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Technology Stocks : Vimpel Comm (VIP) ADR's of the Russian Cellular Phone Co.
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To: cardcounter who wrote (75)8/12/1998 2:43:00 PM
From: cardcounter  Read Replies (1) of 283
 
Santander's Raul Elizalde, head of fixed income, was interviewed on bloomberg yesterday (8/11). I've summarized some of his comments.

In relation to russia, some of the things he pointed out were that institutional investors have been very hesitant to step into this market. This further compounds the seasonal liquidity problems for russia. Also, foriegn investors are hesitant on rolling over debt until russia can show the market that its serious about reforms and tax collection.

Potential problems: a Chinese currency devaluation is the biggest concern. Also, weak commodity prices continue to hurt the emerging markets who are especially dependent on such exports (russia and oil).

Rumor: The interviewer mentioned a rumor about a high level US diplomat coming to Russia to work on a US unilateral aid package (I'm guessing that this would be someone other than Clinton who will be showing up the beginning of Sept).

Finally, Raul's opin is that Russia can make it to the end of the year without having to devalue their currency. Furthermore, he points out that in this confidence crisis, Russia has alot more to lose by a devaluation than by supporting its currency.

Personally, I'm watching the yen/dollar rate for clues. Its up to 146.x, this morning it was 145.x. Hopefully, Japan will do more than talk up intervention.
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