTING TWELVE MTHS 6-13/16 6-11/16 FROM 6-3/16 6-11/16)  | |
Yen bond futures prices closed sharply higher reflecting the steep advance in cash bond prices on purchases by end-investors and banks dealing accounts which was followed by broker buying dealers said. Key June ended at 110.68 against the 109.93 finish yesterday after opening at 110.25 and rising to a high of 110.75. September ended at 109.40 against 108.74. Short-term rates dropped by one point in response to a seasonal surplus of some 400 billion yen money traders said. City and trust bank dealing acounts actively bought low coupon cash issues accelerating the futures rally dealers said. Most currency dealers here believe the dollar will remain bearish despite the expected Group of Seven meeting in Washington tomorrow. Should the dollar fall further Japan might have to ease its credit policy which would lend support to the market bond dealers said. The unconditional yen call rate was 3.6250 pct today up from 3.6875 yesterday. The two-month commercial bill discount rate was 3.8750 pct up from 3.9375. The three-month certificate of deposit rate the representative open money market rate was 4.14/03 up from 4.18/06 yesterday. REUTER | YEN BOND FUTURES CLOSE SHARPLY HIGHER |
 TOKYO CALL MARKET - APRIL 07 DLR CALL RATES OVERNIGHT 6-5/16 6-1/4 ONE WEEK 6-3/8 6-1/4 ONE MTHS 6-15/32 6-13/32 TWO MTHS 6-17/32 6-15/32 THREE MTHS 6-9/16 6-1/2 SIX MTHS 6-21/32 6-19/32 TURNOVER 5637 BILLION YEN CALL RATES UNCONDITIONAL 3.6250/6875 TWO AND THREE DAYS 3.6250/6875 FOUR AND FIVE DAYS UNFIXED SIX DAY 3.6250/6875 ONE WEEK 3.6875/7500 TWO WEEK 3.6875/7500 THREE WEEK 3.7500/8125 BILL DISCOUNT RATES ONE MTH 3.8125/8750 THREE MTH 3.9375/4.0000 GENSAKI RATES THREE MTHS 3.955 (AVE) 4.000 (HIGH) 3.800 (LOW)  | |
 RPT- LONDON EURO DEPOSITS - YEN MORNING -APRIL 7 one week FOUR 3-7/8 1 month 3-15/16 13/16 two 3-15/16 13/16 three FOUR 3-7/8 six FOUR 3-7/8 twelve FOUR 3-7/8  | |
Tesco Plc <TSCO.L> said it was extending its 151 mln stg contested bid for <Hillards Plc> until May 1. It said it now controlled 9.8 pct of Hillards shares comprising acceptances of the offer for 1.5 mln or 3.1 pct and 3.2 mln or 6.7 pct owned by itself its pension fund or its associates. It also controlled 23250 convertible preference shares or 0.2 pct. Hillards shares were unchanged at 313p while Tesco was two pence firmer at 475p. REUTER | TESCO EXTENDS HILLARDS OFFER |
16085 Sep --- --- --- 15985 Dec --- --- --- 15885 Mar --- --- --- 15784 | LONDON LIFFE STERLING 0847 - APR 7 |
 LONDON STERLING FORWARDS OPENING - APRIL 7 1 MONTH 3 MONTHS 6 MONTHS US 52/49 131/127 225/220 CAN 57/47 138/127 231/214 DMK 163/152 435/419 805/787 DFL 138/126 363/346 671/652 SFR 157/143 382/367 706/681 FFR 178/127 408/335 620/510 YEN 132/121 348/333 646/623 LIT 18/05 -26/+13 -05/+83 BFC 18/12 45/35 71/57  | |
The U.S. Dollar closed lower after a day of thin trading as most operators were sidelined ahead of the International Monetary Funds meeting in Washington this week dealers said. They noted the Group of Seven industrialised nations is expected to meet and discuss currency movements during the course of the IMF gathering. But some speculative selling of the dollar was noted on conviction that the Bank of Japan will intervene less during of the meetings. The dollar ended at 145.15/20 yen against Tokyos 145.25 close and New Yorks final 145.85/90. Dealers said however the Japanese central bank bought dollar persistently throughout today and limited the dollars falls. The U.S. Unit eased to 1.8205/15 marks from an early 1.8230/40 and New Yorks 1.8260/70 close. It was under pressure also because most traders anticipated the currency meeting to bring little surprise dealers said. Sterling advanced to 1.6200/10 dlrs from an early 1.6185/95 and New Yorks final 1.6175/85 on rising support to the ruling Conservative Party of Britain dealers said. They said the pound gained ground on belief that Prime Minister Margaret Thatcher will call an early general election in June. But chartists said they expect strong resistance around 1.62 dlrs. Elsewhere the dollar fell to 1.5137/47 Swiss francs from New Yorks final 1.5180/90 and was lower at 6.0600/20 French francs against 6.0745/75. Asian dollar deposits were lower with the three months settling at 6-1/2 3/8 pct against Fridays close of 6-11/16 9/16 and the six months eased to 6-5/8 1/2 pct from 6-3/4 5/8. The Hong Kong dollar stayed on the weak side of its 7.80 peg with the U.S. Unit finishing at 7.8015/35 against Fridays close here of 7.8005/25. Interbank rates were firmer following the local banks move to raise prime rates by half-point to 6-1/2 pct effective today dealers said. The overnight rose to 4-1/2 1/4 pct from Fridays close of four 3-1/2 while the three months was unchanged at 5-1/4 1/16 pct. REUTER | U.S. DOLLAR CLOSES LOWER IN THIN HONG KONG TRADING |
