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1,100 | <s>[INST] Market participants speculated that buyers were [/INST] waiting for prices to fall further before shopping for bargains. </s> |
1,101 | <s>[INST] ___ Document 337 of 500 Treasury prices decline as investors seek out better [/INST] returns in corporate, international issues Author: Bullock, Nicole; Cohn, Laura Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 15 Feb 1996: C21. </s> |
1,102 | <s>[INST] accountid=28034 Abstract: US Treasury bonds fell on Feb 14, 1996, [/INST] as some investors searching for higher returns abandoned that market for offerings by corporate and international borrowers. </s> |
1,103 | <s>[INST] In late trading, the benchmark 30-year [/INST] Treasury bond was down 5/8 point at 98 22/32. </s> |
1,104 | <s>[INST] Full text: NEW YORK -- U.S. Treasury bond prices fell, [/INST] as some investors searching for higher returns abandoned that market for offerings by corporate and international borrowers. </s> |
1,105 | <s>[INST] Among issuers, Ontario sold $1.5 billion [/INST] of bonds in its second global offering this year. </s> |
1,106 | <s>[INST] And Argentina launched a $1 billion global issue -- its [/INST] first such offering since Mexico's currency crisis in late 1994 triggered a flight of investors from Latin American debt. </s> |
1,107 | <s>[INST] In trading late yesterday, the price of the benchmark 30-year [/INST] Treasury bond was down 5/8 point, or $6.25 for a bond with $1,000 face value, at 98 22/32. </s> |
1,108 | <s>[INST] Its yield rose to 6.09% from 6.03% [/INST] late Tuesday, as bond yields move in the opposite direction of prices. </s> |
1,109 | <s>[INST] "Companies can get deals done at very attractive [/INST] financing levels," said John Bender, a portfolio manager at Strong Capital Management, Milwaukee. </s> |
1,110 | <s>[INST] Mr. Bender said the corporate market should be able to [/INST] absorb the new supply relatively smoothly, unless yesterday's pace were to continue for three or four consecutive days. </s> |
1,111 | <s>[INST] Argentina's widely anticipated $1 billion offering is [/INST] its first global issue since a $500 million offering in October 1994. </s> |
1,112 | <s>[INST] At its pricing today, the five-year issue is expected [/INST] to yield a little more than four percentage points above yields of comparable U.S. Treasurys. </s> |
1,113 | <s>[INST] It's rated junk-level by both major rating services: [/INST] single-B1 by Moody's Investors Service Inc. and doubleB-minus by Standard & Poor's Ratings Group. </s> |
1,114 | <s>[INST] One syndicate official said the issue was [/INST] "substantially oversubscribed," meaning that there were more advance orders than available bonds. </s> |
1,115 | <s>[INST] "I think the Latin American sector still offers value," said James Ho, [/INST] executive vice president and portfolio manager at John Hancock Advisors Inc., the mutual fund division of John Hancock Financial Services in Boston. </s> |
1,116 | <s>[INST] Mr. Ho said he [/INST] intended to buy some of Argentina's offering. </s> |
1,117 | <s>[INST] Like Mexico, Argentina is viewed [/INST] as a country with an improving outlook. </s> |
1,118 | <s>[INST] Argentina's Economy Minister Domingo Cavallo yesterday told a group of investors in New York [/INST] that the country's economy will experience a "quick recovery" in 1996, with gross domestic product growth reaching 6% annually by the end of the year. </s> |
1,119 | <s>[INST] Argentina's deal would offer a significant [/INST] premium to similarly rated U.S. high-yield issues, investors said. </s> |
1,120 | <s>[INST] "You can't get a comparable domestic double-B [/INST] or single-B security at that kind of level," Mr. Ho said. </s> |
1,121 | <s>[INST] Meanwhile, Ontario's 10-year bonds were sold through Goldman Sachs, [/INST] Salomon Brothers and BMO Nesbitt Burns at a yield about one-half percentage point above that of Treasurys. </s> |
1,122 | <s>[INST] The issue was trading at about [/INST] 0.49 percentage point above Treasurys late in the day. </s> |
1,123 | <s>[INST] Salomon Inc. issued the largest straight [/INST] company debt issue with $500 million of noncallable seven-year notes. </s> |
1,124 | <s>[INST] As issuance swelled, yield margins between [/INST] actively traded investment-grade issues and Treasurys widened slightly, according to dealers. </s> |
1,125 | <s>[INST] Junk bond prices also slipped, [/INST] by 1/4 to 1/2 point, traders said. </s> |
1,126 | <s>[INST] Separately, Treasurys opened in [/INST] negative territory, following European bond markets lower. </s> |
1,127 | <s>[INST] Later, the U.S. market took another hit [/INST] as investors sold Treasurys to snap up higher-yielding global and corporate issues. </s> |
