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bond dealers said the rates for the long-term tax-exempt new york city bonds were among the highest as a percentage of treasury rates for any new york city issue in recent memory |
a spokesman for new york city comptroller harrison <unk> said the high rates reflect investors concerns about the city 's financial health and political uncertainties |
new york bonds which have been <unk> in recent weeks on the pending supply and reports that the city 's economy is growing weaker rose N point yesterday |
treasury securities |
treasury bonds ended slightly higher in light trading |
the benchmark 30-year bond ended at N N to yield N N compared with friday 's price of N N to yield N N |
the latest 10-year notes ended at about N N to yield N N compared with N N to yield N N on friday |
short-term interest rates rose at the government 's regular weekly <unk> auction |
the average discount rate on three-month bills was N N and the rate on six-month bills was N N |
those rates are up from N N and N N respectively at last week 's auction |
due to the treasury 's need to raise funds quickly before the current authority to issue debt expires at midnight tonight yesterday 's auction was structured differently from previous sales |
the treasury bills sold yesterday settle today rather than the standard settlement day of thursday |
and because of the early settlement the three-month bills actually have a <unk> maturity and the six-month bills have an <unk> maturity |
because of the early settlement the federal reserve was unable to purchase bills for its system account |
however analysts expect the fed to buy treasury bills that were auctioned yesterday in the secondary market |
the treasury also held a hastily scheduled $ N billion sale of <unk> management bills yesterday |
here are details of yesterday 's three-month and six-month bill auction |
rates are determined by the difference between the purchase price and face value |
thus higher bidding narrows the investor 's return while lower bidding widens it |
the percentage rates are calculated on a <unk> year while the coupon equivalent yield is based on a <unk> year |
both issues are dated oct. N |
the 13-week bills mature feb. N and the 26-week bills mature may N N |
here are details of yesterday 's <unk> cash management bill auction |
interest rate N N |
the bills are dated oct. N and mature dec. N N |
corporate issues |
the junk bond prices of western union corp. tumbled after the company said it wo n't proceed with an exchange offer to holders of its reset notes |
the upper <unk> river n.j. communications firm said it is considering alternatives to the restructuring of the senior secured notes because of changes in the high-yield market |
in june western union was forced to reset the interest rate on the senior secured notes due in N to N N N from N N N a move which increased the firm 's annual interest payments by $ N million |
although the notes held at a price of N to N immediately after the reset they started falling soon afterward |
yesterday western union 's senior secured reset notes fell N N points or about $ N for each $ N face amount to close at N N |
other western union securities were also lower |
the company 's N N sinking fund debentures were quoted at a bid price of N N and an offered price of N while the N N N subordinated debentures of N were being bid for at N and offered at around N N |
the N N N debentures last traded at N |
high-yield traders said spreads between the bid and offered prices of western union junk bonds have been widening for some time and in certain cases bids for western union securities are not available |
elsewhere prices of investment-grade and high-risk high-yield junk bonds ended unchanged |
in the new-issue market for junk securities underwriters at salomon brothers inc. are expected to price today a $ N million junk bond offering by beatrice co. |
the two-part issue consists of $ N million of senior subordinated reset notes maturing in N and $ N million of subordinated floating rate notes also maturing in N |
portfolio managers said expectations are for the issue to be priced at a discount with a coupon of N N N and a yield of about N N |
the chicago-based food and consumer goods concern was acquired in april N in a $ N billion leveraged buy-out engineered by kohlberg kravis roberts & co |
proceeds from the note sale will be used to repay a portion of the bank borrowings used by beatrice to redeem its $ N million principal amount of increasing rate debentures in august |
meanwhile underwriters at morgan stanley & co. are expected today to price a $ N million high-yield offering by continental <unk> inc |
the senior subordinated debentures maturing in N are targeted to be offered at a yield of between N N N to N N N |
mortgage-backed securities |
