Color of the Market Archive, Page #10
Color of the Market A R C H I V E 

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The Color of the Market has been an online meeting place for people interested in emerging market debt since 1996, and has undergone many changes in that time. We have discovered an old archive of Color of the Market messages, covering 5 months starting in late 1998. For the benefit of both old and new Bradynetters, we present this archive untouched.

Note: Back in these days, the forum software was greatly different than the Color of the Market that we are now accustomed to. Without the requirement of registration, the forum began to attract disrupters who would engage in vulgarities, name-calling, impersonation of users, and other childish hijinks. But if you can wade through the nonsense, some of the comments herein are historic, and prophetic.

Enjoy,
IDEAGlobal/BradyNet Staff

Fri Feb 26 09:24:52 EST 1999
Puma: Fox: If this one is going to be mispriced like the Mex one, it is great news and will pump some liquidity for them as many fx players, PBGs, Institutional and everybody else is going to buy it. Just in case I didn't mention it before... ...I am bullish.
Fri Feb 26 09:27:17 EST 1999
JMC: I have heard rumours Brazil is looking to issue but surely not in that size. Anybody else know anything?
Fri Feb 26 09:44:57 EST 1999
optimist: I heard 5 bio, led by CSFB (due to Garantia merits?)
Fri Feb 26 12:51:42 EST 1999
boris: Rumour of Mf3 buyback led by Vneshcombank. Also in Prins. Any comments
Fri Feb 26 12:55:16 EST 1999
anonymous: first DEFAULT then buyback,GREAT
Fri Feb 26 12:58:33 EST 1999
boris: they have not defaulted on MF3 and technically not in Prins either
Fri Feb 26 13:02:00 EST 1999
marco: they have not defaulted in MF3 and technically not in Prins either
Fri Feb 26 13:10:35 EST 1999
wally: 'technically' does not help any private investor in PRINs. for those russia has defaulted.
Fri Feb 26 13:11:10 EST 1999
anonymous: Ciao BorisMarco,that was a little provocation! :-))
Fri Feb 26 13:19:57 EST 1999
boris: anonymus you look angry, Wally where are you from?
Fri Feb 26 13:46:23 EST 1999
anonymous: Never angry,why?I bought PRINs at 6.5 not at 70,rgds.
Fri Feb 26 16:11:37 EST 1999
anonymous: Min fin 3 bought back but will not be paid.
Fri Feb 26 16:12:36 EST 1999
anonymous: Min fin 3 bought back but will not be paid.
Fri Feb 26 16:16:41 EST 1999
wally: boris: i am a bloody german but live outside germany.
Fri Feb 26 16:23:58 EST 1999
Alexander: Wrong,I would say,Goethe,Schiller,Kant,Hegel and Wally are the symbols of the German culture.Lets be honest,no BS!!!!
Fri Feb 26 16:55:44 EST 1999
Silvio: pretending to be a bloody Kraut is protection, sort of, in a few countries at least. No BS!
Fri Feb 26 17:28:33 EST 1999
Fox : Annonymous, "Default and then Buyback, Great", ( if you had a name I would not have to quote you). I'am afraid this has been a debtor country strategy since the first defaults. Jeffrey Sachs has given this issue quite a bit of study for L. American countries and his findings are interesting. Sachs has analyzed the issuance of five L. American countries during the 1920 defaults and concluded; Argentina did not defaulted, Bolivia bought back 5% of the issues at an average price of 16%, Chile 18% of issues at an average price of 59%, Colombia 22% of issues at an average price of 22% and Peru 31% of issues at an average price of 20%. Conclusion: History tells us that a big portion of hte issues can not be bought at very depressed prices.
Fri Feb 26 18:07:04 EST 1999
wally: silvio: i am not preteding to be a bloody kraut i, sure am. und wenn du arsch mit ohren deutsch verstehst, dann wirst du auch merken dass dies meine muttersprache ist. what i do not understand is that 'pretending to be a kraut' is a sort of protection. would you please elaborate on that? it does not have to be in this forum. by the way your 'sort of' gives you away being a citizen of the greatest nation on earth.
Fri Feb 26 18:36:43 EST 1999
anonymous: wally, jebovampasmater
Fri Feb 26 18:36:54 EST 1999
anonymous: wally, jebovampasmater
Fri Feb 26 20:12:37 EST 1999
anonymous: jebo... what ???
Fri Feb 26 20:15:46 EST 1999
anonymous: to jebo. du mich auch!!!!!!!!
Fri Feb 26 20:24:55 EST 1999
anonymous: Ihr seid alle Futfahrer und Wichser.
Fri Feb 26 23:27:39 EST 1999
anonymous: Well, girls? Emerging market bonds on their deathbed. Would you like me to call a priest now?
Sat Feb 27 03:51:10 EST 1999
Kraus: It is fairly clear that Vnesheconom, Vneshtorg and Sber have been buying back MinFin 3, probably using central bank money, and the free-float is now fairly miniscule. There is no guarantee that the bonds are going to be redeemed. They could also allow Russsian banks to write them to 100 for capital adequacy purposes, etc. From the sellers standpoint, I guess .25 is a hell of a lot better than .06...
Sat Feb 27 04:27:48 EST 1999
(re: Repacks: Does anyone know who is still making markets or selling paper in DM-swapped Brady repackagings, e.g. Morocco, Veny, Ecuador, etc? Anyone seen any trades/liquidity. Please reply e-mail if you have any ideas
Sat Feb 27 06:51:52 EST 1999
anonymous: <<Well, girls? Emerging market bonds on their deathbed. Would you like me to call a priest now?>> jetzt,nachdem Dein C-Bond short daneben gegangen ist,und Du Angeber $280.000.-- verloren hast,noch so einen Sabbel,unglaublich!!!!!!!!
Sat Feb 27 07:22:48 EST 1999
Cciano: Wally, der AmO hat das sicher mit Unkrautschutz verwechselt. Der Rest klingt nach Ralfie. Nichtsdestoweniger ein schönes Wochenende!
Sat Feb 27 07:44:27 EST 1999
wally: emb deathbed? ok. in nomini patri et filii et spiritu sancti. amen. doomsday prophet are you happy now?
Sat Feb 27 11:31:32 EST 1999
Alexander: Die Schwätzer und Rubbler werden halt nicht alle,Jungs!! Schönes Wochenende. Text also available in english on request
Sat Feb 27 14:29:26 EST 1999
Fox: Gentlemen, Please, Don't make me feel more ignorant than what I really are, English, French, Spanish, Italian or Portugues versions. Alex, I like Kraus point of bank capital adequacy via Bonds.
Sat Feb 27 14:53:57 EST 1999
Alex: About MinFin,everything is possible in Russia,really everything!!
