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1,000 | <s>[INST] The session's new-issue fare, totaling nearly $2 billion, included a [/INST] number of unusual offerings, such as a $350 million issue of 20-year bonds from Korea Electric PowerCorp. </s> |
1,001 | <s>[INST] Investors said the bonds appeared to priced with [/INST] a yield generous enough to compensate for the growing political tensions on the Korean peninsula. </s> |
1,002 | <s>[INST] Korea Electric Power offered its 20-year debentures as [/INST] 7.75% issues to yield 7.814%, or 0.84 percentage point above the 30-year Treasury bond. </s> |
1,003 | <s>[INST] Rated single-A-1 by Moody's Investors [/INST] Service Inc. and single-A-plus by Standard & Poor's Corp. </s> |
1,004 | <s>[INST] , the issue will be [/INST] sold through underwriters led by Lehman Brothers. </s> |
1,005 | <s>[INST] 's $500 million offering of [/INST] 10-year notes, priced at par to yield 9.75%. </s> |
1,006 | <s>[INST] Mortgage & Asset-Backed Securities Prices of mortgage securities ended [/INST] moderately higher despite further evidence that some securities will be repaid far ahead of maturity. </s> |
1,007 | <s>[INST] In the primary market, a total of [/INST] $400 million of real estate mortgage investment conduit securities were announced. </s> |
1,008 | <s>[INST] deal, series Gold 1516, and the increase [/INST] of Federal National Mortgage Association series 1993-G2 to $500.1 million from $300.1 million. </s> |
1,009 | <s>[INST] Meanwhile, Chase Manhattan Bank brought out a sizable asset-backed [/INST] securities issue, totaling $750 million and backed by loans made mostly to buy luxury cars. </s> |
1,010 | <s>[INST] In secondary trading, 7% mortgage securities [/INST] for April delivery issued by all three agencies finished 6/32 higher. </s> |
1,011 | <s>[INST] Government National Mortgage Association issues finished at 100 14/32, [/INST] Freddie Mac Gold issues finished at 100 26/32 and Fannie Mae issues finished at 100 20/32. </s> |
1,012 | <s>[INST] Data released yesterday show that early prepayments on Fannie [/INST] Mae and Ginnie Mae mortgage securities soared in March, as homeowners rushed to refinance loans. </s> |
1,013 | <s>[INST] Prepayments on Fannie Mae 7.5% through 8.5% mortgage securities, [/INST] which are among the most vulnerable to refinancings, surged well over 100% in March from February. </s> |
1,014 | <s>[INST] The prepayment increases were more than double February's [/INST] levels in some cases and result from the lowest mortgage rates in two decades. </s> |
1,015 | <s>[INST] However, because prepayments haven't reached their [/INST] projected peaks, there was little market reaction to the news. </s> |
1,016 | <s>[INST] ___ Document 374 of 400 Currency traps in emerging markets Author: [/INST] Sesit, Michael R Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 15 Mar 1993: PAGE C1. </s> |
1,017 | <s>[INST] accountid=28034 Abstract: Although interest in stock and bond markets in emerging [/INST] countries has soared recently, the currencies in many of these emerging markets gives new meaning to the word "volatile". </s> |
1,018 | <s>[INST] In foreign exchange market trading on Mar 12, 1993 in [/INST] New York, the dollar stood at 1.6650 marks and 118.03 yen, compared with DM1.6615 and Y117.61 the day before. </s> |
1,019 | <s>[INST] Full text: NEW YORK -- Interest in stock and bond markets in emerging countries is booming, [/INST] but foreign investors eager to cash in on the tantalizing gains face a big problem: The currencies in many of these emerging markets give new meaning to the word "volatile". </s> |
1,020 | <s>[INST] In the past 15 months, Brazil's cruzeiro has plunged 95% against the [/INST] dollar, Turkey's lira 46%, Peru's new sol 41%, Poland's zloty 34%; and the once stable Russian ruble has collapsed an impressive 99.92%. </s> |
1,021 | <s>[INST] "The currency factor can be massively important" when investing [/INST] in developing countries, says Michael Balfour, an overseas investment director at Edinburgh Fund Managers PLC in Scotland. </s> |
1,022 | <s>[INST] "In a place like Brazil, where the currency is depreciating by 1% a day [/INST] against the U.S. dollar, you have to be sure the underlying asset goes up by at least that amount just to stay ahead of the game". </s> |
1,023 | <s>[INST] Last year, emerging markets accounted for 13 of the world's [/INST] 15 best performing stock markets, measured in dollars, including the top six, according to the International Finance Corp. </s> |
1,024 | <s>[INST] On the fixed-income side, money managers in the U.S. and Europe are being drawn to high interest rates, says John Purcell, director of [/INST] emerging markets research at Salomon Brothers Inc. These include the 17.38% annual yield available on 28-day Mexican Cetes, the 23.70% rate on some Argentine securities, 15.75% annual yield on three-month Indonesian certificates of deposit and 12.40% annual rate that three-month Philippine treasury bills fetch. </s> |
