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

To: Steve Fancy who wrote (9456)	11/5/1998 12:39:00 PM
From: Diana	Respond to of 22640

Many thanks, Mr. Steve.

To: Steve Fancy who wrote (9456)	11/5/1998 1:17:00 PM
From: Steve Fancy	Respond to of 22640

Brazil to let state cos refinance debt locally Reuters, Thursday, November 05, 1998 at 12:24 BRASILIA, Nov 5 (Reuters) - Brazil's National Monetary Council (CMN) said Thursday it will allow state companies to trade up to 80 percent of their foreign debt for new internal debt issues, despite the loss it could mean to reserves. State companies, which have faced difficulties rolling over their foreign debt at soaring interest rates, can issue new debt within Brazil and use the funds to pay off bonds as they come due overseas, said Paolo Zaghen, a Central Bank director. "If (the company) isn't able to refinance the debt outside of Brazil, it can do a deal worth up to 80 percent of the debt internally and liquidate it outside," Zaghen said after a meeting of the CMN, which is the highest monetary policy making body in Brazil. The exchange of debt would mean pulling more money out of Brazil, which could put a strain on reserves, but it will ease financing costs for the state-owned companies. The remaining 20 percent of foreign debt will have to be rolled over on external markets or paid off. During its meeting, the CMN also authorized Brazil's Banco Frances Uruguay, which is controlled by an Argentine unit of Spain's Banco Bilbao Vizcaya (MADRID:BBV), to operate as a national bank in Brazil, completing the first step toward expanding operations in the country. Copyright 1998, Reuters News Service

To: Steve Fancy who wrote (9456)	11/5/1998 1:19:00 PM
From: Steve Fancy	Read Replies (1) \| Respond to of 22640

Brazil shares soar cheering gov't win in Congress Reuters, Thursday, November 05, 1998 at 12:31 SAO PAULO, Nov 5 (Reuters) - Brazilian shares were soaring in mid-afternoon trade Thursday as investors continued to cheer the government's pension reform victory in Congress on Wednesday and as some foreign investment started to flow in, traders said. The market's blue chip Bovespa index (INDEX:$BVSP.X) was up 3.14 percent at 7,896 points by 1507 local/1707 gmt, extending its big 17-percent gain in the last three sessions. "Some foreign investment is starting to flow in after yesterday's vote in Congress," said one trader. The government on Wednesday successfully defeated three final opposition amendments to the country's long-delayed bill to reform the pension system. The vote was seen as a test of the government's ability to push ahead with other reforms and cost-cutting steps included in its $84 billion austerity plan announced last week. "I think the mood is changing. The Bovespa has been up 17 percent already, but it is still down close to 30 percent on the year," said one trader at Sao Paulo Corretora. Among benchmark issues, Telebras preferred receipts (SAO:RCTB40) gained 4.65 percent to 101.20 reais, while Petrobras preferred (SAO:PETR4) rose 3.54 percent to 176 reais. Copyright 1998, Reuters News Service