Color of the Market Archive, Page #16

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

Tue Apr 13 11:20:54 EDT 1999
PILLX: TO WALLY In return for securing three years' grace and 18 years maturity on rescheduled official development assistance (ODA) and 10 years' grace and 20 years' maturity on rescheduled non-ODA loans, Pakistan was forced to agree to comparability -of- treatment across creditor groups.Bankers believe Pakistan will continue to service interest on its $750m outstanding sovereign debt, in the hope that some form of compromise can be worked out before its $150m Eurobond matures on December 22.Most have concluded that Pakistan's move stems from a belief that bondholders should be made to share the pain of possible default with banks - especially when a number of emerging market countries have greater outstandings in international bonds than they do in other forms of debt.However, the imminent test will be posed by the Republic of Romania, which has bond issues falling due in May and June. Although the country has sufficient reserves to repay the two issues by the National Bank of Romania - a Y52bn Samurai led by Nomura and a $225m Euro/144A bond issued led by Merrill Lynch -it will break its IMF strictures in doing so.Since Romania cannot let its reserves dip below $1bn, the IMF has been quietly suggesting that it should not meet the payments on the two bonds.

Tue Apr 13 11:26:52 EDT 1999
PILLX: TO WALLY: In return for securing three years'grace and 18 years maturity on rescheduled official development assistance(ODA) and 10 years'grace and 20 years'maturity on rescheduled non-ODA loans,Pakistan was forced toagree to comparability of treatment across creditor groups.Bankers believe Pakistan will continue toservice interest onits$750m outstanding sovereign debt,in the hope that some form of compromise can be worked out before its $150m Eurobond matures on December 22.Most have concluded that Pakistan's move stems from a belief that bondholders should be made to share the pain of possible default withbanks especially whenanumber ofemerging marketcountries havegreater outstandings ininternational bonds than theydoin other formsof debt. However the imminent test will be posed byRomania,which has bond issues falling due in May and June.Although the country has sufficient reserves to repay the two issues bythe National Bank of Romania aY52bn Samurai led by Nomura and a $225m Euro/144A bond issued led by MerrillLynch itwill break itsIMF strictures in doing so. Since Romania cannot let its reserves dip below $1bn,theIMF has been quietly suggesting that it should not meet the payments on the two bonds.

Tue Apr 13 11:33:51 EDT 1999
PILLX: TO WALLY 222 $$$ Most have concluded that Pakistan's move stems from a belief that bondholders should be made to share the pain of possible default with banks - especially when a number of emerging market countries have greater outstandings in international bonds than they do in other forms of debt. However, the imminent test will be posed by the Republic of Romania, which has bond issues falling due in May and June. Although the country has sufficient reserves to repay the two issues by the National Bank of Romania - a Y52bn Samurai led by Nomura and a $225m Euro/144A bond issued led by Merrill Lynch -it will break its IMF strictures in doing so.Since Romania cannot let its reserves dip below $1bn, the IMF has been quietly suggesting that it should not meet the payments on the two bonds.

Tue Apr 13 11:34:00 EDT 1999
PILLX: TO WALLY 111 $$$ Another warning to the Pakistan government, which has been resisting pressure from the Paris Club to reschedule its international bond obligations in line with January's agreement covering $3.3bn in bilateral debt.In return for securing three years' grace and 18 years maturity on rescheduled official development assistance (ODA) and 10 years' grace and 20 years' maturity on rescheduled non-ODA loans, Pakistan was forced to agree to comparability -of- treatment across creditor groups.Bankers believe Pakistan will continue to service interest on its $750m outstanding sovereign debt, in the hope that some form of compromise can be worked out before its $150m Eurobond matures on December 22.

Tue Apr 13 11:41:13 EDT 1999
anonymous: http://www.zolatimes.com/V3.13/unified_clinton.html

Tue Apr 13 11:41:27 EDT 1999
anonymous: Rosneft has restructured its debts worth $150m to the Russian and foreign creditors. 1999 start its debts backed by the oil export gained $120m including $18m debts to Inkombank; $60m - Rosneft-Purneftegaz debts to ABN-Amro Bank, Credit-Lyonnais Rusbank and on credits released by MinFin from EBRD and WB funding; about $45m - Rosneft-Sakhalinmorneftegaz debts to the ABN-Amro Bank and Moscow International bank; unsecured Rosneft debts covering $30m. The company managed to achieve an agreement to restructure the debts for 1-3 years.

Tue Apr 13 11:51:53 EDT 1999
PILLX: -------COMPARABILITY OF TREATMENT--------The idea is that the burden must be shared between the various types of creditors

Tue Apr 13 12:02:07 EDT 1999
;jgv: http://informer.comdirect.de:9004/cd/index.html

Tue Apr 13 12:03:47 EDT 1999
Alexander: Hi PILLX,I have a stupid question:WHO would ever again buy that countries Bonds???

Tue Apr 13 12:05:29 EDT 1999
Alexander: Hi jgv,we got the starting page of the old comdirect informer

Tue Apr 13 12:17:20 EDT 1999
anonymous: TO ALEXANDER:PILLX maybe!!!!!!!!!!

Tue Apr 13 12:28:46 EDT 1999
Alexander: IMF/ParisClub or other,its the private investments that keeps international finances running,so a default or restructure will result in one thing only,10,20 or more points higher interst rates the next time they come for a loan.....if they ever get one! Result:Entire nations depending OFFICIALLY on intitutions...NICE!!!!!!!!!

Tue Apr 13 12:29:01 EDT 1999
Maxi: Hello people.. hope you are fine. Can anyone explain me why Bradys which actually price in CREDIT follow in such a blind manner G7 stocks, DOW in particular, while stocks are function of earnings EXPECTATIONS ?? Moreover, any news confirming what we already know are being interpreted by the market as a 'good' news and yet another reason to lift prices to new highs.. Ain't this corellation misleading and dangerous (remember, once we traded 'link' to Treasuries which makes far more sence and got blown up in Russia and some other regions due to liquidity). If you disagree then tell me at which level in DOW your fear of default in Russia would vanish ? 12k ? 20k ?

Tue Apr 13 12:59:49 EDT 1999
anonymous: Official lenders are determined to change Eurobond contracts to make them more compatible with London Club loans Legal differences mean Eurobond holders currently receive much better treatment than banks. Eurobonds are notoriously difficult to renegotiate because they are bearer bonds held anonymously by potentially thousands of disparate investors. Rescheduling them requires 100 percent approval by bondholders, so that a single recalcitrant or untraceable investor can scupper a deal. The G7 plan proposes three main changes. t suggests that reschedulings be approved by simple majority of 51 percent, that a trustee be appointed to represent bondholders on a collective basis and that, like banks, bondholders agree to share equally any money that is recovered.

Tue Apr 13 13:11:58 EDT 1999
anonymous: I have a stupid question:WHO would ever again buy that countries Bonds??? NOW WE REALLY REPEAT OURSELVES!!

Tue Apr 13 13:14:07 EDT 1999
anonymous: Which country Alex ?

Tue Apr 13 13:19:15 EDT 1999
Alex: well,the DEFAULTING country's bonds,of course........follow the discussion from bottom to top,please

Tue Apr 13 13:28:46 EDT 1999
anonymous: I still think no country will default on euros.The country wich defaults will not have any advantage.And more,does P.CLUB and IMF really want to be responsable for a crisis of confidence in EMBS in this delicate moments?There's no way out for countries but to pay?DO YOU AGREE?

Tue Apr 13 13:35:53 EDT 1999
anonymous: The country that defaults will have a big disadvantage as a defaulted country,paying a hefty premium on further Bonds,if they ever get private money again

Tue Apr 13 13:38:25 EDT 1999
PILLX: Alexander,I have a stupid question: WHO buys corporate junk bonds ???

