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

To: Steve Fancy who wrote (9330)	11/1/1998 11:06:00 PM
From: Steve Fancy	Respond to of 22640

AWSJ: G-7 Urges Banks, Investors To Help With Intl Bailout Dow Jones Newswires By staff reporters Michael M. Phillips and Bob Davis in Washington and Pamela Druckerman in New York The world's seven major economic powers are ratcheting up pressure on private banks and investors to chip in for international financial bailouts, including the rescue now being assembled for Brazil. In statements Friday, the Group of Seven industrialized nations endorsed creation of a preapproved credit line for nations in danger of being hit by investor panic and called for a series of steps - from global accounting standards to perhaps forcing hedge funds to disclose more information - to help stem the current financial crisis and prevent future ones. G-7 leaders, finance ministers and central bankers stressed that the private sector must join the International Monetary Fund, World Bank and wealthy nations in funding the plan, a tricky issue during times of market turmoil. Critics have complained that international rescues simply allow investors to walk away scot-free from high-risk investments. "The private sector . . . needs to be appropriately involved in crisis management and resolution," the G-7 finance ministers and central bankers said. "The IMF and the U.S. government have been exerting subtle pressure, telling (the banks) that if you want us to sacrifice public money, you're going to have to roll over your loans and in some cases, like Brazil, to provide new credits," said Larry Chimerine, managing director of the private Economic Strategy Institute here. Friday's statements represent a less subtle approach. Big international banks, which were strong-armed into helping rescue South Korea last December, are reluctant to formally join the financial first-aid squad. But one person close to the negotiations suggested banks may informally help Brazil. As it now stands, "banks are not participating in the IMF program in a formal way," the person said, but may maintain or expand existing lines of credit to Brazil. Bankers have discussed buying new Brazilian bonds backed by specific assets. The G-7 urged the World Bank to guarantee new bonds to encourage private investors to return to emerging markets. Brazil wants "to be different from, say, a country like Korea, where you have a formal restructuring; they want this to be voluntary," the person said. "They might say, 'We would like you to maintain or even increase your lines, but we're not asking you to formally sign a document.' " He said Brazil plans to meet with banks soon after an IMF agreement is clinched and hasn't yet settled on what it will ask of them. The more money the private banks lend Brazil, of course, the less it will need to borrow from the IMF or other countries. The IMF, World Bank, Inter-American Development Bank and G-7 countries are expected to announce shortly a multibillion-dollar package of loans for Brazil. For weeks, markets have been expecting a $30 billion rescue, but the person close to the talks said the plan may total $40 billion or more. The tussle over private funding has been one of the factors delaying a deal, but more important has been political wrangling among Brazil, the IMF and the U.S. The IMF wanted to make sure that Brazil was committed to a series of austerity measures, but the Brazilian government didn't want those measures to wreck its chances of winning recent presidential and state