7.8035 uk 12.646 - 12.658 us/uk 1.6187 - 1.6194 us/w ger 1.8215 - 1.8225 us/switz 1.5140 - 1.5150 us/yen 145.20 - 145.30 spore 3.6501 - 3.6528 | HONG KONG EXCHS CLSG - APR 7 |
Bundesbank sets 28-day securities repurchase tender at fixed 3.80 pct |
|
Rubber futures closed 0.2 to 0.9 yen per kilo down except nearby June which was unchanged at 125.2 despite a higher Singapore market this morning dealers said. Prices maintained their decline all day after opening easier on sporadic stoploss selling due to the dollars slight drop against the yen but nearby and mid-term months recovered slightly at the second afternoon session on small-lot buying in thin trading. REUTER | TOKYO RUBBER FUTURES CLOSE QUIETLY LOWER |
 BRUSSELS EXCHANGES OPENING TWO - APRIL 7 FFR 6.21 6.23 STG 61.02 61.25 DFL 18.32 18.38 SFR 24.85 24.95 DMK 20.67 20.75  | |
 LONDON METAL INDICATIONS AT 0900 - APR 7 ALL THREE MONTHS BUYER SELLERS COPPER 875 877 LEAD 298 300 ZINC 455 457 SILVER 424 426 ALUMINIUM 806 808 NICKEL 2345 2365  | |
 BANGKOK GOLD/EXCHANGE CLOSING - April 7 Gold bar (98.00 pct 15.244 grammes) 5350 baht (opg 5350) Equivalent in US dlrs per ounce 425.72 (425.72) Exchanges: US 25.64/25.79 UK 41.44/41.7425 HK 3.2775/3.315  | |
 Malaysian rubber 1600 - april 7 quiet ones may 227.50 229.50 Jne 227.50 229.50  | |
The Bundesbank set a new tender for a 28-day securities repurchase agreement offering banks liquidity aid at a fixed bid rate of 3.80 pct a central bank spokesman said. Banks must make their bids by 1400 GMT today. Funds will be allocated by 0900 GMT tomorrow and credited to accounts later in the day. Banks must repurchase securities pledged on May 6. REUTER | BUNDESBANK SETS NEW REPURCHASE TENDER |
 LONDON EURODOLLAR DEPOSITS RATES OPENING - APRIL 7 overnight 6-1/8 SIX tom/next 6-1/4 1/8 spot/next 6-1/4 1/8 week fixed 6-5/16 3/16 one month 6-7/16 5/16 two 6-1/2 3/8 three 6-9/16 7/16 four 6-9/16 7/16 five 6-5/8 1/2 six 6-5/8 1/2 nine 6-3/4 5/8 twelve 6-13/16 11/16  | |
Share prices closed weaker but well above their lows on late bargain hunting in fairly quiet trading brokers said. The Hang Seng Index lost 15.29 points to end the day at 2664.70 after falling more than 40 points in late morning. The Hong Kong Index shed 10.69 to 1713.81. Turnover was 657.5 mln H.K. Dlrs against Fridays 694 mln. Brokers said sentiment remained bearish despite the late recovery as the controversy surrounding the issuance of B shares by major corporates still overshadowed the market adding that the local prime rate rise also dampened interest. Brokers said the market showed little immediate impact from the suspension of trading in the shares of Wharf World International and Hk Realty despite speculation of a reorganisation. On Friday Wharf fell five cents to 8.60 dlrs. Cheung Kong and Hutchison ended unchanged at 41.75 and 51 dlrs on late support. Jardine Matheson shed 10 cents to 22.40 dlrs Swire A 50 to 21.30 and Hk Bank 10 to 8.30. Hk Hotels rose 3.50 dlrs to 74.50 dlrs in active trading. The April Hang Seng Index Futures rose one point to 2686 with 8592 lots traded while June gained three to 2733. REUTER | STOCKS CLOSE WEAKER IN HONG KONG |
Yen-denominated gold futures closed down three to 10 yen per gramme following the lower New York market except distant December which was unchanged dealers said. Trading in gold was featureless as most speculators interest shifted to silver which has risen in line with the higher New York market. International bullion was 421.90/422.40 dlrs an ounce aginst 418.10/60 in New York. REUTER | TOKYO GOLD FUTURES CLOSE MOSTLY EASIER |
 SINGAPORE RUBBER 1615 - APRIL 7 QUIET ONES MAY 195.50 196.00 JUNE 192.50 193.00 PROMPT 199.00 200.00  | |
 LONDON METAL INDICATIONS AT 0919 - APR 7 ALL THREE MONTHS BUYER SELLERS COPPER 875 877 LEAD 298 300 ZINC 455 457 SILVER 424 426 ALUMINIUM 806 808 NICKEL 2345 2365  | |
Prices of public authority bonds were barely changed in quiet pre-bourse trading with some foreign investors taking profits but others opening fresh positions. Dealers said long maturities fluctuated between gains and losses of around 10 pfennigs. Todays slight drop in the value of the dollar and yesterdays modest gains on U.S. Credit markets had little impact on business here. Domestic investors remained sidelined ahead of the G-7 meeting this week. Dealers said todays quietness was also a technical reaction to recent sharp gains. Mark eurobonds were little changed in thin trading. The six pct 1997 federal government loan stock fell 10 pfennigs to 103.20 103.45. The 5-3/4 pct 1997 bond for the same address eased five pfennigs to 101.25 101.50. Yields of mortgage and municipal paper eased one to two basis points in thin trading. 10-year yields fell to 6.26 pct from 6.28 and five-year yields declined to 5.13 pct from 5.15. In mark eurobonds the 5-1/2 pct 1992 East Asiatic offer was unchanged at 98-1/4 98-1/2. Irelands 6-1/2 pct 1997 bond was steady at 98-1/2 99. Syndication managers said one new issue could be launched during the European afternoon. REUTER | GERMAN BONDS BARELY CHANGED IN QUIET PRE-BOURSE |