Tue Apr 13 13:43:41 EDT 1999
Alex: No stupid question,but a very very good one,if you look at DJT etc.Americans who do not trust the bloody foreigners buy corporate junk bonds mostly

Tue Apr 13 13:54:01 EDT 1999
unpourtous: Question for all: if the proposed P club/IMF action on euros will raise borrowing costs for em's, why have prices actually risen for the bonds issued by the countries likely to be affected?

Tue Apr 13 13:58:08 EDT 1999
Alexander: prices rise because IMF & Paris Club are 99% academic officials,living in a dream world,in several years and after millions $$ spent on studies they will come to the conclusion that the idea (of Bondholder liability) is very good but totally unrealistic....

Tue Apr 13 14:25:15 EDT 1999
DRJBG: UNPORTOUS: <<...why have prices actually risen for the bonds issued by the countries likely to be affected?<< Perhaps proposed "comparability" for Euros affects only FUTURE issues. If so, that would make already-issued bonds more valuable, because not subject to comparability changes. I would greatly appreciate others' input. on this

Tue Apr 13 14:27:03 EDT 1999
anonymous: The official sector supports changing bond convenants to make a restructuring cleaner and easier. No country or investor will accept it, so it is largely an academic exercise.

Tue Apr 13 14:35:01 EDT 1999
PILLX: TO DRJBG: Retroactive application of the new rules could be legal

Tue Apr 13 14:35:14 EDT 1999
unpourtous: DRJBG: I have wondered the same thing. Unfortunately that possibility does not seem consistent with what they are trying to do to pakistan's existing euros.

Tue Apr 13 14:36:53 EDT 1999
unpourtous: to pillx: how so?

Tue Apr 13 14:39:07 EDT 1999
anonymous: I tell you that,friends,if the IMF cut a deal with Pakistan,disadvantaging any Bondholder,the Pakistanis will get their next Bond placed in 2100AD at the earliest.rgds.Fred

Tue Apr 13 14:39:31 EDT 1999
PILLX: Again -------COMPARABILITY OF TREATMENT--------The idea is that the burden must be shared between the various types of creditors

Tue Apr 13 14:45:07 EDT 1999
anonymous: Aside from repeating or quoting beaurocrats, wouldn't a "restructure" of terms legally mean default on the Euros phillx ?

Tue Apr 13 14:46:10 EDT 1999
anonymous: Default !!!!!!!!!!!

Tue Apr 13 14:47:35 EDT 1999
wally: pillx: we all know what the idea is. it is the result that counts. furthermore i would like to repeat that is is only fair to quote and share sources that everybody can read the WHOLE information and make his/her own conclusions.

Tue Apr 13 14:47:59 EDT 1999
anonymous: yes pillx, but comparability via reworded future bond contracts is not the same thing as the retroactive application of the same concept ie default.

Tue Apr 13 14:55:18 EDT 1999
Alexander: look what happened after the Russian GKO and PRIN/IAN desaster in autumn 1998 and you can easily imagine the events.In the end the IMF&Co etc would have to finance the EmergMarkets ALONE!!! Because NOBODY else will invest on c again!!!

Tue Apr 13 14:55:33 EDT 1999
DRJBG: PILLX: I'm not a lawyer, but I doubt very much (99% certainty) that changing the terms of an existing contract would be legal in most states of the U.S. In legelese, I'm assuming this would be "interferring with the validity of a contract". I would invite input from any lawyers. I suspect the only way CURRENT bond holders could have the terms of contract changed would be an offer to buy up existing contracts, then re-issue. But there would be no incentive to do this! Bottom line: I doubt very much that terms for existing contracts could be legally changed, at least in the U.S.

Tue Apr 13 15:09:14 EDT 1999
Alexander: meaning:invest one cent again,sorry

Tue Apr 13 15:22:16 EDT 1999
wally: gentlemen: just look the market. pakistan 99 today ask 72.375! i have nothing to add.

Tue Apr 13 15:22:48 EDT 1999
anonymous: BRAZ C .. JUN99 .. 66.00P .. +219 where is the guy with the 30 short??

Tue Apr 13 15:39:02 EDT 1999
wally: if you mean mr. "30handle" he moved from copacana and ipanema to a favella.

Tue Apr 13 15:42:43 EDT 1999
Alex: Wie hei�t das in Germanistan? Hochmut kommt vor dem Fall??

Tue Apr 13 16:06:12 EDT 1999
unpourtous: Wally: <<To a favela>>, that's a good one!

Tue Apr 13 16:54:40 EDT 1999
anonymous: to alex. niemecki nix kultura.

Tue Apr 13 17:41:09 EDT 1999
PILLX: Rescheduling a loan incorporates a grace,resulting in an effective extension of maturity.Such terms are less favourable to the creditors than the terms of the original issue and therefore constitute a default under Standard & Poor's criteria,despite the fact that the affected creditors have not voted to declare an Event of Default,via powers of attorney, signed the rescheduling amendment,which henceforth legally supercedes the original indenture.

Tue Apr 13 17:41:20 EDT 1999
Savonarola: Please everybody stop arguing about Paris Club, Comparability, etc.... it is all nonsense. Nobody emerging market land cares about the Paris Club, or what they say, or want, or anything at all. Refinanced PC debt comes mainly from old exports guaranteed through export credit agencies that for one reason or another were caught in a moratorium or FX control, etc...years ago. Do you think that any country in the world will cut itself out of the capital markets for the next century in order to please a bunch of government bureaucrats in Paris?? Please, please THINK!!!

Tue Apr 13 17:42:08 EDT 1999
anonymous: I ty mysla ty ma kultura???? Niemcy ma wiency cultura jak ty??

Tue Apr 13 17:49:09 EDT 1999
PILLX: WALLY ADD the price RF euros = Rescheduling price

Tue Apr 13 18:46:04 EDT 1999
wally: pillx: now that is an argument with quite some logic in it.

Tue Apr 13 19:19:52 EDT 1999
Cheetah: You are wrong. PILLX is really Spanky(girl) reincarnated.

Tue Apr 13 19:27:31 EDT 1999
anonymous: So now people are waking up to whats going on in Veni... all this discussion on Paris BS, while Caracas hotels overflowing with journalists that want to cover Chavez's auto GOL not auto coupe... Cheetah

Tue Apr 13 19:58:00 EDT 1999
anonymous: Chavez is on national TV once again wasting everybody's time. People are getting tired >>> JUST START WORKING for Venezuela and not FOR YOURSELF.

Tue Apr 13 20:06:32 EDT 1999
anonymous: Savonarola is absolutely right about the Paris Club. Everybody should listen up. Hopefully the bureaucrats will listen too. They don't understand private capital markets, so they're only contribution to the new "financial architecture" is to force losses on private investors. This is the "Twilight Zone."

Tue Apr 13 20:12:22 EDT 1999
wally: venezuelans! don't ask what your country can do for you; ask what you can do for your country. (JFK)

Tue Apr 13 20:19:34 EDT 1999
wally: paris club: as long as panic creators quote bloody bureaucrats and as long this BS (let's slaughter the sacred euro cow) surfaces we have to maintain this discussion for the sake of newcomers and those who are not on bradynet daily.

Tue Apr 13 20:21:25 EDT 1999
anonymous: cheetah, what is an auto GOL?

Tue Apr 13 20:22:34 EDT 1999
anonymous: shame on you wally quoting JFK the inventor of vietnam war.

Tue Apr 13 20:24:48 EDT 1999
wally: anon: well since he said it i have to use his initials. i always reveal my sources. can't say though that he is my type of hero.

Tue Apr 13 20:28:01 EDT 1999
wally: savonarola's explanation of paris club debt is abso(f..)lutely correct. read it and digest it!

Tue Apr 13 22:22:18 EDT 1999
anonymous: Chavez has not quoted JFK... yet, maybe you can help him Wally since tonite Chavez compared Himself to God (true !!) and everyone that does not agree with Lucifer... incredibly amateurish very inmature discourse... people (middle class and probably lower middle) are getting tired of the same BS... only thinks of what the country can do for His Royal A.H. than what He can do to create imployment and CONFIDENCE... I AM SHORT AND WILL CONTINUE TO BE... El OraCULO

Tue Apr 13 22:24:48 EDT 1999
anonymous: The only Paris debt that I have is a date with Sophie Marceau.... Guess Who

Tue Apr 13 22:45:41 EDT 1999
anonymous: Hi Girls, Not yet, but pretty soon. See ya then! Luv ya, Spanklin D.