1,128 | <s>[INST] "People are buying the global deals, and they're selling Treasurys to do so," said [/INST] Michael Strauss, chief economist at Yamaichi International (America) Inc. "The deals have gone reasonably well, but part of that is being underwritten by selling in Treasurys". </s> |
1,129 | <s>[INST] Durable-goods orders for November are expected to be down 0.8%, [/INST] but to have rebounded 0.5% in December, according to economists polled by Dow Jones Capital Markets Report. </s> |
1,130 | <s>[INST] In addition, the Federal Reserve Bank of [/INST] Philadelphia has set today to release its February area business survey. </s> |
1,131 | <s>[INST] "In the absence of any numbers for the last couple of [/INST] days, all these numbers will take on added import," said Hugh Johnson, chief investment strategist at First Albany Corp. </s> |
1,132 | <s>[INST] "The Philly Fed report is very important, because it'll give [/INST] us a first hint as to how the economy in general might be doing in February," he added. </s> |
1,133 | <s>[INST] "We're likely to see further contraction in the [/INST] manufacturing sector, but it won't be quite as steep as it was in January". </s> |
1,134 | <s>[INST] Asset-Backed Securities Just as Chase Manhattan Bank wrapped up a successful $1.5 [/INST] billion offering of securities backed by credit card receivables, the bank was readying another $1.5 billion issue backed by auto loans for today. </s> |
1,135 | <s>[INST] Chase had little trouble yesterday in selling its [/INST] $1.5 billion issue pegged to the one-month London interbank offered rate, or LIBOR. </s> |
1,136 | <s>[INST] The short-term, liquid benchmark is perfectly suited to the liabilities of [/INST] securities lenders, who must meet the sometimes-unpredictable demands of dealers returning borrowed securities and asking for cash in return. </s> |
1,137 | <s>[INST] Presented with the first three-year floater of the [/INST] year, securities lenders dived in to grab the Chase deal, investors and traders said. </s> |
1,138 | <s>[INST] Colin Robertson, who manages about $1 billion of short-term asset-backeds at Harris Investment Management in [/INST] Chicago, said that buying securities pegged to the three-month LIBOR rate has clear benefits, even though the steeper slope of the yield curve has made the longer end higher-yielding. </s> |
1,139 | <s>[INST] Monday, Ford Motor Credit Co. [/INST] sold $950 million of securities indexed to three-month LIBOR. </s> |
1,140 | <s>[INST] Municipal Bonds With long-end municipal bond yields approaching 85% of those of Treasurys, [/INST] the municipal market is straining at the edge of its recent ranges, leaving market professionals to wonder how long the current rally can continue. </s> |
1,141 | <s>[INST] During a wave of [/INST] pricings yesterday, there was reason to wonder. </s> |
1,142 | <s>[INST] Merrill Lynch & Co. reoffered the $171 [/INST] million of Maryland general-obligation bonds it won in competitive bidding at national scales. </s> |
1,143 | <s>[INST] That made the bonds "a [/INST] value," said Scott Masters, a trader at Alex. </s> |
1,144 | <s>[INST] Brown & Sons in Baltimore, adding that the state's GOs, one [/INST] of the few that carry an uninsured triple-A rating from both Moody's and S&P, usually sell for yields . </s> |
1,145 | <s>[INST] Even then, the Maryland bonds weren't instant [/INST] sellers; Merrill still had a $25 million unsold balance late in the day. </s> |
1,146 | <s>[INST] With a top yield of 4.75% in [/INST] 2010, the bonds may have trouble impressing even safety-concious retail buyers. </s> |
1,147 | <s>[INST] Meanwhile, underwriters for the day's largest long-term deal, a $259 million [/INST] Metropolitan Water District of Southern California water revenue refunding bond issue, were able to cut yields only a token . </s> |
1,148 | <s>[INST] 01 percentage point on a [/INST] repricing, despite the popular name and high California demand. </s> |
1,149 | <s>[INST] Mortgages Mortgage passthroughs spent a quiet session, largely [/INST] tracking the movements of the Treasury market and ending about 3/8 point lower. </s> |
1,150 | <s>[INST] Earlier, mortgage originators sold current coupon (6% and [/INST] 6 1/2%) loans into the 30-year sector and traders said the supply was easily absorbed. </s> |
1,151 | <s>[INST] Partly because of the increased spread between short-term and [/INST] long-term interest rates, Wall Street firms have recently resumed carving mortgage securities into collateralized mortgage obligations. </s> |