The cash bond market closed higher in active trade led by securities houses speculative buying and end-investor purchases of low coupon issues triggered by declines in short-term interest rates dealers said. The yield on the 5.1 pct 89th bond of 1996 closed at the low for the day of 3.905 pct against the 3.955 close yesterday and the 3.930 opening. The 5.3 pct 95th bond of 1997 finished at 4.010 pct against 4.165 at yesterdays close and an opening today of 4.100. Active dealing accounts of city and trust banks heavily bought low coupon issues on the rate decline and in expectation of a further fall dealers said. The lingering bearish outlook for the dollar is sustaining hopes of another drop in Japanese rates regardless of what emerges from the expected meeting tomorrow of the G-7 meeting. The key U.S. 7-1/2 pct Treasury bond due 2016 was 95.26-28 in late Tokyo trade against the 96.04-06 New York finish. In the absence of retail participation the key bond eased on dealer position adjustments on the dollars renewed weakness ahead of the expected meeting. However some bankers said Japanese investors would return to the market due to a wider Japan/U.S. Yield gap and demand for liquidity but only if the dollar stabilizes. REUTER | TOKYO BOND MARKET CLOSES SHARPLY HIGHER |
 PRS PARIS/LE HAVRE COFFEE OPG - APR07 May 1191/1210 ba Jul 1195 BID Sep 1220/1255 ba Nov 1230 BID Jan 1240 BID Mar 1255 BID May 1255 BID Sales at call NIL accumulative total NIL Yesterday s official turnover:65 QUIET  | |
Apr 148.00 148.00 148.25 148.50 147.75 38 May 146.75 146.75 147.00 147.00 146.25 29 Jun 146.00 146.00 146.50 146.50 146.00 8 Jul --- 145.50 147.00 --- --- --- Aug --- 146.00 148.00 --- --- --- Sep --- 146.50 151.00 --- --- --- Oct --- 145.00 --- --- --- --- Nov --- 145.00 --- --- --- --- TOTAL SALES 75 | LONDON GASOIL CALL COMPLETE 0923 - APR 7 |
Shares prices were mostly higher at the oustset bouyed by the latest opinion polls one of which shows the ruling Conservative party having a 13 point lead over the Labour opposition party. Record closes on both the New york and Tokyo stock exchanges supported market sentiment. Dealers expect the market to open around five to eight points higher but then ease back should buying support fail to emerge. The market appears fairly convinced of a Conservative win in the next general election but is likely to be restrained by uncertainty over its timing. Unilever rose 18p to 2589 and British Telecom 2p to 254. REUTER | EQUITIES MAINLY HIGHER IN QUIET EARLY LONDON |
 SINGAPORE RUBBER 1630 QUIET - APRIL 7 ONES RSS MAY 195.50 196.50 (UNCH) JUNE 192.50 193.50 PROMPT 199.00 200.00  | |
The Bank of Japan will sell tomorrow a total of 800 billion yen worth of financing bills from its holdings to help absorb a projected money market surplus of 1300 billion yen money traders said. Of the total 400 billion yen will yield 3.8502 pct on sales from money houses to banks and securities houses in a 41-day repurchase accord maturing on May 19. Another 400 billion yen will yield 3.7991 pct in a 20-day repurchase pact maturing on April 28 they said. The repurchase agreement yields compare with the 3.8125 pct one-month and 3.7500 pct three-week commercial bill discount rates today. Tomorrows surplus is attributable to government tax allocations to local governments and public entities. The operation will put outstanding bill supply at about 4300 billion yen they said. REUTER | BANK OF JAPAN TO SELL 800 BILLION YEN IN BILLS |
Two British opinion polls showed the ruling Conservative Party would retain power with a clear majority in general elections. A poll for commercial television conducted after Prime Minister Thatcher returned from Moscow this morning gave the Conservatives their highest rating since they were re-elected in 1983 with 43 pct of the votes Labour 30 and the Social Democratic-Liberal Alliance 26 pct. Another poll in the Times newspaper taken in 73 key marginal constituencies predicted a Conservative majority of 92 seats. Thatcher does not have to call elections until June 1988. REUTER | BRITISH OPNION POLLS KEEP CONSERVATIVES AHEAD |