Tue Apr 13 23:12:48 EDT 1999
wally: if chavez has compared himself with god (i have no info on that) then I AM WRONG and hugo is madman.

Wed Apr 14 02:03:35 EDT 1999
Omar: "auto gol" occurs when a soccer player scores against his own team, sort of "shooting yourself in the foot". Greetings

Wed Apr 14 03:00:36 EDT 1999
anonymous: Hi Girls, Not yet, but pretty soon. See ya then! Luv ya, Spanklin D. HI SPANKY;HOW DID YOUR SHORTS GO????? LUV YA TOO

Wed Apr 14 10:00:41 EDT 1999
anonymous: What is really driving this user? His comments are empty barrel like.

Wed Apr 14 10:36:51 EDT 1999
IANs holder: did the russians say they wont pay IANs next cupon?I didn t read nothing explicit about that, but the market is taking that posibility for sure.any comment or newslink i missed? thank you.

Wed Apr 14 10:53:31 EDT 1999
JMC: Yesterday there was a short story on Bloomberg saying that Russia was looking for 75% debt write-offs on upto 140bn in debt. There was no follow up stories and they didn't break down which debt they are looking to write off but if this is even remotely true it looks bad for Minfins and Prins/Ians. Hence the convergence between Prin / Ian prices.

Wed Apr 14 11:32:05 EDT 1999
PILLX: Russia's top foreign debt negotiator Mikhail Kasyanov is attending a Paris Club meeting of creditor countries Wednesday in a likely further effort to reschedule Soviet-era debt, although the topic isn't specifically on the Paris Club agenda. The Paris Club won't be talking specifically about Russian debt when it meets Wednesday, a Paris Club official said. A Russian Embassy official confirmed that Wednesday's meeting is a regular Paris Club meeting and that as far as he knew, Soviet debt isn't on the agenda.He added that Russia tries to bring up its debt at most meetings but no conclusion can be drawn as there are no formal negotiations among the countries.Russian First Deputy Prime Minister Yuri Maslyukov said earlier this month that his government would seek a write-off of about 75% of its Soviet-era debt. Russia owes the Paris Club about $40 billion from the Soviet era, before 1991.The official said he had heard of Maslyukov's proposal but added that no negotiations were planned.Kasyanov, Russia's First Deputy Prime Minister, is scheduled to travel to London Thursday or Friday to talk to the London Club of bank creditors. Russia owes the London Club about $30 billion.

Wed Apr 14 11:34:25 EDT 1999
PILLX: Russia's top foreign debt negotiator is attending a Paris Club meeting Wednesday in a likely further effort to reschedule Soviet-era debt, although the topic isn't specifically on the Paris Club agenda.The Paris Club won't be talking specifically about Russian debt when it meets Wednesday, a Paris Club official said. A Russian Embassy official confirmed that Wednesday's meeting is a regular Paris Club meeting and that as far as he knew, Soviet debt isn't on the agenda.He added that Russia tries to bring up its debt at most meetings but no conclusion can be drawn as there are no formal negotiations among the countries.Russian First Deputy Prime Minister Yuri Maslyukov said earlier this month that his government would seek a write-off of about 75% of its Soviet-era debt. Russia owes the Paris Club about $40 billion from the Soviet era, before 1991.The official said he had heard of Maslyukov's proposal but added that no negotiations were planned.Kasyanov, Russia's First Deputy Prime Minister, is scheduled to travel to London Thursday or Friday to talk to the London Club of bank creditors. Russia owes the London Club about $30 billion.

Wed Apr 14 11:36:09 EDT 1999
PILLX: Russia's top foreign debt negotiator is attending a Paris Club meeting Wednesday in a likely further effort to reschedule Soviet-era debt, although the topic isn't specifically on the Paris Club agenda.The Paris Club won't be talking specifically about Russian debt when itmeets Wednesday,a Paris Club official said. A Russian Embassy official confirmed that Wednesday's meeting is a regular Paris Club meeting and that as far as he knew,Soviet debt isn't on the agenda.He added that Russia tries to bring up its debt at most meetings but no conclusion can be drawn as there are no formal negotiations among the countries. Russian First Deputy Prime Minister Yuri Maslyukov said earlier this month that his government would seek a write-off of about 75% of its Soviet-era debt. Russia owes the ParisClub about $40 billion from the Soviet era, before 1991.The official said he had heard of Maslyukovs proposal but added thatno negotiations were planned.Kasyanov, Russia's First Deputy Prime Minister, is scheduled to travel to London Thursday or Friday to talk to the LondonClub of bank creditors.Russia owes theLC about$30 billion.

Wed Apr 14 11:38:06 EDT 1999
PILLX: Russia's top foreign debt negotiator is attending a ParisClub meeting Wednesday in a likely further effort to reschedule Soviet-era debt, although the topic isn't specifically on the PC agenda.ThePC wont be talking specifically about Russian debt when itmeets Wednesday,a PC official said. A Russian Embassy official confirmed that Wednesday's meeting is a regular Paris Club meeting and that as far as he knew,Soviet debt isn't on the agenda.He added that Russia tries to bring up its debt at most meetings but no conclusion can be drawn as there are no formal negotiations among the countries. Russian First Deputy Prime Minister Yuri Maslyukov said earlier this month that his government would seek a write-off of about 75% of its Soviet-era debt.Russia owes the ParisClub about $40 billion from the Sovietera,before1991.The officialsaid hehad heard of Maslyukovs proposal but added thatno negotiations were planned.Kasyanov, Russia's First Deputy Prime Minister,is scheduled to travel to London Thursday or Friday to talk to the LondonClub of bank creditors.Russia owes theLC about$30 billion.

Wed Apr 14 11:39:00 EDT 1999
PILLX: ThePC wont be talking specifically about Russian debt when it meets Wednesday,a PC official said. A Russian Embassy official confirmed that Wednesday's meeting is a regular Paris Club meeting and that as far as he knew,Soviet debt isn't on the agenda.He added that Russia tries to bring up its debt at most meetings but no conclusion can be drawn as there are no formal negotiations among the countries. Russian First Deputy Prime Minister Yuri Maslyukov said earlier this month that his government would seek a write-off of about 75% of its Soviet-era debt.Russia owes the ParisClub about $40 billion from the Sovietera,before1991.The officialsaid hehad heard of Maslyukovs proposal but added thatno negotiations were planned.Kasyanov, Russia's First Deputy Prime Minister,is scheduled to travel to London Thursday or Friday to talk to the LondonClub of bank creditors.Russia owes theLC about$30 billion.

Wed Apr 14 12:00:03 EDT 1999
anonymous: Wally, we got a 40 handle today on 28's.. no reason to doubt it ain't going to 50....Russia has no debt, except the Eurobonds and the 20 Bn IMF campaign contribution to Yeltsin.. Soviet debt now irrelevant. GE

Wed Apr 14 12:15:49 EDT 1999
JMC: To Anon So when you say Soviet era debt irrelevant, you are saying that you don't believe the minfin 3's will be paid? As for the Euro's I guess the yields had to start falling at some stage!

Wed Apr 14 12:23:45 EDT 1999
PILLX: The principle of comparability

Wed Apr 14 12:29:58 EDT 1999
anonymous: For RUSSIA thare's no principle of comparability!You can't treat RUSSIA as PAKISTAN or others.IMF and USA knows it well. Look at the KOSOVO war,without RUSSIA there will be no peace.You can't impose too many things to RUSSIA,YOU MUST COOPERATE.

Wed Apr 14 14:14:13 EDT 1999
anonymous: if you own enough minfin to wallpaper your whole hut and the huts of your tribe your last and only straw to hold on is the principle of comparability. obasanjo.