1,152 | <s>[INST] "I think the coupon of choice is the 6% or 6 [/INST] 1/2%, primarily because of the resurgence of the CMO market," said Heather Landon of T. Rowe Price Associates of Baltimore. </s> |
1,153 | <s>[INST] Thirty-year Ginnie Mae or Government National Mortgage Association coupons suffered in the [/INST] session in comparison with conventionals issued by the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corp. </s> |
1,154 | <s>[INST] The renewed CMO collateral bid for Fannie Mae [/INST] and Freddie Mac issues has widened the spread between those issues and Ginnie Maes. </s> |
1,155 | <s>[INST] Both the primary and secondary CMO markets [/INST] were quiet yesterday, with no new issuance or large bid lists seen. </s> |
1,156 | <s>[INST] ___ Document 367 of 500 Argentine President Does an About-Face --- Menem Moderates [/INST] Populism, Soothes Foreign Investors Author: By Jonathan Friedland Publication info: Wall Street Journal , Eastern edition [New York, N.Y] 25 Jan 1996: A18. </s> |
1,157 | <s>[INST] accountid=28034 Abstract: Argentine President Carlos Menem started his second [/INST] term last July as the true incarnation of his political mentor, the late populist Juan Peron. </s> |
1,158 | <s>[INST] He pledged to "pulverize" unemployment, announced a multibillion dollar public-works plan, [/INST] and allowed his cronies to attack those who dared publicly dissent, most notably his well-regarded economy minister, Domingo Cavallo. </s> |
1,159 | <s>[INST] Now, the 65-year-old Mr. [/INST] Menem is talking more like Ronald Reagan. </s> |
1,160 | <s>[INST] He says he wants to slash state spending and cut taxes to get [/INST] Argentina's economy moving again and let the private sector provide jobs to the one out of every five adults now out of work. </s> |
1,161 | <s>[INST] Pork-barrel projects, like an airport to be built [/INST] in the middle of the Rio de la Plata near here, have quietly been shelved. </s> |
1,162 | <s>[INST] Mr. Menem's about-face began after a visit to New York in October where he faced harsh questioning [/INST] from investors and bankers on how Argentina intended to exit a steep recession brought on by the sudden evaporation of capital flows to Latin America that started with Mexico's devaluation in late 1994. </s> |
1,163 | <s>[INST] They also peppered him with questions on the fate of Mr. [/INST] Cavallo, a prickly economist who has frequently clashed with Mr. Menem's old-line Peronist advisers, and who wasn't invited on the roadshow. </s> |
1,164 | <s>[INST] Full text: BUENOS AIRES -- Argentine President Carlos Menem started [/INST] his second term last July as the true incarnation of his political mentor, the late populist Juan Peron. </s> |
1,165 | <s>[INST] He pledged to "pulverize" unemployment, announced a multibillion dollar public-works plan, [/INST] and allowed his cronies to attack those who dared publicly dissent, most notably his well-regarded economy minister, Domingo Cavallo. </s> |
1,166 | <s>[INST] Now, the 65-year-old Mr. [/INST] Menem is talking more like Ronald Reagan. </s> |
1,167 | <s>[INST] He says he wants to slash state spending and cut taxes to get [/INST] Argentina's economy moving again and let the private sector provide jobs to the one out of every five adults now out of work. </s> |
1,168 | <s>[INST] Pork-barrel projects, like an airport to be built [/INST] in the middle of the Rio de la Plata near here, have quietly been shelved. </s> |
1,169 | <s>[INST] What happened in between is an object lesson [/INST] in how international investors can influence events in countries that are dependent on their largesse. </s> |
1,170 | <s>[INST] It's also a good reminder on the chameleon-like charms of Carlos Menem, a Syrian immigrant's [/INST] son from the backwater province of La Rioja, who knows as well as any politician on the planet how to turn a sow's ear into a silk purse. </s> |
1,171 | <s>[INST] Mr. Menem's about-face began after a visit to New York in October where he faced harsh questioning [/INST] from investors and bankers on how Argentina intended to exit a steep recession brought on by the sudden evaporation of capital flows to Latin America that started with Mexico's devaluation in late 1994. </s> |
1,172 | <s>[INST] They also peppered him with questions on the fate of Mr. [/INST] Cavallo, a prickly economist who has frequently clashed with Mr. Menem's old-line Peronist advisers, and who wasn't invited on the roadshow. </s> |
1,173 | <s>[INST] The notoriously thin-skinned Mr. Menem was criticized publicly by brokerages [/INST] like Bear, Stearns & Co. and Merrill Lynch & Co. for failing to offer a convincing vision. </s> |
1,174 | <s>[INST] The prices of Argentine stocks and bonds, already depressed [/INST] by the political infighting within Mr. Menem's cabinet and rumors of Mr. Cavallo's imminent departure, tumbled further. </s> |