The dollar started lower after an easier close in the Far East on selling amid continuing bearish sentiment and despite Bank of Japan intervention dealers said. But they said European markets were likely to be calm today with the dollar remaining in a narrow trading range ahead of the Washington monetary talks. The dollar was quoted at an early 6.0565/90 francs after a late 6.0710/30 range here and close in New York at 6.0745/75. The mark was quoted at an early 332.72/75 francs per 100 against last nights late 332.70/72 range. REUTER | DOLLAR STARTS LOWER IN QUIET PARIS |
The dollar opened easier after markets in the Far East had sold it down for yen defeating new attempts by the Bank of Japan to check the yens rise through sustained currency intervention dealers said. But trading was slow and uninsipired and although dollar sentiment remained bearish especially against the yen dealers expected no major movements ahead of tomorrows Group of Seven finance ministers meeting. Sterling remained well bid as two new opinion polls showed that the ruling Conservative party had increased its strong lead increasing the chances of an early election they said. The dollar opened at 145.05/15 yen compared with 146.00/10 at yesterdays European close. It closed at 145.25 yen in Tokyo after New Yorks 145.85/90. The dollar opened at 1.8195/8205 marks after yesterdays close in Europe of 1.8245/55. It closed at 1.8205/15 in Tokyo after finishing at 1.8260/70 in New York. Sterling opened marginally weaker on its trade-weighted index dropping one basis point to 72.3. But it started firmer at 1.6213/23 dlrs against 1.6163/73 last night. It was also firmer against the mark. The pound opened at 2.9540/9575 marks against 2.9490/9530 in Europe last night. But it lost some ground shortly after the opening trading quietly around 2.95 marks. Dealers said that with uncertainty still surrounding the dollar yen and mark sterling looks strong and attractive on due to an apparent surge of support for the ruling Conservative party relatively high interest rates and a strong economy. One opinion poll today showed the Conservatives had a 13-point lead over the opposition Labour party and a 17-point lead over the Liberal-Social Democratic Alliance. Another forecast a 92 seat Conservative majority in a new parliament. One dealer reported a large sterling buying order from a Japanese institution earlier today. But dealers were cautious to push sterling much higher amid wariness of intervention by the Bank of England. The bank was thought to have intervened repeatedly yesterday but it was not sighted in the market today dealers said. On the dollar dealers said all eyes were turned to Washington where finance ministers and central bank governors of the Group of Seven leading industrial nations will meet tomorrow to review their February 22 Paris currency stabilisation pact. Few expect the meeting to produce more than a vaguely worded confirmation of the Paris goals of currency stability and increased economic cooperation. This outcome would almost certainly lead to renewed dollar weakness especially against the yen with levels around 140 yen well within reach some dealers said. But you never know. Perhaps the Japanese do come up with some sort of stimulation package that would satisfy the market after all a dealer with a U.S. Bank said. He noted news that Japan was working out a reflationary supplementary 1987 budget. A senior official of the Japanese ruling Liberal Democratic Party said earlier today the party has drawn up the outline of a reflationary economic package including a 5000 billion yen supplementary budget for fiscal 1987. The dollar opened at 1.5130/40 Swiss francs against 1.5180/90 in Europe. It opened at 6.0525/75 French francs down from its European close of 6.0660/0710. REUTER | DOLLAR STARTS EASIER IN LONDON, STERLING FIRM |
Share prices opened mixed in relatively quiet trading after early indications suggested a positive move forward on the back of the latest opinion polls and record closing highs on the Tokyo and Wall Street stock exchanges. At 0815 GMT the FTSE 100 index was 4.7 off at 1984.5. Dealers said the effect of news today of two opinion polls one of which conducted for the television programme TV-AM placing the Conservative party 13 points ahead of the Opposition Labour Party was offset by a belief that the markets gains yesterday may have been overdone and that a period of consolidation is due. An opinion poll published in the Times newspaper today which measured party support in marginal seats gave the ruling Conservative Party a lead of six points over the Labour Party. Operators said although the market is generally convinced the Conservatives will win the next general election uncertainty over the date is continuing to provide