Sat Feb 27 16:41:38 EST 1999
anonymous: ALEX 100% RIGHT.For minfins I think it will be really tough for foreigners.Better for a RUSSIAN bank.
Sat Feb 27 16:46:27 EST 1999
Alex: Uncomparable,poor foreigners and Russian Banks (all with connections of course). I guess,I stick with the EUROs or buy some SurAmericanos.rgds.
Sun Feb 28 05:05:15 EST 1999
anonymous: Please, please, you german speaking people on this site, keep your wonderful language for you, and give us all understadable news, f a c t s, which are interesting for us all, in a good, understandable english. We - the not german speaking people - are absolutely not interested what are the dirty words in Berlin and even less what are the german words for some parts of your body usually covered (wally!). O.K. then, come back to emerging markets, it seems to me there is enough to speak about and there would be enough news to give about, like Alex and Pillx are doing sometimes.
Sun Feb 28 05:31:59 EST 1999
anonymous: Did you all realize that the Russian Ruble is almost stable since two months, i.e. since the beginning of the year, always around or just under 23 to the US Dollar. The inflation rate went down for febbruary to 3.8%. Under these circonstances it would be eventually worth the while to look a little bit in the Russian stock market. It should have a big potential: One example: the Mosenergo share - the electricity supplier of the Moscow region and one of the biggest companies of the Russian stock market - was friday US$ 0.02 (two american cents), it was on the 17th of march 1998, less than a year ago, at US$ 1.42. Now, go on and make your calculations, and imagine the case, if ....... Good luck!
Sun Feb 28 05:38:00 EST 1999
anonymous: I suggest to look at the Russian stock market also therefor, becaus there is no more much interest in the Eurobond discussions. All has been said, and the discussions go sometimes down to unsayable levels. People like Wally, who enchanted me in the beginning of my Bradynet time, are now saying things and using words, I would not even say, even less wirte. This is certainly a sign that everybody is only waiting the next coupon date for Russian Euros, and in the meantime there is nothing to say. So, why not looking a little bit closer at the Russian stock market?
Sun Feb 28 05:43:04 EST 1999
Alex: Hi friend Anonymous,eventhough I live in Holland, I also belong to the German "fraction" on this site and I have to explain something to you. We (Wally included) were insulted by some weirdos (SPANKYetc.) who were losing money going short! Naturally we defended ourselves, me included!!! If I make postings in German these are NOT IMPORTANT, BUT I HAVE THE RIGHT TO SMALL POSTINGS IN GERMAN NOT INSULTING AND NOT MOLESTING ANYONE!!! About Russian Stocks,I own ROSTELECOM and Surgutneftegaz,I recommend always the http://www.berlinerboerse.de/KURSINFO/AKT_FV/FA2163.html Berlin is the BIGGEST TRADING post in Russian shares,bigger than MOCKBA. rgds.
Sun Feb 28 05:47:55 EST 1999
Alex: <<So, why not looking a little bit closer at the Russian stock market?>> fully agreed,first we have to wait and see if the coupons are paid, I would buy more Bonds eventhough stocks look very promising,but stocks are not my favourate investments.I plan to buy RusFed EUROs,more Ukr & Ecuador y Venezuela lindo,ciao
Sun Feb 28 08:04:16 EST 1999
wally: repack(man): most of the issues you referred to are traded at frankfurt stock exchange with tiny amounts (dem 20-50,000) of turnover once or twice a week. if you have the WKN (codes) of the bonds it is worthwhile to check with http://informer.comdirect.de:9004/cd/index.html. you can obtain quotes and turnover.
Sun Feb 28 09:52:10 EST 1999
anonymous: to Alex: thank you very much for your explanation. I think we should ignore Spanky and Co. according to the old word: "Die Hunde bellen, die Karawane aber zieht vorüber". I think we are enough above these types. What the Russian shares are concerned I thank you also very much for your hit. Where can I buy these shares in the easiest way? I normally work with a big bank in NY together but I didn't buy Russian shares yet with them. Would it be easier to buy them through the Berlin Börse? Could you inform me. Thank you in advance.
Sun Feb 28 09:52:56 EST 1999
anonymous: to Alex: thank you very much for your explanation. I think we should ignore Spanky and Co. according to the old word: "Die Hunde bellen, die Karawane aber zieht vorüber". I think we are enough above these types. What the Russian shares are concerned I thank you also very much for your hit. Where can I buy these shares in the easiest way? I normally work with a big bank in NY together but I didn't buy Russian shares yet with them. Would it be easier to buy them through the Berlin Börse?
Sun Feb 28 10:35:45 EST 1999
Alexander: Hi,whats your first name??? Always Anonymous is not very nice,don't you think so too?? About buying it depends,are you stateside or in Europe?? rgds.
Sun Feb 28 19:46:35 EST 1999
anonymous: Girls! Most of you, including Alex and Wally, are what we call in Texas: BIG HAT, NO CATTLE! That is, you are all talk and no action. How do you say wimp in German? Or better yet, How do say default in German? How 'bout margin call in German?
Sun Feb 28 20:35:35 EST 1999
anonymous: Spanky: If that's what they call them in texas (big hat no cattle) what would texans call you? (this should be good).
Sun Feb 28 21:09:56 EST 1999
wally: living in god's own country? congratulations! have fun with your cattle especially with the b...s...! we have no need neither for your cattle nor for your hats.
Sun Feb 28 21:11:52 EST 1999
anonymous: Und wieder neigt sich ein wunderschoener, mit allen Segnungen des Orients und Okzidents bedachter, Rentnertag seinem geruhsamen und friedvollen Ende zu.
Sun Feb 28 23:01:12 EST 1999
anonymous: to texan anomymous. yo sho be the role model ah's looking for a long tahm. ah thinks ah's goin to texas, gonna buy me one big hat and a few cattle. than hidin' behind anonymity ah's goin' to insult some people ah've never done met an whom i dunno. furthermore ah's callin all people girls. that'll be really cool. an every evening ah's goin to have some droppins of mah cattle for dinna. mebbe yo kinda give me some advice how to copy your life style? pretty please!
Sun Feb 28 23:38:24 EST 1999
anonymous: Pump and Dump, Girls. Pump and Dump!
