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Pastimes : The Naked Truth - Big Kahuna a Myth
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To: Terry Whitman who wrote (9602)10/28/1998 9:15:00 AM
From: Cynic 2005  Read Replies (2) of 86076
 
<<''I don't want to get caught if there is a devaluation,''
said Brahma Chief Financial Officer Danilo Palmer. ''Whenever
you're faced with serious problems it's good to be
conservative.''

Brahma joins several other Brazilian companies bracing for a
devaluation, even as Brazil is about to receive $30 billion in
aid from international lenders such as the World Bank. To qualify
for the aid, Brazil is expected to announce a detailed package of
spending cuts and tax increases today.

About 60 percent of the company's debt has been hedged by
taking about $480 million of its cash and investing it in U.S.
treasuries, Palmer said. The other 40 percent is hedged through
interest rate swaps conducted through local banks. The swaps, of
Brazilian fixed-income securities for U.S. bonds and notes, carry
various maturity dates, he said.

Palmer emphasized that he's not predicting a devaluation,
but wants to be prepared if one happens.
'Highly Exposed'>>
exchange2000.com
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