an unsettling influence. Among the leaders ICI lost 2p at 1333 Beecham 8p at 525 and Glaxo 4p at 1484 but Wellcome lost 25p at 393 on profittaking dealers said. Dealers also said fears of a trade war with Japan although less acute remain a nagging concern in the absence of fresh developments Unilever gained 10p to 2560 Dixons 4p to 373 British Telecom a penny to 253 and Reuters 2p to 701. In lower oils BP shed 6p at 914 in the wake of news yesterday that Standard Oil considered inadequate BPs 70 dlrs per share tender offer for the 45 pct of Standard that it does not already own. Shell declined 5p to 1228. Banks were mostly lower but showed modest declines. Barclays eased a penny to 503 as did Natwest at 588. Standard Chartered lost 3p to 821 after recent gains on bid speculation. Press reports said Australian businessman Robert Holmes ACourt increased his stake in the company yesterday. Dealers said Lloyds bank is widely expected to renew its offer for Standard once its one-year bid limit ends in July. Lloyds rose one penny to 488. Government bonds showed gains ranging to 3/16 point mostly due to bullish sentiment generated by todays opinion polls dealers said. REUTER | EQUITIES OPEN MIXED IN QUIET LONDON TRADING |
The dollar opened slightly lower in quiet trading with dealers holding back ahead of the outcome of this weeks top-level international monetary talks in Washington. The dollar began here at 1.5128/5138 Swiss francs down from the previous 1.5185/5195 close and the 1.5180/5190 francs in New York. However dealers were sceptical that anything other than a mere reaffirmation of Februarys Paris Accord was likely to emerge from Washington. The dollar is likely to stay stable or drift slowly down predicted one dealer at a major U.S. Bank. The Swiss franc was also slightly higher against the other major currencies. Sterling began at 2.4526/4557 francs down from the previous 2.4547/4578 francs close while the mark slipped to 83.09/19 centimes from 83.11/21 centimes. The French franc opened at 24.97/25.00 centimes from the previous 24.98/25.02 centimes close. REUTER | DOLLAR OPENS LOWER IN QUIET ZURICH |
The Palm Oil Registration and Licensing Authority (PORLA) reports trade in crude palm oil (cpo) on April 6 as follows in ringgit per tonne delivered unless stated. April 747 central 744.50 south 742.50 east coast 740 north average 745.50. May 745 north. Refined palm oil traded in bulk US dlrs per tonne fob. RBD palm olein April 327.50 June 329 July 327. The cpo market was easier in light trading and April traded between 737.50 and 750 ringgit per tonne. The refined palm oil market was slightly easier with interest mainly on RBD palm olein. REUTER | PORLA CRUDE PALM OIL TRADE REPORT FOR APRIL 6 |
Silver trading at around two year highs began sharply higher in relatively active trading pulling platinum up a little in its wake dealers said. However gold began little changed. Silver began here at 6.74/79 dlrs an ounce up 22 cents from the previous close here. It had briefly touched the 6.80 dlr level at the end of Far Eastern trading. The metal then fell back a little further largely on profit-taking but dealers said demand still remained good. However it was not clear whether there could be a further slight downturn before the rise continued. Gold began at 421.8/422.2 dlrs an ounce 3.70 dlrs above the New York close but just 25 cents above the previous close here. Platinum began 4.50 dlrs higher at 567/571 dlrs an ounce. REUTER | SILVER OPENS HIGHER IN ZURICH, GOLD UNCHANGED |
The Australian dollar staged a strong recovery on the local market after sharp overnight falls offshore as a weak U.S. Dollar and capital inflow into local gold stocks and securities boosted demand dealers said. The dollar closed at 0.7092/97 U.S. Dlrs after opening easier at 0.7040/45 from U.S. Lows of 0.7030/40. But the dollar still had not recovered to yesterdays local closing levels of 0.7109/14. Traders are confident the local unit will return above 0.7100 and they regard todays fall as a correction in the currencys recent uptrend. Traders said the Australian dollar after trading around 0.7040/50 for most of the day surged to its days high in late afternoon trading on Asian buying. They said offshore traders are still bullish towards the Australian dollar as yesterdays U.S. Selling occurred in thin volume. Nervousness over the short-term direction of the U.S. Dollar ahead of the International Monetary Fund meeting also provided support for the Australian dollar. In Asia the U.S. Dollar ended lower at 145.15/20 yen against Tokyos 145.25 close and New Yorks final 145.85/90. The U.S. Dollar also finished at 1.8208/18 marks against Tokyos 1.8205/15 and 1.8260/70 in New York. The Reserve Bank trade weighted index eased to 55.7 points from yesterdays 56.0. The U.S. Dollar average hedge settlement rate was struck at 70.66 from 71.10. REUTER | AUSTRALIAN DOLLAR CLOSES ABOVE LOWER OPENING LEVEL |