1,025 | <s>[INST] But for foreign investors, unexpected currency swings [/INST] can torpedo the value of even the most brilliant emerging-market investment. </s> |
1,026 | <s>[INST] Last year, for instance, Brazil's stock market [/INST] was the world's best performer, soaring 1,117%, according to Morgan Stanley Capital International. </s> |
1,027 | <s>[INST] But that was worth only a 5% [/INST] rise in dollars and yen, 12% in marks and 29% in British pounds. </s> |
1,028 | <s>[INST] Hedging against such volatility can be virtually impossible, or at [/INST] least prohibitively expensive, because there is only limited foreign exchange market activity in the currencies of the countries involved. </s> |
1,029 | <s>[INST] "There's not very much going on in eastern Europe because of the economic and political situation," says Timothy [/INST] Teo, managing director in charge of North American foreign exchange trading for J.P. Morgan & Co. "And in Latin America and southeast Asia, currency trading is mostly tied to equity and bond investment and trade. </s> |
1,030 | <s>[INST] It's not like the dollar-mark or [/INST] dollar-yen, where you have many professional traders doing everything". </s> |
1,031 | <s>[INST] Because markets in such exotica as the Thai baht, Malaysian [/INST] ringgit and Indonesian rupiah are little known, under-researched and largely illiquid, they aren't regarded as an asset class. </s> |
1,032 | <s>[INST] "If you are an institutional investor, you want to [/INST] be able to go in and buy in size and not move the market," says Mr. Purcell. </s> |
1,033 | <s>[INST] He adds that emerging-market currencies "have been a risk [/INST] factor that investors have been forced to bear, seen more as a danger than an opportunity". </s> |
1,034 | <s>[INST] For U.S. investors, there is some comfort in the [/INST] fact that the currencies of certain emerging countries are at least loosely tied to the U.S. dollar. </s> |
1,035 | <s>[INST] Because the U.S. is often their largest trading partner and because many of their imports [/INST] and exports are dollar-denominated, Malaysia, Indonesia, Thailand and other Asian countries directly or indirectly link their currencies to the dollar, says Mr. Balfour of Edinburgh Fund Managers. </s> |
1,036 | <s>[INST] Several Latin countries, such as Mexico, Chile and Argentina, [/INST] have also effectively pegged to the dollar to help lower local inflation and attract foreign capital. </s> |
1,037 | <s>[INST] But such ties do little for European and [/INST] Japanese investors, who must still contend with fluctuations of their own currencies against the dollar. </s> |
1,038 | <s>[INST] And even with the dollar pegs, [/INST] Americans aren't immune from the sometimes devastating effects of sudden "maxi-devaluations". </s> |
1,039 | <s>[INST] Mr. Balfour points out that, among others, Indonesia devalued its currency by 28% [/INST] against the dollar in 1983 and by another 45% in 1986, and Mexico devalued by 65% in 1982 and another 22% in 1990. </s> |
1,040 | <s>[INST] "One of the most important things about investing in emerging markets, especially Latin America, [/INST] is that there be a stated, clear foreign exchange policy that the government is following," says Patti A. Satterthwaite, a portfolio manager at Fidelity Investments in Boston. </s> |
1,041 | <s>[INST] For instance, because Brazil announced its intent to devalue [/INST] its cruzeiro by 1.1% a day, she says: "I don't have to seriously worry about a maxi-devaluation". </s> |
1,042 | <s>[INST] Similarly, she feels comfortable with Mexico and [/INST] Argentina, both of which have policies linking their currencies to the dollar. </s> |
1,043 | <s>[INST] By contrast, she steered clear of Venezuelan stocks last year, [/INST] because the country "clearly had an overvalued currency and no clear policy to take care of it". </s> |
1,044 | <s>[INST] Still, Ms. Satterthwaite stresses that an investor must constantly monitor a country's foreign [/INST] currency reserves, its current-account balance, sentiment regarding whether the currency is overvalued or undervalued, and flight capital -- "basically the flow of money". </s> |
1,045 | <s>[INST] Following the turmoil that hit Europe's semifixed exchange rate system last fall, "investors [/INST] are becoming more concerned about the risks associated with rigid currency policies," says Francois Gour, a money manager at Fiduciary Trust Co. International. </s> |
1,046 | <s>[INST] Because Mexican inflation is growing faster than U.S. inflation, some analysts [/INST] believe Mexico will be forced to devalue the peso more than the 4.65% maximum allowed under current government policy. </s> |