1,175 | <s>[INST] In an interview, Mr. Menem asserts that his New York [/INST] meetings actually boosted confidence in Argentina's future, as reflected in the recovery in stock and bond prices since. </s> |
1,176 | <s>[INST] "I would say that Argentina started to exit the crisis at the time [/INST] that I had direct contact with the investors, businessmen and economists in the United States," says Mr. Menem, sitting stiffly in his enormous wood-paneled office. </s> |
1,177 | <s>[INST] "From the time of that totally successful [/INST] visit, we began to overcome a very difficult state of affairs for Argentina". </s> |
1,178 | <s>[INST] There's no doubt that [/INST] investors have welcomed Mr. Menem's supply-side nostrums. </s> |
1,179 | <s>[INST] These were unveiled in November when the president asked [/INST] Argentina's Congress to grant him special powers to slash state spending and modify taxes without their approval. </s> |
1,180 | <s>[INST] Such powers, argues Mr. Menem, would allow him to build on the changes [/INST] of his first term, including privatization of state industries, the lowering of trade barriers and the fixing of the peso 1-for-1 to the dollar. </s> |
1,181 | <s>[INST] Bank deposits and central government reserves have now recovered to their [/INST] pre-Mexican devaluation levels while the local stock market has roared back to life, rising nearly 40% from its mid-November low. </s> |
1,182 | <s>[INST] Analysts say international conditions such [/INST] as lower U.S. interest rates have helped a lot. </s> |
1,183 | <s>[INST] But they also credit Mr. Menem's willingness to take his political lumps [/INST] over Argentina's record 18.6% unemployment rate, hit in July, in order to set the stage for a return to long-term growth. </s> |
1,184 | <s>[INST] "It's easy to be religious about reform when the economy is [/INST] booming," says David Roberts, group vice president for international ratings at Duff & Phelps Credit Rating Co. in New York. </s> |
1,185 | <s>[INST] "It's not so easy when you are [/INST] in the midst of the kind of recession that Argentina is". </s> |
1,186 | <s>[INST] Preliminary government estimates say the country's gross [/INST] domestic product shrank by 2.5% last year, compared with 7.4% growth in 1994. </s> |
1,187 | <s>[INST] And although Mr. Menem says he expects the [/INST] country's GDP to grow by 5% this year, it will be an uphill battle. </s> |
1,188 | <s>[INST] Weak consumer confidence is translating into [/INST] sluggish domestic demand, particularly for big-ticket items like housing and autos. </s> |
1,189 | <s>[INST] Drought and softening commodity prices [/INST] spell potential trouble for the rural sector. </s> |
1,190 | <s>[INST] And there are mounting worries that a credit [/INST] crunch in neighboring Brazil, Argentina's biggest trading partner, could soon damp its appetite for exports. </s> |
1,191 | <s>[INST] But the most immediate problem [/INST] Mr. Menem faces is dealing with joblessness. </s> |
1,192 | <s>[INST] Rock throwing and the torching of public [/INST] buildings in provincial cities has become commonplace as broke local governments furlough workers. </s> |
1,193 | <s>[INST] Bankruptcy levels are high for small and medium-sized businesses [/INST] squeezed by a combination of weak sales, expensive credit and the determination of federal tax collectors. </s> |
1,194 | <s>[INST] And the Catholic Church and labor unions [/INST] continuously hound the president to make good on his re-election pledges. </s> |
1,195 | <s>[INST] These problems are likely to get worse before they get [/INST] better if Mr. Menem gets the special powers he's requesting and then follows through with sharp spending cuts. </s> |
1,196 | <s>[INST] In order to be effective, its implementation will most probably lead [/INST] to higher unemployment as the state sheds workers before the private sector is strong enough to pick them up. </s> |
1,197 | <s>[INST] Economist Orlando Ferreras says he reckons the public sector payroll will have to [/INST] shrink by 10% and that salaries of remaining workers will have to be cut by 15% to balance government spending with tax receipts. </s> |
1,198 | <s>[INST] Mr. Menem won't say [/INST] whether his plans entail further public-sector layoffs. </s> |
1,199 | <s>[INST] But both he and Mr. Cavallo separately stress that there's plenty of room [/INST] still to cut salaries, particularly in the provinces, where average government wages often outstrip those paid to industrial workers in more-expensive Buenos Aires. </s> |
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