Mon Mar 1 02:48:28 EST 1999
anonymous: Spanky wanky, maybe you think to start it again as march begins hoping we forget about feb. But we will celebrate 26th feb as "Spanky's Big Short Doom Day" (She bond at 30). How many apples do you have to sell in the street to pay your Internet bill, Buddy? Btw, do you know what is management by crocodile? No? = Big mouth, tiny brains, most power in its tail. So go on pumpin' and dumpin', Spanky Girl, we luv ya
Mon Mar 1 03:02:57 EST 1999
Alex: <<Girls! Most of you, including Alex and Wally, are what we call in Texas: BIG HAT, NO CATTLE! That is, you are all talk and no action. How do you say wimp in German? Or better yet, How do say default in German? How 'bout margin call in German?>> Hi Tex-Fag,you are sold out and in chapter 7/11/13 bankrupcy that is,boy.....NOT US! Who went short and went broke? Who can't deliver the Feb contract? You don't need to buy cattle,'cause you are cattle..right,boy?
Mon Mar 1 03:52:58 EST 1999
Gora: To Anonumous about russian stock market: Mosenergo was really about 1.4 USD in April 1998, but stocks were splitted since that time. It means that Mosenergo' price was about 0.14 usd last spring. Now it is about 0.021 usd. rgds
Mon Mar 1 03:58:34 EST 1999
Gora: To Alex: Surgut is good enough to hold it, but i doubt about Rostelekom now since there are a lot of rumours about its' merger with russian Sviazinvest. It depends on price u purchased it. rgds
Mon Mar 1 06:03:27 EST 1999
anonymous: Any idea what happen to the EMBI+ on Friday. Any changes in composition?
Mon Mar 1 09:11:26 EST 1999
Alex: Hi Gora,nice to hear(read) from you! ROS & Surgut are just a speculative position, now Russian stocks are a little high.rgds.
Mon Mar 1 09:21:44 EST 1999
unpourtous: Anon re composition of EMBI+: I think that a couple of russian euros were due to be added; not sure as to timing though.
Mon Mar 1 09:37:01 EST 1999
Fox: Very Good Morning Distinguish Gentlemen, it is an honor to participate in this site were intellegence, respect, knowledge and tolerance is exercise to the highest standards. Now, to business, I think we are in the begining of a small rally of Latins. Things are starting to fall into place in Brazil and many people short Brazil on the belief of domestic debt problems, I would look to EI's to play a normalization of curve and improved situation. Also like very much Mexican peso, specially 1 year forward/Cete, but here I need help from MexComm for timig. We should also look at Ecuador PDI's, Latin sentiment improves Ecuador will benefit.rgds.
Mon Mar 1 09:50:36 EST 1999
anonymous: Re EMBI+, the odd thing is that Russia tightened on Friday, whereas the "new" EMBI+ widened over 100bps... Am I missing something here?
Mon Mar 1 10:11:57 EST 1999
Cheetah: March 1, 1999: Ven DCB 63 - 63.5, Brz C-Bond 57.25 - 58.
Mon Mar 1 10:31:33 EST 1999
anonymous: Fox: I agree with your comments except on Ecuador. All month the prices for the Bradies have been declining slowly awaiting for the interst payment. Last week the payment was made with no problems, yet the prices dropped further. Now there are rumors still that if Ecuador doesn't reschedule the Paris Club deal soon they may be forced to default on other foreign debts. It seems like a shaky situation there. Rgds, Shon Ka.
Mon Mar 1 10:34:07 EST 1999
Fox: Good point, Annonymou. Anybody knows how is the collateral nominal price relationship, for Ecuador Pars?
Mon Mar 1 10:45:25 EST 1999
Fox: Interesting article on saturday's Washington Post, people say this guy John Berry is a Fed insider. http:/www.washingtonpost.com/wp-srv/WPlate/1999-02/27/0421-022799-idx.html
Mon Mar 1 10:47:45 EST 1999
Alex: Hi Cheetah,and where is the 30 handle?? This idiot has lost 28 points, look like min. $280.000.-- to me.Not bad for 6 weeks!
Mon Mar 1 10:54:15 EST 1999
anonymous: Fox: Collateral on Ecuador Par is about 28 cents on the dollar. Buying Par at current price (39.75) means that almost 2/3 is collateralized! Rgds, Shon Ka.
Mon Mar 1 11:07:56 EST 1999
anonymous: Hey Alex: You are long and making money in a down market. Please teach me how to add in Dutch. I will be a rich girl!
Mon Mar 1 11:09:42 EST 1999
Trawler: Gora - many thanks for advising on the true relative price of Mosenergo. Are you willing to mention a few stocks that you think are good and why?
Mon Mar 1 11:13:08 EST 1999
Trawler: To All - for those of you who are C-bond supporters, the Latin America advisor has some comments that support you if you haven't read it already. If the trend holds, Spanky can be written off forever.
Mon Mar 1 11:14:47 EST 1999
anonymous: Trawler: What r u smokin"? The trend in C Bonds has been down for almost 2 years! If the trend holds, Spanky will take all your money!
Mon Mar 1 12:11:30 EST 1999
Fox: Thanks Shon Ka
Mon Mar 1 13:00:27 EST 1999
Alexander: <<Hey Alex: You are long and making money in a down market. Please teach me how to add in Dutch. I will be a rich girl!>> Hi rich girl, I don't see the problem,RusFed 28 at 16.5 or 16%Ukr at 40,or Vennie27 at 44,what are you complaining about??
Mon Mar 1 13:45:32 EST 1999
anonymous: Rumor that Russians are hiding reserves to protect from creditor lawsuits. Reserve decline not real.
Mon Mar 1 13:51:28 EST 1999
Cheetah: I will not sulk on Spanky's extremely wrong projections !!! I insist on Latin Corporates: Mex Iusacel, INNOVA, Argi FARGO Brz COMTEL, Dominican TRICOM, Peru PESQUERA AUSTRAL just to name a few "in my book"
Mon Mar 1 14:00:35 EST 1999
anonymous: Cheat-DAH: Rumor NY bomb squad looking for your book before it blows up!
Mon Mar 1 14:36:33 EST 1999
Omar: Hello Shon Ka, good point about Ecuador, don't you think however that the yields on the PDI and EC 402 are very attractive, specially for a country that has publicly stated their desire to cooperate with the IMF & Co.? . Saludos
Mon Mar 1 14:46:17 EST 1999
Alexander: <<Cheat-DAH: Rumor NY bomb squad looking for your book before it blows up!>> I call that jealousy!!!! Cause he was right and you were wrong! And hiding behind the Anonymous,why are you so chicken about your identity??? anyhow rgds.
Mon Mar 1 15:27:21 EST 1999
anonymous: BRAZ C.. MAR99.. 56.63.. +40..I don't know,why are the shorts always so self confident?? Because there is a chart?? I call that obsolete and old prints. Frank
Mon Mar 1 15:38:40 EST 1999
anonymous: Shorts are not self-confident, they just pretend to know everything and fool themselves believing that they can time the markets, and when that fails, they resort to insults...La Justicia
Mon Mar 1 15:42:40 EST 1999
Alexander: If they were so good with trading than with insults they were all billionaire by now,especially SPANKY #1-#4!! rgds.