Wed Apr 14 14:17:40 EDT 1999
wally: GE: <we got a 40 handle> i will join you being a true believer if the 40handle holds. until then i am just a believer in RF euros.

Wed Apr 14 14:36:04 EDT 1999
PILLX: Technically, Eurobonds aren't senior to other obligations

Wed Apr 14 14:41:39 EDT 1999
wally: pillx: technically your statement is correct. but euros have the cross-default clause which even the globals are lacking.

Wed Apr 14 14:46:22 EDT 1999
PILLX: Including Eurobond holders and other nongovernment creditors in any rescheduling revolves around the principle of comparability

Wed Apr 14 14:48:07 EDT 1999
anonymous: ANNAPOLIS, Md, April 14 (Reuters) - Former cabinet secretary Elizabeth Dole, seeking to burnish her foreign policy credentials for a presidential bid, on Wednesday urged U.S. President Bill Clinton to do whatever it took to win the war in Kosovo. +++WHAT WAR? i thought war has to be approved by congress and senate+++ somebody please enlighten me.

Wed Apr 14 14:51:37 EDT 1999
wally: <enlighten me> just pay your tax dollars. raytheon and consorts need them badly. for enlightment consult with your local church.

Wed Apr 14 14:57:35 EDT 1999
anonymous: Contact: Ratheon Engineers & Constructors- One Broadway- Cambridge MA 02142 - FAX 617 494 7012

Wed Apr 14 14:59:53 EDT 1999
anonymous: Technically, Eurobonds aren't senior to other obligations WAKE UP PILLX,they will pay the MINFINs maybe,but if they don't theres nothing you can do about.Why didn't you buy EUROs????rgds.Frank

Wed Apr 14 15:08:09 EDT 1999
Omar: The so called "principle of comparability" is just a wet dream by beaurocrats who wish that private investors (Eurobond holders) would bail then out of the stupidity of their politically inspired lending decisions. The borrower can CHOOSE to negotiate with whomever it wishes under whichever terms it believes are appropriate. What is the Paris Club going to do if a debtor refuses to play along ?... withold further loans ?... hardly, they'll throw more money at a moment's notice IF the beaurocrats believe it suits their political objectives, and all debtor countries know this.

Wed Apr 14 15:18:11 EDT 1999
anonymous: phillx = comparability threat. spanky = Y2K panic. guys you need to take your prozac.

Wed Apr 14 15:24:14 EDT 1999
anonymous: no nerves???? then they get out and buy saving bonds only!!!

Wed Apr 14 15:26:29 EDT 1999
wally: omar: <just a wet dream> how can i type when i have to hold my belly because of laughing? you are seriously interrupting these discussions.

Wed Apr 14 15:33:41 EDT 1999
anonymous: rx one prozac+one valium+one double vodka.

Wed Apr 14 16:41:05 EDT 1999
Cciano: Hi Omar, don't worry and let these guys have a headache about MinFins and comparability and wet dreams... we will clip on 25th. Sorry for interrupting this hot discussions. Saludos

Wed Apr 14 16:44:16 EDT 1999
anonymous: I highly recommend "The Economic Consequences of Peace", by J.M. Keynes. I hope the IMF boyz will read this because they have the fate of our children's future (AND WALLY's GONADS) in their hands. Rollover the IMF debt or start the nuclear countdown. It is that simple. Which choice do you think they will make?

Wed Apr 14 16:52:16 EDT 1999
anonymous: Please, what are GONADS? May I presume you've got four children and live in K�nigswinter?

Wed Apr 14 17:10:27 EDT 1999
wally: <gonads>=primary sex glands that produce reproductive cells. i have to admit i did not know and had to ask my wife. you would not like to hear her comments about my ....

Wed Apr 14 17:37:11 EDT 1999
anonymous: Well, Wally.. tell your wife the IMF has the family jewels in their hands. Ciao!

Wed Apr 14 17:42:55 EDT 1999
Howard: Comment: Rus Euros are NOT "senior by contract". Rus Euros ARE "senior in fact".

Wed Apr 14 17:46:24 EDT 1999
anonymous: This exercise, debating Russian Euros, is moot! The fact is the Russians are paying very few of their obligations -- because they can't -- and Russian Euros are, and will continue to be paid. Punto! Nigeria is in default on 90% of their external debt and have been paying Brady bonds and prom notes for all of the 1990's. Nigeria has oil and nasty military dictators and the Russians have a space station and nuclear weapons. Which would you rather own, Comrade?

Wed Apr 14 17:58:14 EDT 1999
anonymous: TO wally:are you saying that euros are even safer than globals? Are you sure that globals don't have a cross-default clause?And if not,how can a private investor shelter himself from a default on globals?

Wed Apr 14 19:11:20 EDT 1999
anonymous: On comparability: today I prefer Nigeria than Venezuela, both have oil (same color as both leaders) but politics in Veni are going downhill fast >> in three months as per Gods words last night, Venezuela will have NO SUPREME COURT, NO CONGRESS = NO RULE OF LAW (at least before you had some)... only the almighty wisdom of the annointed One... NOSTRADAMUS

Wed Apr 14 20:30:14 EDT 1999
wally: <euros are safer than globals> in these times i would like to refrain giving a judgement -what is safer- but as far as i know (i will check) euros are the only bonds with a 'cross-default clause'. there is NO way to be sheltered from a default be it euros or globals or any other bonds. nowadays anything can happen. anon: <family jewels and imf> you have no idea how right you are!

Wed Apr 14 20:34:52 EDT 1999
wally: nostradamus: i have lived in countries where the only salvation was to have an "annointed one" whether self-appointed or by a higher authority.

Wed Apr 14 20:39:54 EDT 1999
wally: <Comrade> there is a huge difference between nigeria and russia. russia needs a dozen years of oil export revenue to pay its external debt; nigeria needs several months. perhaps the reason is because they nigeria has no space station?

Wed Apr 14 20:45:42 EDT 1999
wally: howard: i think i understand but would like to have your definition "by contract" and "by fact". i am asking you because you have excellent way to explain things. this is mainly for the 'not so versed' bradynetters.

Wed Apr 14 22:12:09 EDT 1999
anonymous: jo icchhh w�nsch j�dem a guets nachtli. gnom vo zueri

Wed Apr 14 22:16:22 EDT 1999
anonymous: goht alle very fr�h in d'kischt in amerika! guat f�r d'fortplanzung und das vollkswaxtum. gnom vo zueri

Thu Apr 15 01:25:00 EDT 1999
anonymous: If the bombs we drop in the Balkans are smart, then I am smarter than Einstain. Over the last two days, these smart bombs found a commercial train and a group of Albanians.Total dead in 2 days 100 units. Not bad. Lets keep bombing.

Thu Apr 15 01:59:20 EDT 1999
anonymous: gnom, don't leave your home turf. the local dialect, the Zurich version of swiss german, is impenetrable to anyone.

Thu Apr 15 03:08:44 EDT 1999
jlm: no news about ARG Comercial del Plata debt?

Thu Apr 15 04:23:21 EDT 1999
anonymous: The problem with the "Gnom of Z�ri" is that he is only a Gnom, but definitely not from Zurich. Otherwise he would not write such a language which really nothing, but nothing at all has to do with any swiss german dialect. He must be an immigrant from a slavish speaking country living in germany or austria, but definitly not in Switzerland even less in Zurich. I remember that we had in my parents house a maid from Hungary who spoke some kind of german like this.

Thu Apr 15 04:35:52 EDT 1999
Gora: Nizny Novgorod wants to restructure its eurodebt - local officials today. rgds

Thu Apr 15 04:56:30 EDT 1999
anonymous: This site, gentlemen, is called "color of the market", if I might remind you all. So, to my humble idea: it would be interesting to have the meanings of the big stars of this site, namely Wally, Pillx, Alexander, Vlad etc. about the fact we all are wondering about: W H Y does the Russian Eurobond market goes up so dramatically in these last days. What can be the reason? Who buys, since days now. Why Russia 28 can go up in less than a week's time from 26 to 40?

