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Strategies & Market Trends : Telebras (TBH) & Brazil -- Ignore unavailable to you. Want to Upgrade?

To: Steve Fancy who wrote (6985)	8/21/1998 2:04:00 PM
From: Steve Fancy	Respond to of 22640

Don't quite know what to make of these next two. - sf <eom>

To: Steve Fancy who wrote (6985)	8/21/1998 2:05:00 PM
From: Steve Fancy	Respond to of 22640

CBOE/Option/Brazil Telebras HOLDRs -2:As Soon As HOLDRs List Dow Jones Newswires NEW YORK -- The Chicago Board of Options Exchange plans to list Tuesday options on a Telecomunicacoes Brasileiras SA (TBR) basket American depositary receipt known as HOLDR (TBH), an official at the exhcange said Thursday. "We plan to bring the contract out the same day that TBH starts trading. Right now that's scheduled for Tuesday," CBOE head of research Joe Levin told Dow Jones. "TBR is one of the most successful option contracts on our floor," Levin said about the options on Telebras. Telebras has split into 12 units and the government plans to sell its 19.2% controlling stake in the spinoffs on Wednesday. Earlier Thursday the American Stock Exchange said it plans to list its own contract on the HOLDRs next week. The HOLDRs were structured by Merrill Lynch as an alternative for investors who wish to continue trading Telebras as a single holding after the privatization and split. -By Margarita Palatnik; 201-938-2226; margarita.palatnik@cor.dowjones.com

To: Steve Fancy who wrote (6985)	8/21/1998 2:06:00 PM
From: Steve Fancy	Respond to of 22640

SUBSCRIBERS:Disregard CBOE/Option/Brazil Telebras Dow Jones Newswires Disregard the item "CBOE/Option/Brazil Telebras -2" timed about 1651 GMT. The item was reported previously.

To: Steve Fancy who wrote (6985)	8/21/1998 2:06:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Merrill Lynch Says Outlook For Latam Banks More Negative Dow Jones Newswires MEXICO CITY -- New York investment bank Merrill Lynch downgraded Friday the outlook for Latin America's banking sector based on probable deterioration in macroeconomic indicators as well as continued weakness in global capital markets. "Coupled with more pessimism towards emerging markets in general, we think that trading multiples are bound to decline sharply in the intermediate term," bank analysts Rodrigo Quintanilla and Alejandro Schecter said in a note to investors. The current environment presents "fundamental challenges for the banks in the region" in the form of higher interest rates, potential currency weakness, slowing loan growth opportunities and the potential drop in the value of the banks' fixed income and equity portfolios, they said.