Mon Mar 1 15:42:58 EST 1999
anonymous: need help anybody where is bid on ecudor par to day
Mon Mar 1 15:54:06 EST 1999
anonymous: Does anyone knows what is the "Soyuz banking group". It should be a banking group to which for instance SBS Agro Bank is belonging. Thank you in advance for any news.
Mon Mar 1 15:56:08 EST 1999
anonymous: Russian stock market up again about 5% today. Russian bonds quite weak.
Mon Mar 1 16:23:49 EST 1999
anonymous: http://messages.yahoo.com/?action=q&board=ROS http://messages.yahoo.com/?action=q&board=VIP two russian stocks discussion boards,24h a day for you. Frank
Mon Mar 1 16:33:15 EST 1999
anonymous: need help anybody where is bid on ecudor par to day
Mon Mar 1 17:05:08 EST 1999
anonymous: Ecuador Par closed at 38.75 - 39.25 today. Omar: The risk reflects the reward. If the rewards (=YTM) is high, then the risk is also. I think it better to wait until the picture is clearer in Ecuador. When prices rebound the yield will drop to 25-30% which is still a very good return. Rgds, Shon Ka.
Mon Mar 1 17:06:57 EST 1999
anonymous: http://www.bradynet.com/prices.html look it up at BradyNet!
Mon Mar 1 21:02:59 EST 1999
anonymous: Russian eurobonds are going recover as soon as this Paris Club noise gets out of the market.
Tue Mar 2 10:32:40 EST 1999
anonymous: Whats really up in Ecuador?
Tue Mar 2 10:35:05 EST 1999
wally: has anybody got an idea why EMBI spread shot up today 80 basis points? are russian bonds 2018 and 2028 now included?
Tue Mar 2 11:55:08 EST 1999
anonymous: To Anonymus: Ecuador hasn't a really Economic Plan to finance it's budget, that's the principal problem. But probably the IMF will sign an accord with this country. However, the outlook for this country is negative in the short term, just wait.
Tue Mar 2 12:11:09 EST 1999
Omar: I on your cautious approach Shon Ka, Ecuador is better for a long term holding strategy. Any bets on when the IMF & Ecuador will sign a new agreement ?. Greetings
Tue Mar 2 12:14:18 EST 1999
anonymous: does any one dare to guess the support level for equador pars?.
Tue Mar 2 13:48:19 EST 1999
anonymous: Anyone know where I can find info. where emerging market bonds are compared to us treasury bonds?
Tue Mar 2 14:54:11 EST 1999
anonymous: What do you want to compare ?, you can find Emreging market bonds info here (country,yield, maturity, etc) and US trasuries info at the Wall Street Journal
Tue Mar 2 15:09:23 EST 1999
anonymous: us treasuries: low risk yield about 5%; em bonds: high risk yields from 10% to 45%. I didn't know this is not the right forum for you.
Tue Mar 2 16:52:48 EST 1999
anonymous: Hi girls! Where are all the bulls?
Tue Mar 2 16:54:09 EST 1999
anonymous: 3-02-99 Anonymous: does any one dare to guess the support level for equador pars?.>>>> ZERO?
Tue Mar 2 18:04:27 EST 1999
Cheetah: The support level for Ecu Pars is when the yield to worst approaches 3.5%... any one have a calculator ? Gabriela ?
Tue Mar 2 18:07:37 EST 1999
Cheetah: Spanky wanabee, darling I sold most of my Veni position... getting ready to buy back in or sell some puts on the Veni 27... or maybe I will buy some SHE-bonds !! I BELIEVE !!!
Tue Mar 2 18:15:36 EST 1999
anonymous: bye bye Soviet PRIN's and Soviet IAN's ....
Tue Mar 2 18:43:47 EST 1999
anonymous: Este que esta aqui es un BIG BULL !!!@@@@#$%%
Tue Mar 2 21:37:44 EST 1999
anonymous: to "hi girls". would you please confine your address "girls" to your faggot friends please.
Tue Mar 2 21:44:09 EST 1999
wally: last comment could have been mine. i fully agree. i can't stand "anomynous" comments at all. bradynet should really insist that all comments are provided with ISP.
Tue Mar 2 22:20:11 EST 1999
Omar: I agree with Wally if one doesn't have the guts to stand by one's opinions (even with an internet alias) that party should be banned from this forum...
Tue Mar 2 23:25:22 EST 1999
Bear Eater: Dear bear, The purpose of this message is to announce your death... ...there are too many shorts in the market. Coupons have been paid (Russia and a few corp are the exception). Market financing has been replaced by multilaterals and current accounts are improving unless you think that capital flight is going to be bigger than in the 80s... ...don't be wrong go long...
Wed Mar 3 03:11:19 EST 1999
Alex: I don't understand much about short sales etc.,but one must never be too self assured.RusFed prices down on the $Bond market but up on the DMBond market.
Wed Mar 3 04:59:50 EST 1999
anonymous: TO CAMDESSUS:The euros sovereign show MUST go on forever.If you don't want to kill the market show MUST go on. Globalisation wich is a big achievement of the new era musn't be spoiled by widespread sovereign defaults.The price to pay would definitely be too high!!!!
Wed Mar 3 05:37:17 EST 1999
anonymous: Do you think BRASIL will default on internal debts?I think it's almost inevitable?And you?WANNA BET?
Wed Mar 3 06:54:37 EST 1999
Alexander: Hi Anonymous,wanna bet??? Go short if you think they will default, where is the problem????
Wed Mar 3 08:44:28 EST 1999
Puma: It is very unlikely that they will default in the internal debt in the short run. Why would they do that? For your info 60 to 70 % of the rollover is a done deal because of the local particiapants that "must" invest in those securities. For the other part they have a cushion of money that belongs to the treasury (last time I chked was 40B Reais). And they have several alternatives on that front before defaulting one of them for instance is to let some inflation pass-through and reduce it in real terms.
Wed Mar 3 08:56:04 EST 1999
anonymous: Puma, you are forgetting to say that internal debt is for 20%linked to the dollar exchange rate and another big quota is linked to overnight rate wich is on the rise.The sliding real makes both difficult to finance.But if you want hyperinlation again the issue, except for the part of dollar linked,is solved. You than have only thw choices default or hyperinflation.Both will be nasty.