 ZURICH SILVER FIXING - APR 07 6.6875 slrs per ounce (previous 6.4300) 325.50 swiss francs per kilo spot (previous 314.25)  | |
 PRS PARIS COCOA OPG - APR 7 May 1248 bid Jul 1283 bid Sep 1308 bid Dec 1330 bid Mar 1340/1350 ba May 1358 bid Jul 1368 bid Sales at call nil accumulative total nil Yesterdays official turnover: nil steady  | |
 INT PARIS CALL MONEY - APR 07 AGAINST PRIVATE SECURITIES DAY TO DAY 7-13/16 7/8 (7-13/16 15/16) ONE MONTH 7-7/8 8 (UNCH) THREE MTHS 7-7/8 8 (UCNH) SIX MTHS 7-7/8 8 (UNCH) TWELVE MTHS 8-1/8 1/4 (8 8-1/4)  | |
 SINGAPORE EXCHS CLSG - APRIL 7 US 2.1355/65 STG 3.4595/4630 HKG 27.35/40 AUST 1.5120/45 DMK 1.1725/35 YEN 1.4700/20  | |
 LME OFFICIAL FORWARD VOLUMES - APR 7 Volumes up to 1705 hours Apr 6 COPPER A 64775 Standard 1525 LEAD 25275 ZINC HG 32000 SILVER Large 92 Small nil ALUMINIUM 37925 NICKEL 2238 Silver in lots of troy ozs others tonnes.  | |
 LONDON METAL INDICATIONS AT 0945 - APR 7 ALL THREE MONTHS BUYER SELLERS COPPER 876 876 LEAD 297 299 ZINC 454 456 SILVER 421 423 ALUMINIUM 805 807 NICKEL 2345 2365  | |
 HONG KONG GOLD CLSG - APR 7 local mkt (99.00 fine hk dlrs per tael) 3904.00 (prev clsg 3905.00) hilo 3925.00 - 3896.00 international mkt (99.5 fine us dlrs per ounce) 420.00/420.50 (420.25/420.75) hilo 422.40/422.90 - 419.40/419.90 krugerrand hk dlrs 3267.00 (3300.00) us dlrs equivalent 418.70 (422.90) maple leaf hk dlrs 3385.00 (3392.00) us dlrs equivalent 433.80 (434.75)  | |
 LONDON LIFFE GILTS 0945 - APR 7 MTH LAST HIGH LOW PR.SET Jun 12411 12419 12409 12407 Sep --- --- --- 12407 Dec --- --- --- 12408 Mar --- --- --- 11016 Jun --- --- --- 12208  | |
 SINGAPORE RUBBER 1645 QUIET - APRIL 7 NO 1 RSS MAY 195.50 196.50 (UNCH) JUNE 192.50 193.50 PROMPT 199.00 200.00  | |
Exhausted buyers and a late fall on the Australian share market due to profit-taking led to a sharp drop in share price index contracts on the Sydney Futures Exchange dealers said. Domestic credit futures were mixed with 90-day bank bills firming in line with easier physical yields as the dollar rose they said. Ten-year bond futures however were steady on the days open in line with little changed physical yields. Comex-linked gold futures were higher on rises in bullion while international credit futures were mixed in extremely thin trade. June share price index futures closed at 1735.5 from the days 1754.0 open well off yesterdays record 1748.5 close. September was also well down on 1737.0 from 1763.0 after finishing at 1746.0 yesterday. About 3154 lots were traded. Dealers said the momentum of the futures market appeared to be exhausted with a return to bigger discounts now likely. Demand for gold and industrial stock continued to drive up the all ordinaries index which climbed 8.5 points to 1754.8 although this was well off the days highs after late profit-taking. Easier physical yields as a result of the firmer Australian dollar also saw rises in 90-day bank bill futures. June contracts rose to 85.16 from the days 85.00 open in active trade after falling to a low of 84.96. September rose to 85.25 from 85.12 after finishing yesterday at 85.20. About 6912 contracts were traded. Physical yields eased to 15.48/53 pct from 15.60. June 10-year bond futures the only month to trade were steady on the days 86.87 open after closing yesterday at 86.96. About 7041 lots were exchanged. Physical March 1997 paper was 13.11/14 pct from 13.14. June Comex-linked gold futures finished strongly at 425.00 U.S. Dlrs an ounce from the days 423.20 open and overnight close of 422.60 in line with strong gains in bullion. Only nine lots were traded. International credit futures were mixed with June U.S. T-bonds finishing lower at 97.27 from the days 97.30 start well off the overnight Chicago close of 98.04. The contract was untraded locally yesterday. June Eurodollars were untraded on a buy/sell quote of 93.31/36 after finishing at 93.35 in Chicago from a local close yesterday of 93.36. REUTER | SYDNEY FINANCIAL FUTURES CLOSE MIXED |
YEAR TO END-DEC 1986 Proposed dividend 45 francs vs 34.50 francs Note - Full name of company is Moet-Hennessy SA <MHSP.PA> REUTER | MOET-HENNESSY PROPOSES HIGHER DIVIDEND |
 LONDON COFFEE ROBUSTA OPENING - APR 7 MTH BYR SLR HIGH LOW SALES May 1250 1255 1255 1251 13 Jul 1261 1265 1264 1262 34 Sep 1275 1284 nil Nov 1295 1310 nil Jan 1330 1340 nil Mar 1340 1360 nil May 1350 1380 nil 47.  | |
 INT PARIS EURODEPOSITS - APR 07 STG CALL AND 2/7 DAYS 10-1/16 3/16 1 MTH 9-11/16 10-1/16 2 MTHS 9-9/16 15/16 3 MTHS 9-7/16 7/8 6 MTHS 9-1/4 5/8 12 MTHS 6-1/2 5/8  | |