Thu Apr 15 04:59:12 EDT 1999
anonymous: Thank you, Gora, for your news about Nino. Please tell us if resp. when you have more details. Thank you again.

Thu Apr 15 05:14:40 EDT 1999
anonymous: TO ANON:RF EUROS ARE going up because the IMF has accepted the fact that RUSSIA doesn't want to restructure euros.Insider Best RGDS

Thu Apr 15 05:54:27 EDT 1999
wally: <rf 28 from 26 to 40> i'd like to tell you a secret. i have not the slightest idea based on facts. i can only assume or conclude that yesterday's peaks of MID-fourties has been triggered by short covering. during the last hours the market saw incredible spreads (5-6 pts between bid/ask). these spreads have narrowed today to normal (0.5 pts) perhaps because NY is not yet dealing. another reason could be that russia is badly needed in negotiating AND approving a kosovo peace accord. quid pro quo? tax dollars and tax euros through imf/pc/lc to russia is still cheaper than smart bombs plus there is less noise and less killing.

Thu Apr 15 06:00:55 EDT 1999
anonymous: correct. i am not swiss. not even european. but i live in suisse. keep guessing. gr�ezi. gnom vo zueri

Thu Apr 15 06:09:34 EDT 1999
Savonarola: Friends, RF euros are rallying as we have anticipated for various reasons. 1) Rally in Emerging markets Fixed Income made Russia more atractive 2) Realisation by investors that the Pakistan saga was senseless as no soveriegn will cut itself out of the markets for the next century to please a bunch of bureaucrats in Paris 3) The perception that the reserves level at CBR is much higher than what is plubished. " He who lied once, lies twice". A Balance of Trade surplus of 2.5 b plus per month must increase the level of reserves unless there is massive capital flight. Now why the lukoils of this world would siphon money out if their business is in Russia. 4) Lack of new issues,..and finally 5) Capitulation by the shorters (Salomon, JP, Chase) who have persistently sold the idea through daily research of the Russian debacle....and they were wrong as usual. I said it a few days ago...Russia will converge this year to Brazil spread levels...Just wait and sit on it....

Thu Apr 15 06:17:25 EDT 1999
Savonarola: There is one further reason for the rally. There seem to have a confusion between restructuring and liquidation or disappearance. An issuer might be unable to pay, but if the concern continues it will come up with a plan to pay. The bonds will not disappear as long as the issuer remains. Example. Piedra del Aguila in Argentina did not pay but will come up with a plan to pay in 90 days. SCP in Argentina same thing. Aeromexico at its time. They all trade above Russia. So the worst case scenario for Russian Euros is re-scheduling (without discount). As oil goes up and IMF steps in that fear disappears and we will move to the low fifties very soon.....

Thu Apr 15 06:26:40 EDT 1999
anonymous: TO SAVONAROLA:Russia has already said RF are untouchable,this means no rescheduling.IMF,P.CLUB won't try to FORCE RUSSIA with the principle of comparability as RUSSIA WILL PAY EVERY DEBT CONTRACTED SINCE 1992,NOT ONLY EUROS.I def agree with you:RF28 at 55 bid in 15 days.

Thu Apr 15 06:43:47 EDT 1999
anonymous: asdews

Thu Apr 15 07:38:30 EDT 1999
wally: 04/15 06:47 Russia emerging debt surges on restructuring talk LONDON, April 15 (Reuters) - Russian bond prices bounded ahead in London on Thursday on talk official Paris Club creditors were considering rescheduling crushing Soviet-era debts, but trade in other sovereigns was thin, dealers said. Russian news agencies reported First Deputy Finance Minister Mikhail Kasyanov as saying late on Wednesday that western creditors might reschedule payments due in 1999 and 2000 after a long-awaited deal with the International Monetary Fund. "Russia's the only thing that's really trading, especially its Eurobonds, on talk of a Paris Club and IMF deal," said one dealer at a major European bank. Russia's 05 stood up 1-1/2 from New York's close at 32-1/2. Investors have feared cash-strapped Russia might default without an IMF deal. Debt with the Paris Club stands at around $36 billion, out of a total $140 billion in foreign debt, and Kasyanov was in Paris for unofficial talks with the Club ahead of official meetings he said might start in mid-May. Although Russian bond prices on Thursday received further support on news the World Bank had agreed to restart Russian loans, with credits totalling $2.3 billion in the next two years, not all analysts were convinced Russia's cash flow had much improved. "Bond prices are being squeezed up, as we thought they would, by quite a bit of domestic buying as well as international bids, but our view is to sell into such strength," said Paine Webber's head of international sovreign research, Neil Williams. "Russia's fine for this quarter (to meet payments) but it's going to be a struggle thereafter," he said.

Thu Apr 15 07:40:26 EDT 1999
wally: LONDON, April 15 (Reuters) - Russian bond prices bounded ahead in London on Thursday on talk official Paris Club creditors were considering rescheduling crushing Soviet-era debts, but trade in other sovereigns was thin, dealers said. Russian news agencies reported First Deputy Finance Minister Mikhail Kasyanov as saying late on Wednesday that western creditors might reschedule payments due in 1999 and 2000 after a long-awaited deal with the International Monetary Fund. "Russia's the only thing that's really trading, especially its Eurobonds, on talk of a Paris Club and IMF deal," said one dealer at a major European bank. Russia's 05 stood up 1-1/2 from New York's close at 32-1/2. Investors have feared cash-strapped Russia might default without an IMF deal. Debt with the Paris Club stands at around $36 billion, out of a total $140 billion in foreign debt, and Kasyanov was in Paris for unofficial talks with the Club ahead of official meetings he said might start in mid-May.

Thu Apr 15 07:41:38 EDT 1999
wally: contd: Although Russian bond prices on Thursday received further support on news the World Bank had agreed to restart Russian loans, with credits totalling $2.3 billion in the next two years, not all analysts were convinced Russia's cash flow had much improved. "Bond prices are being squeezed up, as we thought they would, by quite a bit of domestic buying as well as international bids, but our view is to sell into such strength," said Paine Webber's head of international sovreign research, Neil Williams. "Russia's fine for this quarter (to meet payments) but it's going to be a struggle thereafter," he said.

Thu Apr 15 07:43:29 EDT 1999
anonymous: regarding to MINFIN3. According to IDEA Vnesekonombank spokesman says any talk of restructuring MinFins is counterproductive. Would increased probability of payment on MinFins is negative for Eurobonds and London Club Credits (PRINS and IANS) as it will leave fewer fx reserves with which to service other external credits?

Thu Apr 15 07:46:13 EDT 1999
anonymous: Hey Wally. Has the principle of comparability now evaporated???

Thu Apr 15 07:55:48 EDT 1999
wally: <minfin3> you can look at it from two different point of views. of course servicing minfin3 principal and interest as well as interest on other minfins will deplete reserves. on the other hand it would create more trust in russia that there is a will to honour it's other commitments (except paris and london club debt where a restructuring or rescheduling is unavoidable).

Thu Apr 15 08:03:23 EDT 1999
wally: <principle of comparability> never say never, but i think pc et al demands were more political noise than realistic and what is more important feasible demands.

Thu Apr 15 08:04:40 EDT 1999
wally: should read: more important NOT feasible demands.

Thu Apr 15 08:41:11 EDT 1999
Puma: Paine Webber? They have to ask someone to find Russia in the map. Please quote more serious people. It is good to see that Savanarola is smoking good stuff. Regarding price action, I think that the market in general is going to continue higher. Reason, very simple we are having a huge monetary expansion in the world starting with Japan. More money chasing financial assets means higher prices. Expect more of the same. JPMorgan expects 100 bps tightening in the next 3 months, I think it will be more than that. Today and tomorrow... ...expect some correction starting with Cs... ...I have a few to sell.