Wed Mar 3 09:12:12 EST 1999
Puma: The fact that the debt is tied to overnight rates is a problem when you want a tight policy and there is no confidence like now. But if at some point confidence starts coming back the real rate could come down significantly and the fact that most of their debt is tied to the overnight would be an advantage to them. What could bring confidence back? In the next one. In any case I would define their situation as "unstable" but not irreversible as you comment suggests. Last but not least inflation doesn't mean hyper, you can have controled inflation (which basically means that if the fiscal adjustment is not enough you use the most regressive tax -inflation- in order to improve your situation) I would look at the IMF agreement to see whether or not they would have NDC as a performance target, if they don't it means that they are leving the door open for some inflation.
Wed Mar 3 09:15:14 EST 1999
anonymous: Puma:and the dollar linked debt with real falling to 3 against $?
Wed Mar 3 09:57:58 EST 1999
Puma: While devaluation deteriorates the overall fiscal situation because of the net dollar position of the government (total dollar liabilities minus total dollar assets), on the other side it improves the trade position of the country. While they will not be able to reverse the CA position they will reverse the trade balance to about 8B surplus this year with a combination of lower imports and higher exports (although we have started to see a little bit of that expect more to come on the future - remember the J curve effect). One of the measures of ability to pay is Exports/External debt is improving with the devaluation. In any case to have internal debt linked to the dollar in a period like this one is not optimal, I agree with you on that. Going back to my point of inflation, remember that Brazil has an inverse Tanzi effect in periods of inflation (that means that fiscal receipts improve compared to expenses because the government is very efficient indexing taxes). What do you think my dear friend anonymous?
Wed Mar 3 10:02:54 EST 1999
Alexander: Hi PUMA,I am glad we have some qualified one like you on board. I am also rather positive on Brazil.rgds.
Wed Mar 3 10:15:19 EST 1999
Puma: Thanks Alexander. My humble view fo things to come goes as follows: 1) Fraga get confirmed 2) Copom led by Fraga sets a tight policy 3) IMF and Brazil agree on the new terms and CPMF gets approved (next few days) 4) Next 9B tranche gets released (end of March I think) 5) Reserves go up to 45B, while a new issuance of paper brings it even higher (Early April) With this in mind confidence should come back in the next few weeks. Probably in the short run (next few months) they will follow Martin Feldstein advise... ...increase you liquidity position (higher reserves, contingency lines, etc.)
Wed Mar 3 10:39:19 EST 1999
Fox: Good Morning distinguished Gentlemen. Wow!!! Puma!!! Are you inspired today! I agree with Alex, glad to have you on board. Concerning anonymity, everybody should be free to participate but it would be much easier if you had names.Now, let me give Puma a hand,two things. First as you all now last night Central Bank of Brazil raised the reserve requirements from 20% to 26.5%. Effect: raise the cost of money without increasing the Sovereign's financial cost. Second: Puma mentioned the reverse Tanzi effect, you all now why is reverse in Brazil? Because an important portion of revenues are related to prices and as inflation goes up revenues go up, but expenses are nominal including the National Budget of course.
Wed Mar 3 11:01:56 EST 1999
Alex: Hi Puma,Hi Fox,qualification is everything! And living in Brazil,instead living in front of a brokers trading screen, many regards to you
Wed Mar 3 12:50:41 EST 1999
andrewq: Could anybody give me BRAZIL 2027 prices as of now 6pm GMT ? Thanks
Wed Mar 3 13:30:03 EST 1999
anonymous: PUMA:your discussion is nice and appropriate but doesn't take into consideration competitive devaluations of other SA countries that now seem likely.This will make it longer and harder for brazil to improve his trade and current account balances.Let's see.
Wed Mar 3 13:47:30 EST 1999
Fox: Sorry to intrude Puma. Annonymous, Competitive devaluations, fascinating topic. Competetive devaluation affect a country in two ways: 1. Same product countries competing in third markets. 2. Substitution of imports. If you look at Brazil's export products you will find out that their are few LA countries that can seriously compete with Brazil either by product or volume.(Steel, orange juice, soybean and manufactured products). It comes as a surprise to many people that coffee represents less than 8% of Brazilian total exports. Substitution of imports should not be a problem in the region's most industrialized country, except for those commodities which Brazil is not self-sufficient basically wheat and oil.
Wed Mar 3 13:52:12 EST 1999
zak: Puma .....which way ecuador discount is heading.what is the next resistance level?
Wed Mar 3 14:48:03 EST 1999
Puma: Dear Zak, unfortunately I am not a technician and I am not a big fun of it either, but I do look at it from time to time just because other people does. I think that reasoning behind it is a falacy (is this right word in English? I hope so. But looking at Ecuador from another point I allways thought that their situation is a very precarious one to say the least. The bad news is that ability to pay is very low the good news is that you can help them with very little money specialy under today's standars. Highly speculative I would rather go to the casino... ...I know I am not telling you anything new. Rgds.
Wed Mar 3 15:41:20 EST 1999
anonymous: Hi ya, Girls! Can't you see what is going on here? Luv ya, Spanky!
Wed Mar 3 15:49:31 EST 1999
Cheetah: Spanky darling, what's the big deal with a 3-4 point correction ?? Still hurting from all those margin calls and the STINGING losses ???? ah my girl, learn to ride it up, let some go, and then get back in, learn my sweet thing learn .....
Wed Mar 3 15:52:01 EST 1999
anonymous: Wrong place Spanky, we're having serious talks here, go back to "www.fagots.com", they miss you...a lot.
Wed Mar 3 15:55:44 EST 1999
Alex: Hi SPANKY,go short again,will you darling??? Maybe you gat a new loan from Bertelsmann
Wed Mar 3 16:00:57 EST 1999
anonymous: I saw Ralfie/Spanky on TV,doesn't look gay! Does look weird,but not gay.who knows........rgds.Frank
Wed Mar 3 16:20:15 EST 1999
anonymous: Spanky/Ralfie has been begging Bertelsmann and everybody else for money, but none trust him/her???, even his pimp !!!,he LOST his whole fortune (about 4 DM) on shorts and his gold holdings are going nowere. La Justicia
Wed Mar 3 16:35:35 EST 1999
anonymous: is the time for buy ecuador par, the price of 37,125 is very good, the yield of de tresury garanty is of 4,30%, the situacion in the moment is dificult, but a country never died and 25 years is very time for the recuperacion.
Wed Mar 3 16:43:52 EST 1999
Alex: Hi Ecuatroyano,100% agreed!!!!saludos
Wed Mar 3 16:58:26 EST 1999
Puma: If the Yield to Worst of the pars is 4.3%... ...it looks like a very decent buy to me... ...time to hold some Ecu Pars. For the non-collateralized portion you could look at the payback period of it (years to recover your money or coupons to get paid in order to break even). But if you do not hedge against treasuries your bet is mainly a treasury bet in this case. Once more I do not like the country but it make some sense to hold a bit of paper. Any other thoughts? Rgds.