elections. As a result, the Brazilian government announced tough measures last week after it won the elections, but hasn't yet implemented them. Now, the IMF wants some assurance that the government will follow through on its pledges. Before approving any loan, the IMF wants Brazil's congress to approve pending social-security reforms and to make progress on passage of other elements of the government's budget. Separately, the U.S. and IMF have been jousting over how big a contribution each should make to a rescue plan. A month ago, the IMF said it was ready to contribute $15 billion in loans. But since then, the IMF has received an injection of at least $65 billion in usable funds, and the U.S. wants the IMF to increase the amount it lends. The U.S. has been talking about making its own loans of at least $3 billion to Brazil, but hasn't yet made a firm commitment to the IMF about the size of its participation. Other G-7 nations are also weighing loans to Brazil. Friday's G-7 statements capped a week of activities intended to stanch the financial crisis that first engulfed East Asia and Russia, and is now washing up in South America. The announcements reflect efforts by U.S. President Bill Clinton and British Prime Minister Tony Blair to lead the world out of its financial straits. The statement was unusual in that it came apart from any formal meeting of national leaders or finance ministers and reflects repeated discussions between Mr. Clinton and Mr. Blair. In recent weeks Mr. Clinton spoke with many of his G-7 colleagues and had two conversations on Thursday with new German Chancellor Gerhard Schroeder before the G-7 reached agreement on Friday morning. The G-7 endorsement of the new IMF credit line will speed its adoption by the IMF and make it possible that it will be used in Brazil in the days or weeks ahead. The funds would be approved before a country got into serious financial difficulties, conditional upon the government's following IMF-approved economic policies. The loans would be provided at higher-than-normal interest rates and shorter-than-normal maturities to encourage borrowing countries to return quickly to private capital markets. This approach, modeled on U.S. loans to Mexico in 1995, was mandated by the U.S. Congress last month when it approved $17.9 billion in U.S. contributions to the IMF. When the U.S. proposed the contingency fund early last month, G-7 governments initially agreed to "explore" the idea; now their leaders have given it their seal of approval. In addition, the G-7 backed a new World Bank emergency-lending program to help the poor survive the harsh side effects of austerity programs, and praised recent interest-rate cuts in the U.S., Japan and several European countries. "The world's leading economies have linked arms to contain the financial turmoil that threatens growth, not only in emerging markets, but in all markets of the world," Mr. Clinton said on the White House lawn Friday. Treasury officials stopped short of declaring victory in the fight against financial volatility. But they consider the G-7 endorsement a critical step toward turning what had been strong words into action. Brazil's Bovespa stock index surged 7.8% Friday, as the G-7 statement boosted investors' confidence. In its declarations, timed in part so Mr. Clinton has some results to show his Asian counterparts when he meets them later this month, the G-7 also urged governments and private investors to alter the terms of new bond issues, making it easier to restructure deals and giving borrowers