Thu Apr 15 08:41:13 EDT 1999
Howard: Wally: Description: "Senior by contract" is established by the terms and conditions set forth at the issuance of a debt instrument. "Senior in fact" is a subsequent condition created by the unilateral action of a sovereign debtor, i.e.: among 2 or more obligations of equal status, the debtor chooses one category for special preferances, thereby establishing "senior in fact".

Thu Apr 15 08:41:20 EDT 1999
Puma: Paine Webber? They have to ask someone to find Russia in the map. Please quote more serious people. It is good to see that Savanarola is smoking good stuff. Regarding price action, I think that the market in general is going to continue higher. Reason, very simple we are having a huge monetary expansion in the world starting with Japan. More money chasing financial assets means higher prices. Expect more of the same. JPMorgan expects 100 bps tightening in the next 3 months, I think it will be more than that. Today and tomorrow... ...expect some correction starting with Cs... ...I have a few to sell.

Thu Apr 15 08:44:28 EDT 1999
PILLX: The Russian central bank's foreign-exchange and gold reserves rose by $100 million in the week to April 9, totaling $10.8 billion.The reserves stood at $10.7 billion April 2.Russia began the year with gold and hard-currency reserves of $12.2 billion.The Russian Central Bank offered the reported reserve data.

Thu Apr 15 08:46:14 EDT 1999
Howard: Comment: Re comparability: without clear and compelling leverage, a lender's attempt to establish comparability where none exists, is merely a commentary on the desperation of the lender.

Thu Apr 15 08:50:04 EDT 1999
Savonarola: Puma, you seem to be obcesed with my smoking habits...no I do not smoke, I do not need to...My excitement come from seeing the "big boys" being squeezed into this Russian rally...stil more to come until we reach the low fifties. Capitulation has only started...we are still in second gear....

Thu Apr 15 08:54:45 EDT 1999
Howard: Wally: I wish to express my appreciation to you and others for the useful information presented via Bradynet. It often reduces my research time, which I then gainfully employ elsewhere. Unfortunately, the structure of my workday limits my Bradynet viewing. Warm regards.

Thu Apr 15 09:03:30 EDT 1999
wally: NY boys are dealing and not chipping at prices. what's wrong with them?

Thu Apr 15 09:10:03 EDT 1999
wally: puma: <ask someone to find Russia on the map> be more lenient! PW is guided by some of the world's most famous ANAL-lysts. i am sure they know were russia is (a few blocks behind egypt just next to sri lanka).

Thu Apr 15 09:13:45 EDT 1999
Yuri: Russia can repay and have reasones to repay MinFin3 from the IMF new loan only. So international financial community must decide do they need new default or not. I think that Russian Government understand well that it'll be greatest news all over the world if Russia will repay the liabilities which had price at 33% in month to maturity. This step could open the opportunities for country to rise money from international private sources. Maybe it will be not marketable securities but something more closed to direct investments. Other reason to repay is the fact that Russian banks are strong holders of MinFin3 so this is not exactly external debt. Most banks-holders are in troubles, managed by Central Bank officials and need more cash flow, and CB can "kill two hares". I think that short in MinFin3 have more reasones to sleep bad now and eat bad after the 15 May than long ones at 30.

Thu Apr 15 09:15:36 EDT 1999
anonymous: thanx howard for your crystal clear comments!!

Thu Apr 15 09:28:45 EDT 1999
Alexander: May I humbly add one more point? ONLY Russia can make peace in Yugoslavia,NOBODY else.rgds

Thu Apr 15 09:37:31 EDT 1999
PILLX: Russia's Vnesheconombank is "technically ready" to pay for maturing Ministry of Finance domestic hard-currency bonds and associated coupons when they fall due next month, Vnesheconombank First Deputy Chairman Vladimir Dmitriev said. Vnesheconombank will be able to pay out on the bonds by their May 15 coupon and maturation date if it receives money from the FinanceMinistry by May 12, the executive said.Foreign investors hold about half of all the$8.7 billion of Minfins,he said, adding that domestic investors hold most of the Tranche 3 bonds.

Thu Apr 15 09:49:46 EDT 1999
Cheetah: BIG IF !! IF they pay the money - which they WILL NOT on SOVIET debt... why should they, they are RUSSIA !

Thu Apr 15 10:07:58 EDT 1999
PILLX: World Bank President James Wolfensohn said Thursday the bank is prepared to lend up to $2.3 billion to Russia over the next two years as long as it receives a new International Monetary Fund loan.

Thu Apr 15 10:10:34 EDT 1999
wally: cheetah: you will laugh now, but russia has a MORAL obligation because it was russia renegotiating all soviet debt and dealing internally with the former soviet states. plus russia's actual chunk of this debt is quite substantial. it is too easy to say "this is russia and this is soviet debt". may be we are all in for a big surprise.

Thu Apr 15 10:20:27 EDT 1999
wally: pillx: <Wolfensohn> is a bloody bureaucrat like the imf guys and the worldbank has similar structure and similar bloody rules equivalent to the imf except that WB loans are earmarked for specific projects. just look at the imf nonsense: "first you pay us back 4.8 bil and then we release the next tranche of 4.8 bil. can you imagine how long cretins like these would last in a private corporation? a decade ago i attended a WB 'working luncheon'. that experience still gives me the creeps (and i mean how these creeps 'work' and live like maggots on our tax money).

Thu Apr 15 10:24:58 EDT 1999
PILLX: Russia is looking for ways to restructure the 3rd minfin bond issue, which matures May 14, by putting it on the same level as former Soviet debt, a source at the Finance Ministry told.The 3rd minfin was issued in exchange for the hard currency funds of Soviet companies frozen in Vnesheconombank in 1991. The source confirmed an earlier statement that if the 3rd minfin is declared Soviet debt Russia could avoid paying the $1.322 billion due on the principal on May 14. Together with interest, Russia is due to pay almost $1.362 billion on this bond."It would be logical, based on equal treatment of investors, to restructure this debt," the source said. However, the resolution of this problem entails "a number of serious legal problems," he said.He stressed that "if we do not find a way of restructuring the third tranche Russia will redeem it in May"However, the coupons on minfin bond issues four through seven, which total $333.63 million and are also due on May 14, cannot be restructured, he said. These bonds were issued in 1995 and 1996, so they fall under the category of "new Russian debt," which Russia has pledged to service in full and on time, he said.

Thu Apr 15 10:26:11 EDT 1999
Alexander: Hi Cheetah,first they will PAY all the EUROs,then comes a restructure of Soviet debt,as has happened in SurAm 15yrs ago.Don't you remember?? Ever heard of the BradyPlan?? saludos

Thu Apr 15 10:27:35 EDT 1999
PILLX: Russia is looking for ways to restructure the 3rd minfin bond issue, which matures May 14, by putting it on the same level as former Soviet debt,a source at the Finance Ministry told.The 3rd minfin was issued in exchange for the hard currency funds of Soviet companies frozen inVnesheconombank in 1991.The source confirmed an earlier statement thatifthe 3rd minfin is declared Soviet debt Russia could avoid paying the $1.322 billion due on the principal on May 14. Together with interest, Russia is due to pay almost $1.362 billion on this bond."It would be logical, based on equal treatment of investors,to restructure this debt, the source said.However,the resolution of this problem entails a number of serious legal problems,he said.He stressed that if we do not find a way of restructuring the third tranche Russia will redeem it in May.However,the coupons on minfin bond issues four through seven, which total $333.63 million and are also due on May 14,cannot be restructured,he said.These bonds were issued in 1995 and 1996,so they fall under the category of new Russian debt,which Russia has pledged to service in full and on time, he said.