Wed Mar 3 17:27:26 EST 1999
anonymous: I want to compare the emerging market debt with the US Treasuries.
Wed Mar 3 17:32:04 EST 1999
anonymous: Hi Someone said that I could find Emerging market bonds info at this site (country,yield, maturity, etc but where can i find the same kind of info for non-latam countries
Wed Mar 3 17:45:28 EST 1999
anonymous: Girls! You get so defensive when your loosing money. I have come up with a new trading model reading the comments on this site and it's called Bradynet arbitrage -- Buy High/Sell Low. Now check this out-->>03-03-99 Anonymous: Wrong place Spanky, we're having serious talks here, go back to "www.fagots.com", they miss you...a lot. <<<<< And you accuse me of offending you???? Come on Alex, call off your dogs...... Luv ya all and you are soooo cute when those longs are causing you such excruciating pain..... Spanky -- The Real One!!!
Wed Mar 3 17:53:25 EST 1999
Alex: Pains??? You went broke Feb contract,sweety...oder bist Du nur ein Schwätzer??
Wed Mar 3 18:19:57 EST 1999
Alexander: Nichts für Ungut,Ralfie,aber wie man in den Wald ruft,so schallt es heraus,ausserdem hast Du mit dem Gay-Scheiss im Dezember angefangen, oder schon vergessen????? Lass uns ab jetzt normal und höflich kommunizieren!! Let us post nice and politely from now on !!!
Wed Mar 3 18:26:13 EST 1999
anonymous: 03-03-99 Anonymous: I want to compare the emerging market debt with the US Treasuries. >>>> It's a great comparison: One pays and the other won't... Luv ya, Spanky....
Wed Mar 3 18:31:44 EST 1999
anonymous: <<One pays and the other won't... Luv ya, Spanky....>> go short again and lose again,fageyboy.How much was it $280.000.-??? Great trader,you really know about the markets.Luv ya even more,cause I have your money.......
Wed Mar 3 18:34:14 EST 1999
anonymous: No,its our Ralfie,he doesn't trade,just gives advise.If you need it or don't,just a harmless foolish jabberer
Wed Mar 3 18:55:15 EST 1999
Cheetah: are you sure the yield to worst is > 4% at these levels ? Gaby pls confirm... if true - this is THE momentum to buy some ECU Par's...
Wed Mar 3 19:12:15 EST 1999
Cheetah: Good old UST pays darling, so you understand : JPMOrgan as trust agent gives you UST if Ecuador disapears at a 4% ytm... thats the DOWNSIDE >>> WHY don't you go SHORT darling ???
Wed Mar 3 19:59:33 EST 1999
anonymous: Don't you know the collateral will not be released for 30 years. If you want a better trade, buy prins and a zero and your yield to worst is 4.2%... What a complete nonsense way at looking at things.. Or buy some Russian globals at 20 and a zero and your yield to worst is 2% and yield to best is 60%... or how bout buying a zero coupon and a dog turd and your yield to worst is 5.5%... Many on this site must take "dumb, dumb" pills... Luv ya, Spanky!
Wed Mar 3 20:04:23 EST 1999
anonymous: cHEAT_DAH: wHY NOT JUST GIVE ME us$1 AND I WILL GIVE THE EQUIVALENT OF 50 CENTS IN ZEROS...
Wed Mar 3 20:05:50 EST 1999
anonymous: Anyone hear that Ecuador may annouce a new bond backed by a zero-coupon perpetuity?
Wed Mar 3 20:11:47 EST 1999
anonymous: Girls just wanna get long -- Cyndy Lauper
Wed Mar 3 20:19:19 EST 1999
anonymous: The bulls should visit Alex in Holland and have a night out in the marijuana bars to dull you pain of being long in a market that is TANKING!!!!!!! Luv ya, Spanky!!!!!!!!!!!!!! and spank da bid!!!!!!!
Wed Mar 3 21:26:59 EST 1999
Cheetah: FYI collateral is released more or less 1.5 years after default. Spanky: if you invest in a zero at 5% ytm and "spend" 20 on a Russki Euro - how in hell do you come up your YTW ?? Ralphie get your act together... it IS falling apart, as if you ever had a part after your trans surgery in Holland five years ago !
Wed Mar 3 21:34:23 EST 1999
anonymous: Any of us BULLS that go to Holland will visit only the YAB YUM... the best !!!
Wed Mar 3 21:38:27 EST 1999
wally: cheetah is right. the collateral of bradies by us-treasury zeroes is just window dressing but the market and a lot of suckers believe in it. try to calculate YTM of a brady if you don't receive interest for the next 20-27 years when you get back your initial investment at par. don't forget to extrapolate the inflation loss. YTM ? nada, niente, zero, nichts, rien,zefr, gar nix, zilch !!
Wed Mar 3 21:47:38 EST 1999
anonymous: i agrreeeee yab yum yum yum, much better than au bar or cafe foto yum yum yum
Thu Mar 4 00:05:13 EST 1999
anonymous: wally you are all wrong about brady pars. Two coupon payments are guaranteed by Fed. Zero coupon is guaranteed by Fed. remaing $15 (ecuador for example) is your risk . No risk no reward. why be in Brady bonds if you
Thu Mar 4 02:30:40 EST 1999
anonymous: Cheat-DAH: It ain't that difficult.. What is the YTM on a zero-coupon that costs the sum of todays price and a Russian eurobond. No wonder your in such bad trades. Do you need some more help, genius? Can I spell SELL for you, Cheat-DAH, the man who has never made a bad trade?
Thu Mar 4 02:32:30 EST 1999
anonymous: Wally, you are a very smart man.. Spanky
Thu Mar 4 02:36:30 EST 1999
optimist: IMF's Mussa on Russian default:``It would be a mess,'' he said. ``Neither the Russian government, nor the IMF, nor the international community could look at such an outcome with equanimity. It's something to be avoided, but the fact that it is something to be avoided is not an absolute assurance that it will be avoided.'' (Guesswork for prophets)
Thu Mar 4 02:58:49 EST 1999
anonymous: EC402 = 32% cashflow yield. Not bad.
Thu Mar 4 03:01:49 EST 1999
anonymous: Spanky@bme.extreme.com/surgical mods
Thu Mar 4 03:18:19 EST 1999
anonymous: http://www.fuchsbriefe.de/ Ralfie likes to hear from you,go to FORUM and tell him what you think
Thu Mar 4 03:52:03 EST 1999
anonymous: In no circumstance should the Russians pay the IMF any principal payment this year. The IMF and Paris Club are huge hypocritical bureaucrats, demanding burden sharing and trying to extract principal out of Europe this year. The IMF knew that the oligarchs were stealing and they still gave them the money to keep Boris in office. Primikov is cracking down on them and consolidating power. Russia will default to the IMF and pay the Euros.. 3 cheers for the Russians!!!!