1,047 | <s>[INST] Conceding that hedging against a devaluation in emerging markets is either impossible or too costly, [/INST] Ms. Satterthwaite, who thinks Argentina can hold out for at least six months, says an investor can gain some protection by buying stocks that would benefit from a devaluation. </s> |
1,048 | <s>[INST] Three Argentine examples, she says, are Industria Argentina de [/INST] Aceros SA and Siderca Sociedad Anomina Industrial y Comercial, two steel producers, and Alpargatas S.A.I.C. </s> |
1,049 | <s>[INST] Noting that many Americans are investing in Hong Kong companies [/INST] that have assets in China, John Hickling, another Fidelity portfolio manager, worries about the weakness of China's currency. </s> |
1,050 | <s>[INST] "If the renminbi devalues significantly against the Hong Kong [/INST] dollar, which is tied to the U.S. dollar, there goes your net asset value," he warns. </s> |
1,051 | <s>[INST] As inflation comes under control, "it is conceivable that Mexico will be able [/INST] to offer peso-denominated debt in two to 10 year maturities," says Stephen Dizard, managing director in charge of emerging-market fixed income trading at Salomon Brothers. </s> |
1,052 | <s>[INST] Currently, most local-currency debt sold [/INST] internationally matures in a year or less. </s> |
1,053 | <s>[INST] But despite the growing appeal of emerging stock and bond markets, many [/INST] money managers and analysts say it could be decades before any of the emerging-market currencies achieve the stature of major world currencies. </s> |
1,054 | <s>[INST] "In 20 years time, it's conceivable that the currencies of Brazil, China and India -- the three biggest emerging economies -- [/INST] could reach the status of some of the lesser traded major currencies, such as the French franc, Canadian dollar, Australian dollar and Italian lira," says Paul Burik, director of research at Ennis, Knupp & Associates, an investment consulting firm in Chicago. </s> |
1,055 | <s>[INST] "But a lot would have [/INST] to happen for that to take place". </s> |
1,056 | <s>[INST] Each country, he says, would have to [/INST] maintain steady per-capita economic growth, an open economy and a responsible monetary policy. </s> |
1,057 | <s>[INST] That's a tall order for many developing countries noted [/INST] for their burgeoning populations, historic tendencies to protect domestic industries from foreign competitors and runaway inflation. </s> |
1,058 | <s>[INST] Noting that some countries don't want their currencies "internationalized," Mr. Teo of J.P. Morgan says: [/INST] "You need an economy that's big; you need stable growth rates, and you need more of an international focus, not just an economy that is regional, to attract transactions". </s> |
1,059 | <s>[INST] Pointing to the significant improvement in some Latin American economies, their [/INST] close ties to the U.S. and their large capital needs, he feels some Latin countries will lead the way. </s> |
1,060 | <s>[INST] Very skeptical, Mr. Balfour of Edinburgh Fund Managers says: "There's no emerging-market country that [/INST] has a significant proportion of world trade or a powerful and credible central bank where the currency is likely to be treated as a reserve currency". </s> |
1,061 | <s>[INST] His most likely candidate is China, which he predicts [/INST] in 10 years will have a bigger economy than Japan and a larger share of world trade. </s> |
1,062 | <s>[INST] --- In foreign exchange market trading Friday, the dollar changed [/INST] hands in New York at 1.6650 marks and 118.03 yen, compared with 1.6615 marks and 117.61 yen Thursday. </s> |
1,063 | <s>[INST] At midday Monday in Tokyo, [/INST] the dollar traded at 1.6695 marks and 118.44 yen. </s> |
1,064 | <s>[INST] ___ Document 380 of 400 Letters to the Editor: Argentina Upholds [/INST] Free Market Philosophy Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 05 Mar 1993: PAGE A9. </s> |
1,065 | <s>[INST] 19 Americas column, "Cheating Thwarts [/INST] Growth of Capital Markets in Argentina" (op-ed page). </s> |
1,066 | <s>[INST] It presents a heavy political [/INST] bias and does nothing but misinform the readers. </s> |
1,067 | <s>[INST] I offer the following clarifications on the subject [/INST] of capital markets: -- The achievements of President Carlos Menem's administration are well known. </s> |
1,068 | <s>[INST] Domingo Cavallo, minister of the economy, and Martin Redrado, head of [/INST] the Securities and Exchange Commission, have created a new regulatory framework to make the Argentine capital markets more open and competitive. </s> |
1,069 | <s>[INST] Average daily trading volume increased from [/INST] $1 million to $50 million in the past two years. </s> |
1,070 | <s>[INST] A $3 billion corporate bond market emerged [/INST] in July 1991, after the Law of Corporate Bonds was voted by Congress. </s> |
1,071 | <s>[INST] In 1992, for the first [/INST] time in 20 years, 35 new companies issued securities. </s> |
