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Strategies & Market Trends : Waiting for the big Kahuna -- Ignore unavailable to you. Want to Upgrade?

To: BubbaFred who wrote (31604)	10/15/1998 1:43:00 AM
From: B.REVERE	Respond to of 94695

Riley is throwing strikes. The man knows the score and he's leaving the curveballs to the likes of ex-fed governor Angell, the BS( Bear Stearns) shill telling the world in no uncertain terms, "no recession". Of course, if one does show up, Wayne might be the first one out the door. Banks don't know where the next hedge fund's gonna blow up in their face. Check the last paragraph. Japan banks in trouble in dollar borrowing-bankers TOKYO, Oct 15 (Reuters) - Japanese banks are seeking rollovers in current dollar deposits and cutting back on dollar lending as December nears, when European and U.S. banks usually tighten credit ahead of their annual book closings, bankers said on Thursday. Even some top Japanese banks that are perceived by the market as having the best credit quality are giving up raising dollars in the interbank market as liquidity has fallen significantly after the near-collapse of Long-Term Capital Management (LTCM) in late September, bankers said. ''Even if we offer a higher rate, it is uncertain if we can secure fresh funds from the market,'' a dealer at a major Japanese bank said. ''We'd rather ask (our depositors) to roll over deposits,'' he said. The Japan premium, the extra cost charged to Japanese banks in the eurodollar interbank market, was 70 to 75 basis points on Thursday, little changed from around 70 points last week. But the reality is harsher than what the figures show, bankers said. ''They (Japanese banks) are placing bids, but offers are not being given by foreign banks at all,'' said a senior dealer at a European bank. Except for the top three or four Japanese banks, U.S. and European banks have cut or narrowed credit lines to banks, reluctant to increase their assets ahead of the year-end amid increasing fears of losses on their investment in hedge funds, he said.