Thu Mar 4 07:17:11 EST 1999
wally: brady bonds: it is correct that one or in some cases two interest payments are backed (not guaranteed by the fed) by AAA papers deposited with the bank acting as the paying agent. some bonds have a clause, that this 'back-up' elapses after some years. the par amount is backed by US treasury zero bonds reaching face value congruent with the m a t u r i t y of the bond. therefore YTM calculation still stands. if anybody has a different interpretation of the so-called agreement from 1989 i would like to hear from him/her.
Thu Mar 4 07:26:59 EST 1999
anonymous: Ecuador Par is the better buy in this moment in the financial market,in the moment the more bad situacion of the bond is 4,3% in 25 years, if is a imposible case, because Ecuador only need 35 millon U$ for pay Int by semestre.
Thu Mar 4 09:20:18 EST 1999
Alexander: As I said before,SPANKY alias Ralfie Vielhaber does NOT trade,he only jabbers 24/24h,it is absolutely unimportant what he posts!!! ITS ONLY PROVOCATIONS! rgds.
Thu Mar 4 09:22:00 EST 1999
anonymous: ola Cheetah,I thought you give qualified opinions on investments instead of advise on puteria.Are you sure you have the right site??
Thu Mar 4 09:27:52 EST 1999
Puma: In the Pars and Discos the interest collateral is as high as 18 months (I think it is Mex) and the collateral is composed of at least AA securities with very short term maturities. Teh countries actively trade this collateral and as it earns interest when it exceeds the mandatory level of collateralization they take the money out. Collateral agent generally is the Federal Reserve Bank of New York with the exception of Brazil (the collateral agent is the BIS because of the Dart problem. Regarding the principal collateral it is composed of zero coupon bonds issued by the US with a maturity on or before the final maturity of the Brady bond. In some cases like Mex the zeroes are a special issue of the US Treasury (this means non-marketable zeroes) in the case of Brazil they are market issues.
Thu Mar 4 09:32:41 EST 1999
Puma: Sorry, but I was just talking abou US dollar denominated bradies. Remember that at the beginning they were issuing some paper in currencies, but they generally have slightly different terms. For instance the collateral on the Mex Par denominated in Swiss Francs is a zero coupon bonds issued by Swiss Bank. The reason is that in Switzerland the governement does not issue 30 year paper, so when they were in the negotiations they asked SB to issue the paper.
Thu Mar 4 10:02:12 EST 1999
anonymous: Vielhaber Ralf (02244) ISDN 912310 53639 Königswinter Steinringer -21 JUST IN CASE YOU ARE LOOKING FOR RALFIE....
Thu Mar 4 11:26:09 EST 1999
anonymous: come on is the moment form buy ecuador par, only existing 1900 millon in the market
Thu Mar 4 13:53:38 EST 1999
anonymous: at what price do you recommend Ecudor pars, since you suggest buying it? Wally does not own any bradies and is confused.Zero coupon is yielding some thing otherwise how will it be at par.wally did not answer the question? if you do not want risk then why are you hear.
Thu Mar 4 13:59:06 EST 1999
Alex: Brazil.. Bovespa ^BVSP ..1:57PM ..9330 ..+175 .. +1.91%
Thu Mar 4 14:19:00 EST 1999
anonymous: the real prices for buy ecuador pars were 40,00, now the price is in 37,00,come on close your eyes and sell you car, your house, and your wife and buy the ecuador par and in 3 month you can buy a airplane, the white house and a model women
Thu Mar 4 14:39:03 EST 1999
anonymous: Don't you think if Ecuador defaults they will use the collateral as leverage to get a better deal on a restructuring? The trade ain't that clear, GIRLS!!!
Thu Mar 4 14:57:27 EST 1999
anonymous: Ecuador DOES NOT control the collateral "Spanky brains", hey ! they miss you at www.fagot.com
Thu Mar 4 15:00:55 EST 1999
Fox: Hi, I'am a bit confused. Reading, the board, and international news anyone can reach the conclusion that Brazil is at the brink of total chaos, hyperinflation etc... etc...Then I patiently go over the macro numbers and find things like the following. The single most important financial indicator in Brazil is the "Caderneta de Poupanca" (savings deposit), this is were the common man puts its money. Well, it just came out the result for Feb. anyone would of thought that the system should of have a very negative flow. After all, if the country is heading to chaos, people should get their money and buy dollars and or cooking oil cans. Surprise!! NO!! The month of Feb. presented the highest inflow for the last 12 months R$ 786 mio. This is one of the reasons the domestic debt will not be restructured, Brazilians finance the Goverment not foreigners.
Thu Mar 4 15:29:46 EST 1999
Alex: <<GIRLS!!!>> stop this kind of posting,I am refraining from insults. rgds.
Thu Mar 4 15:30:09 EST 1999
Alex: <<GIRLS!!!>> stop this kind of posting,I am refraining from insults. rgds.
Thu Mar 4 15:32:54 EST 1999
anonymous: BRAZ C.. MAR99 .. 55.81 .. +186 in case you are short on the C-Bond again,Fageyboy
Thu Mar 4 15:52:52 EST 1999
Puma: Neither the government of Ecuador nor any other Brady country can get the collateral back under any circumstances with two exceptions: 1) The excess collateral (above the pre-stablished threshold level) 2) If at maturity they pay (obvious, I know but those are the mechanics) Rgds
Thu Mar 4 15:53:30 EST 1999
Puma: Neither the government of Ecuador nor any other Brady country can get the collateral back under any circumstances with two exceptions: 1) The excess collateral (above the pre-stablished threshold level)in the case of interest collateral 2) If at maturity they pay (obvious, I know but those are the mechanics) Rgds
Thu Mar 4 16:17:40 EST 1999
anonymous: if i say that the real prices of the ecuador par is 50,00% is because the 30 year U$ go to 5,00 in 3 months and the FMI want to Mahuad, because if is no expensive, only 1.200 Millon uS
Thu Mar 4 17:00:44 EST 1999
anonymous: 03-04-99 Anonymous: Ecuador DOES NOT control the collateral "Spanky brains", hey ! they miss you at www.fagot.com <<<< What an idiot!! Ecuador will control the residual, shit for brains!!
Thu Mar 4 17:04:55 EST 1999
anonymous: In case you haven't noticed,Spanky does not contradict the "fagey" statement,interesting!