Thu Apr 15 10:30:38 EDT 1999
PILLX: Russia is looking for ways to restructure the 3rd minfin bond by putting it on the same level as former Soviet debt,a source atthe FinanceMinistry told.The3rd minfin was issued in exchange for the hard currency funds of Soviet companies frozen in Vnesheconombank in1991.The source confirmed anearlier statement thatifthe 3rdminfin is declared Soviet debt Russia could avoid paying the$1.322 billion due onthe principal on May14. Together with interest, Russia is due to pay almost $1.362 billion on this bond.It would be logical, based on equal treatment of investors,to restructure this debt,the source said.However,the resolution of this problem entails a number of serious legal problems,he said.He stressed that if we do not find a way of restructuring the third tranche Russia will redeem it in May.However,the coupons on minfin bond issues four through seven, which total $333.63 million and are also due on May 14,cannot be restructured,he said.These bonds were issued in 1995 and 1996,so they fall under the category of new Russian debt,which Russia has pledged to service in full and on time.

Thu Apr 15 10:32:25 EDT 1999
anonymous: Their commitment with SOVIET DEBTS it's approaching 0.They don't consider SOVIET debts as theirs.I think a 50% writeoff on this debts will be the outcome,plus rescheduling on the remaining 50%.SALUTI DA MILANO, ITALIA.

Thu Apr 15 10:35:42 EDT 1999
PILLX: 111 Russia is looking forways to restructure the 3rd minfin bond by putting it on the same level as former Sovietdebt,a source at the FinanceMinistry told.The3rd minfin was issued in exchange for the hard currency funds of Soviet companies frozen in Vnesheconombank in1991.The source confirmed anearlier statement thatifthe 3rdminfin is declared Soviet debt Russia could avoid paying the$1.322 billion due onthe principal on May14. Together with interest, Russia is due to pay almost $1.362 billion on this bond.It would be logical, based on equal treatment of investors,to restructure this debt,the source said.However,the resolution of this problem entails a number of serious legal problems,he said.He stressed that if we do not find a way of restructuring the third tranche Russia will redeem it in May.

Thu Apr 15 10:35:54 EDT 1999
PILLX: 222 However,the coupons on minfin bond issues four through seven, which total $333.63 million and are also due on May 14,cannot be restructured,he said.These bonds were issued in 1995 and 1996,so they fall under the category of new Russian debt,which Russia has pledged to service in full and on time.

Thu Apr 15 10:39:35 EDT 1999
wally: pillx: when will you stop editing?! the actual message does not sound soooooo stupid: MOSCOW, April 15 (Reuters) - World Bank President James Wolfensohn on Thursday promised Russia billions of dollars in new credits, but said first the government must implement reforms required by the International Monetary Fund.

Thu Apr 15 10:42:29 EDT 1999
Alexander: Thats what I mean,and that stuff is under 10 today.....so where is the problem.rgds.

Thu Apr 15 10:45:04 EDT 1999
wally: alex: are you referring to brady-maslyukov-zadornov-primakov-kosovo-nato-bombing-peace-making-refugee-protecting plan?

Thu Apr 15 10:46:31 EDT 1999
wally: sorry for the inconvience (having to scroll). did not think!

Thu Apr 15 11:01:50 EDT 1999
Alex: you forgot Ariel Sharon,master diplomat and chief settler,now in MOCKBA since last week,exactly that plan! The bombing does bring nothing,Russia will have to start new initiative with Slobodan,then the west has to accept on Russia's conditions.rgds.

Thu Apr 15 11:19:23 EDT 1999
PILLX: WALLY what's your problem MOSCOW -(Dow Jones)- World Bank President James Wolfensohn said Thursday the bank is prepared to lend up to $2.3 billion to Russia over the next two years as long as it receives a new International Monetary Fund loan. Wolfensohn met with Finance Minister Mikhail Zadornov, as well as other government officials and Russian legislators.Prime Minister Yevgeny Primakov, 69, missed his scheduled meeting with Wolfensohn because of what Russian new agencies described as a medical check-up. Russia's lack of a loan accord with the IMF is holding up $1.85 billion of frozen World Bank lending to Russia to finance social reforms in coal mining and social spending such as pensions. An IMF mission is currently negotiating with the government over terms for a new loan. In late February, the World Bank agreed to begin disbursements on a $400 million loan to improve the nation's roads. Under the terms of the loan, the government offers tenders under which construction companies can bid to finance road repair, expansion and reconstruction, instead of giving the money directly to the federal government. As a result, financing for roadworks doesn't depend on an IMF program.

Thu Apr 15 11:22:22 EDT 1999
PILLX: MOSCOW -(Dow Jones)- World Bank President James Wolfensohn said Thursday the bank is prepared to lend up to $2.3 billion to Russia over the next two years as long as it receives a new International Monetary Fund loan.Wolfensohn met with Finance Minister Mikhail Zadornov, as well as other government officials and Russian legislators.Prime Minister Yevgeny Primakov,69,missed his scheduled meeting with Wolfensohn because of what Russian new agencies described as a medical check-up. Russia's lack of a loan accord with the IMF is holding up $1.85 billion of frozen World Bank lending to Russia to finance social reforms in coal mining and social spending such as pensions. An IMF mission is currently negotiating with the government over terms for a new loan. In late February, the World Bank agreed to begin disbursements on a $400 million loan to improve the nation's roads.Under the terms of the loan, the government offers tenders under which construction companies can bid to finance road repair, expansion and reconstruction, instead of giving the money directly to the federal government. Asaresult,financing for roadworks doesnt dependonanIMF program.

Thu Apr 15 11:22:51 EDT 1999
PILLX: MOSCOW -(Dow Jones)- World Bank President James Wolfensohn said Thursday the bank is prepared to lend up to $2.3 billion to Russia over the next two years as long as it receives a new International Monetary Fund loan.Wolfensohn met with Finance Minister Mikhail Zadornov, as well as other government officials and Russian legislators.Prime Minister Yevgeny Primakov,69,missed his scheduled meeting with Wolfensohn because of what Russian new agencies described as a medical check-up. Russia's lack of a loan accord with the IMF is holding up $1.85 billion of frozen World Bank lending to Russia to finance social reforms in coal mining and social spending such as pensions. An IMF mission is currently negotiating with the government over terms for a new loan.

Thu Apr 15 11:26:08 EDT 1999
PILLX: WALLY what is your problem with editing

Thu Apr 15 11:38:09 EDT 1999
PILLX: Bond prices are being squeezed up, as we thought they would, by quite a bit of domestic buying as well as international bids, but our view is to sell into such strength," said Paine Webber's head of international sovreign research, Neil Williams. "Russia's fine for this quarter (to meet payments) but it's going to be a struggle thereafter," he said.

Thu Apr 15 11:56:34 EDT 1999
wally: pillx: you posted "as long as it receives a new IMF loan" actual text: "government must implement reforms required by the IMF". i call this editing.

Thu Apr 15 12:02:08 EDT 1999
wally: pillx: plus your last posting is an excerpt (negative part only) of an article i posted when you were still sleeping. one has to have access to the full story and not parts without torn out of context.

Thu Apr 15 12:09:19 EDT 1999
PILLX: wally i never sleep

Thu Apr 15 12:21:32 EDT 1999
anonymous: PAKISTAN's finance minister said eurobond's coupons WILL BE PAYED and hasn't decided yet how to reschedule bonds.Then he said buyback was not on cards and"we will stick to our commitments."This last bit means they will also pay principal on time or reschedule?This is A very confusing statement.SALUTI DA MILANO.

Thu Apr 15 12:22:21 EDT 1999
PILLX: Supports Use Of Bond Contract Clauses While the IMF board is still some way from officially accepting proposals to more deeply involve the private sector in the alleviation of financial crises, directors appeared to favor alteration of bond contracts as one measure that should be pursued immediately."Many directors supported moving forward with the recommendations regarding the modification of bond contracts to include sharing clauses; provisions for the modification of terms by qualified majorities; and collective representation provisions," the IMF said."A few directors noted that British-style Trust Deed bonds contained such clauses and could serve as a useful model for future issues," it said.