1,072 | <s>[INST] 19 Americas column, "Cheating Thwarts [/INST] Growth of Capital Markets in Argentina" (op-ed page). </s> |
1,073 | <s>[INST] It presents a heavy political [/INST] bias and does nothing but misinform the readers. </s> |
1,074 | <s>[INST] I offer the following clarifications on the subject [/INST] of capital markets: -- The achievements of President Carlos Menem's administration are well known. </s> |
1,075 | <s>[INST] Domingo Cavallo, minister of the economy, and Martin Redrado, head of [/INST] the Securities and Exchange Commission, have created a new regulatory framework to make the Argentine capital markets more open and competitive. </s> |
1,076 | <s>[INST] Average daily trading volume increased from [/INST] $1 million to $50 million in the past two years. </s> |
1,077 | <s>[INST] A $3 billion corporate bond market emerged [/INST] in July 1991, after the Law of Corporate Bonds was voted by Congress. </s> |
1,078 | <s>[INST] In 1992, for the first [/INST] time in 20 years, 35 new companies issued securities. </s> |
1,079 | <s>[INST] -- The comments on a [/INST] "government stock price support fund" are astonishing. </s> |
1,080 | <s>[INST] The free market philosophy embedded in the economic [/INST] program would make it impossible to believe the government could carry out such a policy. </s> |
1,081 | <s>[INST] -- Mr. Williams ignores [/INST] the Argentine market's strides toward increased regulation. </s> |
1,082 | <s>[INST] In October 1991, the Argentine Securities and [/INST] Exchange Commission received for the first time authority to restrict transactions by insiders. </s> |
1,083 | <s>[INST] Soon thereafter, new guidelines for the preparation of balance sheets by listed companies were imposed, narrowing the [/INST] gap with international Generally Accepted Accounting Procedures and shortening publication time for quarterly reports from 70 days to 35 days and for annual balance sheets from 110 days to 70 days. </s> |
1,084 | <s>[INST] Minimum disclosure requirements have also [/INST] been expanded in the past two years. </s> |
1,085 | <s>[INST] -- Regarding Mr. Williams's criticism of financial statements, I only wish to remind him that Argentina has been [/INST] chosen to chair the International Organization of Securities Commissions Development Committee (a group that includes worldwide emerging markets) and has been asked to develop a disclosure framework to be enforced by member countries. </s> |
1,086 | <s>[INST] There are even Argentine companies listed in Switzerland and [/INST] the U.S. -- Mr. Williams's criticism of the tax structure shows his ignorance on this matter. </s> |
1,087 | <s>[INST] During the past two years the government eliminated [/INST] the stamp tax and transfer tax on securities, and the capital gains tax for foreigners. </s> |
1,088 | <s>[INST] -- His final recommendations remain at the same level as his [/INST] initial statements: i.e. "rules demanding that profits be entirely paid out as cash dividends unless they exceed some minimum. </s> |
1,089 | <s>[INST] The trend chosen by [/INST] Argentina is that of free private initiative. </s> |
1,090 | <s>[INST] You cannot push companies to pay cash dividends [/INST] when they could, for example, reinvest their profits to finance projects that will benefit shareholders. </s> |
1,091 | <s>[INST] Fernan Peralta Ramos Vice President and [/INST] Acting President Mercado de Valores de Buenos Aires, SA Buenos Aires </s> |
1,092 | <s>[INST] ___ Document 391 of 400 The Americas: Cheating thwarts growth of capital [/INST] markets in Argentina Author: Williams, Cristobal Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 19 Feb 1993: PAGE A15. </s> |
1,093 | <s>[INST] accountid=28034 Abstract: Cristobal Williams says that, while Argentina has made big leaps [/INST] toward a market economy in the past three years, the protection of property rights against abuse by private companies is still woefully inadequate. </s> |
1,094 | <s>[INST] He says controlling stockholders typically cheat minority [/INST] holders by not paying dividends, thus limiting the growth of Argentina's capital markets. </s> |
1,095 | <s>[INST] Full text: BUENOS AIRES -- Argentina has [/INST] made big leaps to a market economy in the past three years. </s> |
1,096 | <s>[INST] Foreign trade has been liberalized, state companies are [/INST] being privatized, wildly inefficient subsidies have been slashed and inflation has been tamed. </s> |
1,097 | <s>[INST] However, the protection of property rights [/INST] against abuse by private companies is still woefully inadequate. </s> |
1,098 | <s>[INST] The loss of one-half of the stock market's [/INST] capitalization since its late May 1992 peak will probably not harm the economy much. </s> |
1,099 | <s>[INST] But it shows that market freedom alone [/INST] -- while very important -- is not enough for the capital markets' prosperity. </s> |
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