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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (79134)3/12/2001 3:59:19 PM
From: Mark Adams  Read Replies (2) of 436258
 
JAPAN TALK According to Bloomberg News, Asia Pulp & Paper Co. (a company based in Singapore and throughout Asia--except Japan), said it will stop servicing its $12 Bln of debt obligations. The company said that it would "immediately cease payment of interest and principal on all holding company debt and on debt issued by our subsidiaries and affilates." The company's chief financial officer said that "The sharp drop in pulp and paper prices, reduction of available lines of credit for working capital, combined with rising costs for Indonesian corporates have significantly impacted our business and our cash position." This news may have helped the short-end of the U.S. Treasury yield curve where odds of either an early rate cut or a 75 basis point cut at next week's meeting rose from under 10% to nearly 30% moments ago.

Intra-Day Market Talk: Monday, March 12, 2001 10:09 AM
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