more leverage over private bondholders. It also told the IMF to move ahead with its newly expanded policy of lending to governments that are in default on private debts - another way of giving governments more leverage over private creditors. The G-7 also urged private lenders to establish their own commercial contingency credit lines for emerging-market nations, a move that would tie together the interests of private creditors and government debtors. Argentina has been working to set up such a credit line. The nine-page "declaration" by the G-7 finance ministers and central bankers lays out their agenda for avoiding future financial crises, including steps to improve disclosure by central banks and businesses. Multilateral organizations were asked, by next spring, to come up with codes of conduct for monetary policy, principles of sound corporate governance and international accounting standards. The IMF is to publicly evaluate whether countries are complying with the disclosure codes. The G-7 is made up of the U.S., the U.K., Germany, France, Canada, Italy and Japan.

To: Steve Fancy who wrote (9330)	11/1/1998 11:16:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Closing figures for the Baby Bras Preferred shares on the Bovespa for: 10/30/1998 ******* The 12 Baby Bra preferred shares represent the Bovespa close at 3:00...NYSE close may be different Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR PN * EBTP4 16.00 17.20 16.00 16.80 + 7.69% 263 444,500,000 TELE CL SUL PN * TCSL4 1.17 1.25 1.17 1.25 + 8.69% 143 540,300,000 TELE CTR OES PN * TCOC4 0.93 0.98 0.90 0.90 - 3.22% 121 662,700,000 TELE CTR SUL PN * TCSP4 11.20 11.50 10.81 11.50 + 3.60% 151 380,100,000 TELE LEST CL PN * TLCP4 0.57 0.60 0.55 0.58 + 5.45% 125 487,700,000 TELE NORD CL PN * TNEP4 0.79 0.80 0.73 0.76 + 4.10% 132 561,900,000 TELE NORT CL PN * TNCP4 0.33 0.35 0.32 0.34 + 9.67% 117 520,800,000 TELE NORT LE PN * TNLP4 15.00 15.50 14.03 15.00 + 7.14% 203 737,400,000 TELE SUDESTE PN * TSEP4 4.11 5.00 4.11 4.70 +11.90% 228 666,100,000 TELEMIG PART PN * TMCP4 1.17 1.25 1.13 1.23 + 6.03% 146 557,200,000 TELESP CL PA PN * TSPP4 8.22 9.00 8.22 8.90 +11.25% 136 390,900,000 TELESP PART PN * TLPP4 30.00 32.00 29.00 30.50 + 8.92% 208 578,000,000 ------ R$ 92.46 R$ 92.46 / 1.193 = US$ 77.50 Closing figures for the Baby Bras Common shares on the Bovespa for: 10/30/1998 These shares trade only in Brazil (Control or Voting shares), will not match up to US ADR Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR ON * EBTP3 7.90 9.20 7.90 9.20 +17.49% 31 81,500,000 TELE CL SUL ON * TCSL3 0.71 0.79 0.69 0.76 +10.14% 22 135,900,000 TELE CTR OES ON * TCOC3 0.69 0.75 0.69 0.75 +10.29% 17 130,400,000 TELE CTR SUL ON * TCSP3 5.50 5.50 5.50 5.50 + 5.76% 13 43,500,000 TELE LEST CL ON * TLCP3 0.36 0.38 0.35 0.37 - 5.12% 14 117,700,000 TELE NORD CL ON * TNEP3 0.44 0.46 0.43 0.45 + 4.65% 15 62,700,000 TELE NORT CL ON * TNCP3 0.24 0.25 0.24 0.24 - 4.00% 12 51,500,000 TELE NORT LE ON * TNLP3 6.50 7.00 6.50 6.70 + 9.83% 29 95,300,000 TELE SUDESTE ON * TSEP3 2.40 2.40 2.30 2.30 = 0.00% 16 57,700,000 TELEMIG PART ON * TMCP3 0.68 0.75 0.68 0.73 + 8.95% 15 56,400,000 TELESP CL PA ON * TSPP3 3.40 3.89 3.40 3.89 +14.41% 25 89,900,000 TELESP PART ON * TLPP3 20.98 21.41 20.98 21.40 + 9.74% 18 52,700,000 Closing figures for Telebras receipts on the Bovespa for: 10/30/1998 These symbols are kind of the US TBH equivalent without the crazy premium. I believe the first two are the normal receipts, don't know about rest...anyone? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBR RCTB RON* RCTB30 49.00 51.00 49.00 50.75 + 6.84% 198 165,200,000 TELEBR RCTB RPN* RCTB40 87.00 92.40 87.00 91.00 + 7.69% 948 1,951,600,000 TELEBR RCTB RON* RCTB30T 52.17 52.17 52.16 52.16 0.00% 2 3,000,000 TELEBR RCTB RPN* RCTB40T 91.96 92.58 91.96 92.58 0.00% 6 500,000 RCTB RPN* RCTBL18 9.00 11.00 8.60 10.50 +36.36% 141 362,000,000 RCTB RPN* RCTBL28 21.50 25.00 21.50 25.00 +25.00% 7 42,000,000 RCTB RPN* RCTBL3 4.30 5.90 4.30 5.50 +44.73% 1306 2,821,000,000 RCTB RPN* RCTBL30 16.50 16.80 16.50 16.80 +24.44% 2 6,000,000 RCTB RPN* RCTBL4 2.00 2.65 2.00 2.35 +38.23% 1454 2,690,200,000 RCTB RPN* RCTBL5 0.90 1.00 0.80 0.85 +21.42% 197 325,000,000 RCTB RPN* RCTBL6 0.31 0.32 0.31 0.32 +10.34% 9 185,600,000 RCTB RPN* RCTBL7 32.47 32.47 32.47 32.47 - 3.07% 1 1,600,000 RCTB RPN* RCTBX10 35.02 35.02 35.02 35.02 - 4.00% 1 1,600,000 RCTB RPN* RCTBX5 0.20 0.20 0.20 0.20 -87.50% 1 1,600,000 RCTB RPN* RCTBT90 41.80 41.80 41.80 41.80 + 7.17% 1 35,000,000 TELEBR RCTB RON* RCTB30F 49.00 51.00 49.00 50.00 + 5.26% 27 510,303 TELEBR RCTB RPN* RCTB40F 88.00 91.98 87.50 91.00 + 7.69% 51 1,401,438 Closing figures for other Baby Bra related symbols on the Bovespa for: 10/30/1998 Have no idea what these are...options? Anyone know or want to help figure it out? Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ EMBRATEL PAR ON * EBTP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 EMBRATEL PAR PN * EBTP4F 16.70 17.00 16.70 17.00 + 8.97% 6 191,000 TELE CL SUL ON * TCSL3F 0.65 0.65 0.65 0.65 - 5.79% 1 56,700 TELE CL SUL PN * TCSL4F 1.07 1.07 1.07 1.07 - 6.95% 3 85,700 TELE CTR OES ON * TCOC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE CTR OES PN * TCOC4F 0.88 0.88 0.88 0.88 = 0.00% 1 85,700 TELE CTR SUL ON * TCSP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE CTR SUL PN * TCSP4F 11.50 11.50 11.50 11.50 + 3.60% 2 140,000 TELE LEST CL ON * TLCP3F 0.36 0.37 0.36 0.37 - 5.12% 7 185,581 TELE LEST CL PN * TLCP4F 0.50 0.50 0.50 0.50 - 9.09% 1 85,700 TELE NORD CL ON * TNEP3F 0.42 0.42 0.42 0.42 - 2.32% 1 56,700 TELE NORD CL PN * TNEP4F 0.75 0.75 0.75 0.75 + 2.73% 1 85,700 TELE NORT CL ON * TNCP3F 0.24 0.24 0.24 0.24 - 4.00% 2 126,700 TELE NORT CL PN * TNCP4F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE NORT LE ON * TNLP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE NORT LE PN * TNLP4F 14.50 15.50 14.50 15.50 +10.71% 3 22,000 TELE SUDESTE ON * TSEP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELE SUDESTE PN * TSEP4F 4.69 4.69 4.60 4.60 + 9.52% 2 86,419 TELEMIG PART ON * TMCP3F 0.64 0.73 0.64 0.73 + 8.95% 4 82,700 TELEMIG PART PN * TMCP4F 1.11 1.11 1.10 1.10 - 5.17% 2 85,700 TELESP CL PA ON * TSPP3F 3.40 3.40 3.40 3.40 = 0.00% 2 70,940 TELESP CL PA PN * TSPP4F 8.40 8.90 8.30 8.90 +11.25% 4 109,199 TELESP PART ON * TLPP3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELESP PART PN * TLPP4F 30.00 32.00 30.00 32.00 +14.28% 4 85,000 Closing figures for other Telebras related symbols on the Bovespa: 10/30/1998 These symbols are for the 52 individual companies, no match to anything, provided FWIW. Company Type Symbol OPEN HIGH LOW CLOSE CHG TRADES $ VOLUME ======= ==== ====== ===== ===== ===== ===== ===== ====== ============ TELEBAHIA ON * TEBA3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA PNA* TEBA5 24.00 25.99 24.00 25.50 - 0.54% 18 4,100,000 TELEBAHIA CL ON * TBAC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNB* TBAC6 18.50 20.00 18.50 20.00 + 8.10% 16 8,780,000 TELEBAHIA CL PNC* TBAC7 18.00 18.00 18.00 18.00 -37.93% 3 240,000 TELEBRAS ON * TELB3 0.13 0.13 0.12 0.12 = 0.00% 