Thu Mar 4 17:05:59 EST 1999
anonymous: For all you geniuses: Don't you think a pool of interest collateral is too high a temptation for a country not to access. Form a committee and ask for a stand still, draw the collateral, and then try to get their act together? Don't you think there is a bit of moral hazard with the interest guarantee? Sort of like a short term credit?
Thu Mar 4 17:12:11 EST 1999
anonymous: Tell me geniuses, what the market price is for a special issue zero coupon that can't be traded in the secondary market.. How many investors actually buy 30-year zeros with a 30-year time horizon? Better lower your yield to worst calc to account for no secondary market liquidity.. Hey, but at least we are focusing on the correct issues now, DEFAULT!!! Luv ya all so very very much!!! Spanky..
Thu Mar 4 17:15:17 EST 1999
anonymous: 3-04-99 Anonymous: BRAZ C.. MAR99 .. 55.81 .. +186 in case you are short on the C-Bond again,Fageyboy <<<<< HEY ALEX, LOOK AT THIS!! YOU DON"T CALL THIS OFFENSIVE???
Thu Mar 4 17:43:00 EST 1999
anonymous: "fear no man, hate no man, wish no one misfortune, & more than likely you will have plenty of friends." ..Napoleon Hill
Thu Mar 4 18:47:28 EST 1999
Puma: Just to clarify. The only one that can sell the zeroes is the country. When? Only if they do a buyback and they cancel the bonds and only after the collateral agent has released the collateral to them. In the case of the non-marketable zeroes, the treasury will buy the paper from them at the then prevailing market rates. All the investors if they buy the asset when it has already defaulted you will still have two components (the zero and an option that the country may pay somethign at some point in the future). So even if they default and after maturity the investor will still be the owner of a claim against the country that will have some value. So I would argue that the Yiel to Worst is better than the one in the calculations unless you asume that the country will disappear. So someone will always be willing to buy the asset paying at least the intrinsic value. Don't you agree?
Thu Mar 4 20:16:30 EST 1999
wally: anon: your are wrong. wally owns and deals since long time in bradies. the fact that i clarify matters does not mean that i don't like bradies. i like them very much! i am just trying to be objective.
Thu Mar 4 22:06:13 EST 1999
anonymous: Well said Puma, did you get it at last fageyboy spanky ?, and PLEASE stop loving us so much and concentrate on your semi-bankrupt mining companies that you recommned in your pathetic site Ralfie.Incidentaly, default is not the issue, it's just wishfull thinking by hard hit shorts like you "baby"
Thu Mar 4 22:11:29 EST 1999
anonymous: Luzhkov sounds like a good "pre-candidate" to Russia's presidency when he assures foreign investors, as someone said it before nobody wants to rule over a bankrupt Russia.
Fri Mar 5 02:16:14 EST 1999
Alex: Schönen guten Morgen,SPANKY.Kennst Du den Wald?? Wie man hineinruft, so schallt es heraus!! I call the echo,your vulgaritites answered by counter-vulgarities.If you post less offensive,you will be answered less offensive....and..please,DON'T luv us!!!!!
Fri Mar 5 03:37:12 EST 1999
Cciano: Guten Morgen Alex, die letzten Comments auf Ralfies Site sind aber auch nicht das Gelbe vom Ei. Lasst Spanky doch jodeln wie er will, wer nimmt den denn überhaupt noch ernst? Im übrigen finde ich die Diskussionen in letzter Zeit erfreulich gut. Freue mich schon auf den 15.3. Da gibt's wieder richtig Cash. Grüsse aus dem Süden
Fri Mar 5 04:12:56 EST 1999
Alex: Hallo Cciano,wo Du recht hast,hast Du recht!! Ich hab ja gar nichts gegen Bears bzw.Pessimisten,es stört nur dauernd mit GIRLS angesprochen zu werden,I don't mind BEARS or SHORTS,I very much object to these "GIRLs" and other reflections("shit for brains etc"),and if he/they post like that,the answer is likewise.I guess?? coupon RusFed DM 9.375% March25th?? Allerherzlichte Grüsse aus dem Regen
Fri Mar 5 04:40:25 EST 1999
anonymous: To Alex: the coupon of Russia 9.375% is due on March 31st (not 25th). Beside that I am like you: I hate all this vulgarity on this site and I think we could very well do without.
Fri Mar 5 05:09:17 EST 1999
Cciano: Hi Alex, 11 3/8 UMS16, 15.3. Läufst Du in Gummistiefeln?
Fri Mar 5 06:14:58 EST 1999
wally: to: <zero coupon is yielding something>. the question is whether you should be on this site without having the basic information what a zero bond (not coupon) is. of course there is a yield except that there is no cash yield. the price goes slowly up till the bond reaches it's nominal value at m a t u r i t y. if you don't or can't sell before maturity you have no cash in your pocket.
Fri Mar 5 06:20:44 EST 1999
Alexander: Danke,die Mex16 hab ich durch den ganzen Russian stuff völlig vergessen, macht auch nichts,solange die Mexicanos es nicht vergessen!!!!!! Gummistiefel noch nicht,aber es regnet echt ohne Pause, im Hafen von Scheveningen (5Min von uns)steht es ca 1M unter dem Kai. Right,lets try today without vulgarities, and let me say it again:Bears and Shorts all welcome,but please,NO VULGARITIES,NO INSULTS!!!!!
Fri Mar 5 06:22:10 EST 1999
Alex: Hi Wally,STIMMT GENAU!!sei gegrüsst,how is going??
Fri Mar 5 07:05:54 EST 1999
Anonymous: What are the range of inflation forecasts for Brazil over the next few months?
Fri Mar 5 07:06:04 EST 1999
Anonymous: What are the range of inflation forecasts for Brazil over the next few months?
Fri Mar 5 07:06:43 EST 1999
Alex: Aleksander Livshits, a top economist and former presidential economic aide, told Ekho Moskvy radio station that Russia may get permission to delay repayments to the fund. Mussa also said on Wednesday that Russia may build up arrears. "This is not the practice, but the situation is special and it can become a reality. This is not a solution to the problem, but it is better than a refusal to pay," Livshits said.SOURCE RUSSIATODAY ON IMF TALKS Russia has to repay IMF credits in May and June. In March, it must repay $250 million in interest on Eurobonds followed by hefty payments on other bonds in May.
Fri Mar 5 07:12:45 EST 1999
wally: the IMF rule that "first you pay back, then you receive again" is anyway archaic. there are however indications that -after all the mistakes monsieur camdessus and consorts have made in asia- that this rule and some others can be bent depending on the individal needs of a country. what we are seeing here is political powerplay. russia does not behave in kosovo conflict, iraq bombing and hardware for nuclear power plant in busher,iran.

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