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Non-Tech : Banco Industrial Colombiano ADR NYSE:CIB

CIB 57.88

+0.7%

Oct 30 3:59 PM EDT

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To: Arnold Layne who wrote (63)	8/5/1998 1:02:00 AM
From: Arnold Layne	Read Replies (1) of 72

Undervalued Market & Currency Strength I think that this can be taken as a sign that the local perspective believes that the Colombian market is undervalued. They already had a ticker on the NYSE for this one too. Colombia's Celumovil plans U.S. debt issue BOGOTA, Aug 4 (Reuters) - Colombia's second largest cellular phone company Celumovil <CAL.ML> said Tuesday it was planning to issue private debt bonds in U.S. markets. The company, part of Valores Bavaria <VBS.BG> the investment arm of the Bavaria Group, did not say what the total value of the bonds would be nor exactly when they would be offered. But a company source said the funds would be used to pay off a $148 million loan to the Bavaria Group. Celumovil scrapped plans to issue $175 million in stocks on Colombian and international exchanges in March, citing unfavorable market conditions. 22:09 08-04-98 Copyright 1998 Reuters Limited. Colombia peso up as foreign funds look to buy TES BOGOTA, Aug 4 (Reuters) - Colombia's peso firmed 3.5 pesos to close at 1,367.85 against the dollar as foreign investment funds pumped greenbacks into the market. "The flow of dollars was provided by foreign funds looking to invest in TES treasury bills Wednesday," one interbank trader said. He added that industry did not buy dollars and appeared to be counting on the peso to strengthen further. The peso opened at its intraday low of 1,370 and hit an intraday high of 1,366.8. Dealers reported 284 transactions worth a total $198 million. 20:24 08-04-98 Copyright 1998 Reuters Limited.

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