22 180,300,000 TELEBRAS PN * TELB4 0.17 0.17 0.15 0.16 - 5.88% 121 794,800,000 TELEBRASI CL ON * TBRC3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL PNB* TBRC6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA ON * TBRS3 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4 96.00 96.00 96.00 96.00 - 3.99% 1 20,000 TELEMIG ON * TMGR3 20.00 20.00 20.00 20.00 - 0.49% 4 130,000 TELEMIG PNB* TMGR6 36.48 36.90 35.00 36.90 + 0.54% 12 2,810,000 TELEMIG PND* TMGR8 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNE* TMGC11 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL ON * TMGC3 9.16 9.16 9.16 9.16 - 8.40% 1 10,000 TELEMIG CL PNB* TMGC6 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7 11.20 12.00 11.10 11.20 = 0.00% 28 12,390,000 TELEPAR ON * TEPR3 89.90 90.00 89.00 89.00 + 4.69% 8 742,000 TELEPAR PN * TEPR4 200.00 200.00 197.00 200.00 + 3.62% 18 526,000 TELEPAR CL ON * TPRC3 28.98 28.99 28.01 28.01 - 1.71% 3 87,000 TELEPAR CL PNB* TPRC6 48.00 50.50 47.10 50.50 + 6.31% 17 4,499,000 TELERJ ON * TERJ3 19.89 19.90 19.89 19.90 = 0.00% 3 320,000 TELERJ PN * TERJ4 36.51 38.40 36.51 37.30 + 4.18% 196 128,010,000 TELERJ CL ON * TRJC3 19.00 19.50 19.00 19.50 + 2.63% 7 1,310,000 TELERJ CL PNB* TRJC6 31.61 37.00 31.61 37.00 +17.46% 62 16,790,000 TELESP ON * TLSP3 130.99 131.00 129.51 129.51 - 0.36% 46 12,760,000 TELESP PN * TLSP4 195.00 200.00 191.00 200.00 + 6.95% 410 154,350,000 TELESP CL ON * TSPC3 25.50 26.10 25.50 26.00 + 4.00% 7 640,000 TELESP CL PNB* TSPC6 53.20 59.00 53.20 59.00 +10.90% 162 95,520,000 TELESP ON * TLSP3T 133.48 133.49 133.48 133.49 0.00% 2 50,000 TELEBAHIA ON * TEBA3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA PNA* TEBA5F 24.00 25.00 24.00 24.05 - 6.20% 4 15,980 TELEBAHIA PNB* TEBA6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL ON * TBAC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBAHIA CL PNB* TBAC6F 17.00 17.00 10.01 10.01 -25.85% 3 11,278 TELEBAHIA CL PNC* TBAC7F 10.00 10.00 10.00 10.00 -65.51% 2 2,160 TELEBRAS ON * TELB3F 0.12 0.12 0.12 0.12 = 0.00% 1 58,881 TELEBRAS PN * TELB4F 0.15 0.15 0.15 0.15 -11.76% 1 94,989 TELEBRASI CL ON * TBRC3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASI CL PNB* TBRC6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA ON * TBRS3F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEBRASILIA PN * TBRS4F 98.00 98.00 98.00 98.00 + 1.03% 2 2,853 TELEMIG ON * TMGR3F 19.00 20.00 19.00 20.00 + 5.26% 3 15,034 TELEMIG PNA* TMGR5F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG PNB* TMGR6F 35.00 35.20 21.00 34.00 - 7.35% 6 16,820 TELEMIG PND* TMGR8F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL ON * TMGC3F 9.33 9.33 9.33 9.33 + 8.23% 3 9,908 TELEMIG CL PNB* TMGC6F 0.00 0.00 0.00 0.00 / 0.00% 0 0 TELEMIG CL PNC* TMGC7F 11.10 11.10 10.23 10.23 - 8.66% 2 8,978 TELEPAR ON * TEPR3F 84.00 85.00 84.00 85.00 - 0.01% 2 386 TELEPAR PN * TEPR4F 197.01 202.00 195.00 199.01 + 3.11% 12 3,030 TELEPAR CL ON * TPRC3F 29.00 29.00 29.00 29.00 + 1.75% 1 324 TELEPAR CL PNB* TPRC6F 47.11 50.00 45.02 50.00 + 5.26% 8 2,381 TELERJ ON * TERJ3F 19.00 20.00 19.00 19.90 = 0.00% 10 17,922 TELERJ PN * TERJ4F 36.01 38.00 36.01 37.50 + 4.74% 16 56,737 TELERJ CL ON * TRJC3F 18.06 19.10 18.06 18.82 - 0.94% 6 13,486 TELERJ CL PNB* TRJC6F 30.00 34.50 30.00 34.50 + 9.52% 14 36,538 TELESP ON * TLSP3F 125.01 130.00 125.01 129.01 - 0.75% 16 29,084 TELESP PN * TLSP4F 190.05 199.00 190.05 197.01 + 5.35% 33 103,509 TELESP CL ON * TSPC3F 25.00 26.00 24.00 25.02 + 0.08% 9 26,789 TELESP CL PNB* TSPC6F 52.00 56.01 52.00 55.06 + 3.49% 21 83,935