May 6765 Aug 13126 Oct 4462 Dec 167 Mar 583 May 170 Total 25273 | PARIS SUGAR OPEN POSITION - APR 7 |
 INT PARIS EURODEPOSITS - 2 - APR 07 DLR SFR 2/7 DAYS 6-1/8 1/4 2/7 DAYS 0-7/8 1-1/8 1 MTH 6-1/4 7/16 1 MTH 2-13/16 3-3/16 3 MTHS 6-5/16 9/16 3 MTHS 3-1/4 5/8 6 MTHS 6-5/16 11/16 6 MTHS 3-5/16 11/16 DMK DFL 2/7 DAYS 3-5/8 3/4 2/7 DAYS 5-1/4 1/2 1 MTH 3-5/8 7/8 1 MTH 5-5/16 7/16 3 MTHS 3-5/8 7/8 3 MTHS 5-5/16 7/16 6 MTHS 3-11/16 15/16 6 MTHS 5-1/4 3/8  | |
 PRS PARIS SUGAR KERBS - APR 7 87 May 1160/62P  | |
 ZURICH INTERBANK RATES - APR 07 call money 1 one month 3 three months 3-1/2  | |
 PRS PARIS SUGAR OPG - APR 7 May 1152/1160 ba Aug 1175/1185 ba Oct 1208/1220 ba Dec 1235/1255 ba Mar 1265/1282 ba May 1300/1320 ba Sales at call nil accumulative total 65 Yesterdays official turnover: 51900 barely steady  | |
 INT ZURICH EURO DEPOSITS - APR 07 2 days 1 mth 3 mths 6mths us 5-3/4 6-3/8 6-1/2 6-5/8 stg 9-3/4 9-7/8 9-3/4 9-5/8 dmk 3-1/2 3-7/8 3-7/8 3-7/8 ffr 7 8-1/8 8-1/4 8-1/4 dfl 4 5-3/8 5-3/8 5-3/8 yen 3-1/2 3-7/8 3-7/8 3-7/8 sfr 1 3 3-1/2 3-5/8  | |
 ZURICH INTERBANK RATES - APR 07 call money 1 one month 3 three months 3-1/2  | |
 FRANKFURT MONEY - APRIL 7 call money 3.60/70 (3.60/70) one mth 3.80/85 (3.80/90) three 3.80/90 (3.85/95) six 3.90/4.00 (3.90/4.00) twelve 3.95/4.05 (3.95/4.05)  | |
Secondary sectors of the eurobond market where changed were generally firmer in quiet morning trading with attention again tending to focus on currencies other than the dollar dealers said. The sterling straight market opened with further gains of 1/8 or 1/4 point with sentiment boosted by the publication of two more opinion polls showing the ruling Conservative Party with a substantial lead over opposition parties. Dealers said operators seem a little more cautious this morning since profit-taking is expected to emerge soon after recent substantial gains. The dollar straight sector was little changed with yesterdays gains on the U.S. Bond market being balanced out by a slightly easier dollar. The market is now awaiting news which may emerge from tomorrows Group of Seven meeting in Washington. Its not often you can call the dollar straight sector a backwater in the market but thats what it is at the moment a head trader at a U.S. Firm said. U.S. Treasury security trading was also quiet with retail participation limited to enquiry dealers said. The 30-year long bond was quoted at 95-30/32 pct at 0845 GMT. The yen and Australian dollar sectors remained buoyant although volume was lower than yesterday morning dealers said. Yen bonds were 1/4 to 3/8 point firmer with initial buying coming from the Far East dealers said. The market was boosted by a very firm Japanese bond market in which the yield on the key 5.1 pct bond due 1996 dropped to close at 3.905 pct compared with yesterdays close of 3.955 pct. In the Australian dollar market there was some retail demand for zero coupon bonds dealers said. REUTER | EUROBOND MARKET GENERALLY FIRMER WHERE CHANGED |
Cheung Kong, Hutchison withdraw plans for bonus issue of new "B" shares |
|
 ZURICH GOLD 1200 - APRIL 7 pool 419.50-422.50 (418.50-421.50 at 11.00) interbank 420.60-421.10 (419.70-420.10 at 11.00)  | |
 LONDON DOLLAR FLUCTUATIONS 1100 - APRIL 7 STG 1.6190/6200 DMK 1.8210/20 SFR 1.5095/5105 DFL 2.0545/55 FFR 6.0560/0610 YEN 144.95/145.05 LIT 1297/1298 BFC 37.70/73  | |
Avions Marcel Dassault-Breguet Aviation <AVMD.PA> has suspended deliveries of its Mirage fighter jets to Egypt because of payment delays on planes already delivered aircraft industry sources said. A Dassault spokesman could neither confirm nor deny the suspension. The sources said the last six of 20 fighters ordered by Cairo in 1983 were being held back although the contract is expected to be completed in the near future. Deliveries started last year. They said the decision taken in consultation with the French government would pressure Cairo to speed up payments delayed because of Egypts foreign currency shortage. REUTER | DASSAULT SUSPENDS EGYPTIAN DELIVERIES, SAY SOURCES |
Bahrains issue of two mln dinars worth of 91-day Treasury bills was allotted at an average price of 98.506 to yield an average 6.00 pct a spokesman for the Bahrain Monetary Agency (BMA) said. Bids for the tender held today totalled about 4.65 mln dinars the spokesman said. This weeks average yield compares with 6.09 pct a week ago. Three-month interbank dinar deposits were quoted today at about 6.87/5.87 pct. The BMA spokesman said the next tender for two mln dinars of 91-day bills will be held on April 14. REUTER | BAHRAIN TREASURY BILLS YIELD AVERAGE 6.00 PCT |