Thu Apr 15 12:27:35 EDT 1999
anonymous: Hello Savaralola how do you see other defaulted credits such as ANDRE & Cie's (Swiss)argentinean Banco UNB/Medefin ?? or ALPARGATAS also Argentina ?? Thank you, Gaby (la linda)

Thu Apr 15 12:38:24 EDT 1999
Savonarola: to Gaby "la bella". I have no clue about Andre or Alpargatas. UNB/Medefin...I looked at this bond some years ago...when I found Socimer somewhere in there I ran as fast as I could....

Thu Apr 15 13:26:53 EDT 1999
anonymous: Wally. What is your e-mail address?

Thu Apr 15 13:40:51 EDT 1999
beatendown investor: to Gaby(la linda) Medefin: liquidation value of approx $0.13 cts no chance or hope for anything else. Alpargaras is final negotiations of reestructure. Bond holders will get shares and bonds. Term is somewhere between 10 and 15 years. Maybe a 0 cupon or a very low int rate. Bonds are trading at bid/off of 0.10/0.20. Net present value of par amount is about 0.38 to 0.42 cts. final news are expected to be announced in about two weeks and the process is expected to last about six months.

Thu Apr 15 14:47:32 EDT 1999
wally: pillx: <wally i never sleep> excellent, then you can't have nightmares like i have sometimes. my last one was that i was allocated a piece of land in the siberian tundra in exchange for my russian bonds.

Thu Apr 15 15:32:49 EDT 1999
anonymous: Wally: How are the family jewels? If Russia really runs out of cash, they will simply renationalize the oil companies. A huge cash cow that does not pay taxes and keeps hard currency reciepts offshore. In fact, if they don't start paying taxes they should seize assets as Kieynko was trying to do. Its that simple, Comrade. Russia has plenty of cash cows it can tap, including the nuclear one. Let's hope the IMF doesn't flub this one, my great friend.

Thu Apr 15 15:57:05 EDT 1999
anonymous: More on rf: http://biz.yahoo.com/rf/990415/bex.html

Thu Apr 15 16:42:46 EDT 1999
wally: family jewels doing well as far as i am concerned. you might however obtain a different opinion from my wife.

Thu Apr 15 17:10:22 EDT 1999
anonymous: Ariel Sharon brokering a peace plan in Russia? He's only making sure that he's not called up next by the International War Crimes Tribunal for Qibya, Beirut, etc. The Israeli government knows very well that Palestine was close to 90% Arab before the creation of the state of Israel - and they did not flee on their own acords (any more than Kosovo Albanians are fleeing because of NATO bombing).

Thu Apr 15 17:43:40 EDT 1999
Ron: Please give your name, when you make this brainless comments

Thu Apr 15 18:16:04 EDT 1999
Alexander: It is Arik Sharon in Moscow trying to get a peace plan together and he is listened to by all parties,like it or not,name or no name!

Thu Apr 15 18:28:50 EDT 1999
anonymous: hey anonymous,sure NATO bombings have helped the Albanians a lot,got them back their homeland and their houses.Wake up!!!!

Thu Apr 15 18:58:51 EDT 1999
PILLX: Wally,when I sleep,I sleep like a baby,every hour I wake up and I cry

Thu Apr 15 19:20:24 EDT 1999
PILLX: The Nizhny Novgorod region paid Thursday a $4.375 million coupon on its $100 million Eurobond issue, missing the end of a seven-day grace period by just a few hours. Nizhny, which had warned creditors that it might not be able to make payment, managed to raise cash at the last moment by squeezing interest payments...

Thu Apr 15 19:42:06 EDT 1999
PILLX: Principle of comparability.Technically,Eurobonds aren't senior to other obligations.COMPARABILITY OF TREATMENT,The idea is that the burden must be shared between the various types of creditors: http://www.moneynet.com/content/MONEYNET/CategoryNews/NewsStory.asp?Cat=INTL&SubCat=INTEMERG&ID=SF-04/15-AnL15296033@NEWS-P1&Index=2&HeadlineURL=../CategoryNews/CategoryNews.asp&DISABLE_FORM=&NAVSVC=News\Category

Thu Apr 15 19:42:09 EDT 1999
anonymous: Alex: Ariel Sharon, master diplomat? (chief settler, yes - witness his recent call to take every hill, etc). The only reason the Arabs treat with Ariel Sharon is because he is at the centre of Israeli policy. Any notion that he is on a secret peace mission is belied by his poor reception at the State Department over the weekend (see FT 4/12/99, p2).

Thu Apr 15 19:58:26 EDT 1999
Cheetah: Alex what is Brady Plan, are the euro's bradies, why aren't there any greenspees ? Aren't Ian's Prin's and Minfin's - after their capital reduction of 75% and restructuring into another 30 year Par bond (with UST gaurantee) - going to be called something to remember the greatest by ??

Thu Apr 15 20:05:46 EDT 1999
Cheetah: SILLY-X of course you cry, you are really Spanky(girl) and are probably still SHORT C(she)Bonds and waiting for 40 handle on Veni DCB's

Thu Apr 15 20:12:29 EDT 1999
wally: pillx: good sport!

Thu Apr 15 20:16:50 EDT 1999
anonymous: Pillx i own a an old broken record (78 rpm) sounds like your principle of compar... whatever. gnom vo zueri and lahore

Thu Apr 15 20:27:46 EDT 1999
anonymous: if a man has the guts to make fun of himself like pillx or wally it is admirable.

Thu Apr 15 22:14:20 EDT 1999
anonymous: seids scho wiedr am schlafen in europa und amerika, odr? gnom vo zueri

Thu Apr 15 22:16:27 EDT 1999
anonymous: Where is Spanky?? Spank me or spank the monkey?

Thu Apr 15 22:17:53 EDT 1999
anonymous: Cheetah is a fraud. Got bearish on Venezuela at the bottom and trying to spin it like he is a genius. The guy should marry Bill Clinton when he leaves office.

Thu Apr 15 22:23:05 EDT 1999
anonymous: What does everyone think of Veni's Chavez quoting (repeatedly) authors such as Friedrich Ratzel (ideological bases used by Hitler to support many of his activities) ? Is it mental MUMBO-JUMBO or does is it a window of more ominous things in the near future for Veni ?????????? Gaby (la linda)

Thu Apr 15 22:28:05 EDT 1999
anonymous: I think Cheetah is Greenspan, like it or not, he has been right since October, his timing has been very good and all his corporate recomendations are up thru the roof, check it out, I have. Don't be jealous, get even Mr. Anonymous, make timely recomendations so we can compare you against Cheetah. CCC CLUB MEMBER

Thu Apr 15 22:33:10 EDT 1999
anonymous: thank you beaten down investor ! GLL

Thu Apr 15 22:33:40 EDT 1999
anonymous: thank you beaten down investor, hope you recover ! GLL

Thu Apr 15 22:34:57 EDT 1999
anonymous: what mean guts?? tofu

Thu Apr 15 22:44:31 EDT 1999
anonymous: gabi (la linda) are your that beautiful redhead who gave this extraordinary anti-chavez speech in cafe paraiso last saturday? admirer

Thu Apr 15 23:01:27 EDT 1999
anonymous: puedo ser cualquier cosa, tengo preocupacion por la influencia de Ceresole y otros en el MUMBO-JUMBO. GLL

Fri Apr 16 00:42:04 EDT 1999
anonymous: Bankers Trust has not confirmed yet that coupon on Nizhny was paid ... It gonna be interesting ...

Fri Apr 16 02:49:46 EDT 1999
Alexander: Alex: Ariel Sharon, master diplomat? (chief settler, yes - witness his recent call to take every hill, etc). The only reason the Arabs treat with Ariel Sharon is because he is at the centre of Israeli policy. ALL THE LIKUD FELLOWS ARE NOT EXACTLY MY KIND OF GUYS,BUT HE IS IN MOCKBA FOR TALKS....

Fri Apr 16 03:46:06 EDT 1999
anonymous: Gnom vo Zueri: Schlotz Dir ein Eis beim M�wenFick und sei's zufrieden! Zur guten Lekt�re sei Dir noch empfohlen:"Fr�hliches Sechserl�uten!" und dann entspann Dich!

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