The Asian Development Bank (ADB) said it had approved two loans amounting to 75.7 mln dollars for agricultural projects in Bangladesh and Nepal. It said both loans are repayable over 40 years including a 10-year grace and carry a service charge of one pct a year. The bank said it approved 51.7 mln for an agricultural inputs program for Bangladesh aimed at sustaining foodgrain production. It said the loan will cover the entire foreign exchange component of the projects total cost of 65 mln. The ADB said it approved 24 mln dlrs to support an agricultural credit project in Nepal. The loan will benefit Nepal by increasing foodgrain output augmenting production of milk and other dairy products and expanding energy generation in rural areas it said. REUTER | ADB APPROVES 75 MLN DLR LOANS FOR TWO PROJECTS |
Zenchiku Co Ltd is issuing a 40 mln dlr equity warrant eurobond due April 30 1992 paying an indicated coupon of 2-1/4 pct and priced at par lead manager Daiwa Europe Ltd said. Final terms will be fixed on April 13 and the non-callable issue is available in denominations of 5000 dlrs. It is guaranteed by Mitsui Bank Ltd. The selling concession is 1-1/2 pct while management and underwriting combined pays 3/4 pct. The payment date is April 30 and the issue will be listed in Luxembourg. The warrants are exercisable from May 18 1987 until April 10 1992. REUTER | ZENCHIKU ISSUES 40 MLN DLR EQUITY WARRANT BOND |
Raw sugar futures continued their overnight decline in early trading by posting losses from yesterdays final call of 0.40 to 1.20 dlrs dealers said. Volume at the end of a 10 minute opening call was 85 lots. The modest fall was attributed to lack of follow-through to yesterdays mid-session rise with New Yorks similar downturn yesterday seen as an additional unsettling influence they said. There is no fresh physicals news although India and Syria are in the market tomorrow for whites to coincide with the weekly white sugar tender by the European Community (EC). Near Aug was at 155.40 dlrs traded from 155.80 bid. REUTER | LONDON SUGAR OPENS SLIGHTLY EASIER |
The Stock Exchange of Singapore (SES) will likely be used to raise more than 1.5 billion dlrs in 1987 continuing a long-term bullish trend that began last year when about the same amount was tapped. Stock analysts and economists said the trend will be helped by low interest rates and the governments plan to sell 380 mln dlrs worth of shares in state enterprises each year for the next 10 years which should attract foreign interest. One foreign analyst said international fund managers are increasingly attracted to Asian markets like Singapore. He said uncertainty over Hong Kongs future had helped the flow of funds to Singapore over the last eight to nine months. Trade friction between Washington and Tokyo and the high value of the yen had also diverted a trickle of funds from Japan. But he added A slight trickle will have a large impact on the local exchange. Economists said the inflow from foreign institutions is difficult to estimate but it is increasing as the local recession bottoms out with the help of reduced corporate taxes cuts and of lower wage costs. Tan Soo Nan director of the Development Bank of Singapore Securities Ltd and a member of the exchange said he expects Singapore companies alone to tap around one billion dlrs this year but he warned there were some short-term risks. Corporate earnings in fiscal 1987 ending March fell short of an expected 20 pct increase over 1986 and a major failure would dampen sentiment he said. He added the SES should admit only companies able to sustain their earnings levels. But one foreign analyst said any slowing of activity would be temporary and many investors are waiting for the results of elections in Malaysia later this month. On the whole Tan said the long-term trend remains bullish because of the economic recovery the high growth potential for the Asian Pacific region and the liberalisation of the Toyko financial market. Tan said the introduction of the Stock Exchange of Singapore Dealing and Quotation System in January and the new government securities market was in keeping with the global trend towards debt securitisation and financial deregulation. Singapores economic recovery will be more broad-based in 1987 and the exchanges strategy should be to build up expertise in risk and fund management he said. REUTER | SINGAPORE STOCKS EXPECTED TO CONTINUE STRONG TREND |
 LONDON EURODOLLAR DEPOSITS RATES 1100 - APRIL 7 OVERNIGHT 6-1/4 1/8 TOM/NEXT 6-1/4 1/8 SPOT/NEXT 6-1/4 1/8 WEEK FIXED 6-5/16 3/16 ONE MONTH 6-7/16 5/16 TWO 6-1/2 3/8 THREE 6-9/16 7/16 FOUR 6-9/16 7/16 FIVE 6-5/8 1/2 SIX 6-11/16 9/16 NINE 6-13/16 11/16 TWELVE 6-7/8 3/4  |
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