mortgage securities ended N to N higher in light trading |
ginnie mae 's N N issue for november delivery finished at N N up N and its N N issue at N N up N |
freddie mac 's N N issue ended at N N up N |
in the derivative market insurance companies have scaled back their purchases of remic securities or real estate mortgage investment <unk> as they assess potential claims from the recent california earthquake and hurricane in the carolinas |
this could mean diminished issuance of derivative mortgage issues during the next few weeks |
insurance companies have been major buyers of <unk> planned amortization classes <unk> during the past few months |
the <unk> appeal to insurance companies and other investors because they have higher yields than <unk> corporate bonds and carry the guarantee of freddie mac and fannie mae <unk> agencies |
in the asset-backed market beneficial corp. offered $ N million of securities backed by home-equity loans the second large deal in the past week |
last week a unit of <unk> financial corp. offered $ N million of home-equity securities |
both the <unk> and beneficial offering were underwritten by merrill lynch capital markets the leading wall street firm in the home-equity securities market which was created early this year |
municipal issues |
the improved tone in the municipal market largely an <unk> of the new york city sale 's reception helped municipal futures rebound from early lows but the spread between the contract and <unk> futures continued to grow more negative |
the <unk> spread or difference between the municipal and <unk> futures contracts has been near <unk> lows in recent trading driven basically by concerns that new-issue supply would <unk> demand |
december municipal futures ended up N point to N having pulled off a morning low of N as cash municipals rebounded |
but front month <unk> futures settled the afternoon session up a slightly greater N at N |
foreign bonds |
british government bonds ended moderately higher encouraged by a <unk> pound and a rise in british stocks |
the benchmark N N N bond due N rose N to N N to yield N N while the treasury 's N N notes due N rose N to N N to yield N N |
west german government bonds fell as much as N point in light nervous trading |
the N N treasury bond due october N ended off N point to N to yield N N while the N N N notes due N fell N point to N to yield N N |
japanese government bonds continued to erode as the dollar remained <unk> against the yen |
japan 's no. N N N bond due N ended the day on brokers screens at N to yield N N |
so-called cross-border acquisitions totaled $ N billion in the second quarter down from $ N billion a year earlier according to the accounting firm <unk> peat <unk> |
in a cross-border transaction the buyer is in a different region of the globe from the target |
such transactions numbered N in the second quarter up from N a year earlier |
however the total value declined for deals of $ N million and up |
the downturn in total value may be only temporary suggested <unk> <unk> a <unk> peat <unk> partner |
he explained in part that restructuring to prepare for the common market expansion due in N has become more of a strategic priority both for companies inside and outside the european community |
in the second quarter <unk> cross-border transactions deals under $ N million each numbered N and totaled $ N billion compared with N such transactions totaling $ N billion a year earlier the firm said |
large cross-border deals numbered N and totaled $ N billion in the second quarter the firm added |
that compared with N such transactions totaling $ N billion as year earlier |
<unk> foods inc. said its board authorized the purchase of as many as N of its common stock purchase warrants at a price of $ N a warrant |
the food company which has N warrants and about N million common shares outstanding said it may increase the offer to purchase any or all warrants that are properly tendered |
a warrant permits a holder to acquire one share of common stock for $ N a share |
the warrants expire on oct. N N and may be called by the company at a price of $ N |
the offer is scheduled to expire on nov. N unless extended |
in new york stock exchange composite trading <unk> closed yesterday at $ N down N cents |
seasonal <unk> |
<unk> problems though often quite grim this time of year leave us in <unk> when we notice around our airport a holding pattern for <unk> |
edward f. <unk> |
<unk> |
i am <unk> myself i 've said in moments of heat without ever <unk> to <unk> at the feat |
<unk> adams |
<unk> <unk> |
the ultimate blow to the <unk> is learning that even your mistakes go <unk> |
<unk> ball |
gen-probe inc. a biotechnology concern said it signed a definitive agreement to be acquired by chugai pharmaceutical co. of tokyo for about $ N million or almost double the market price of gen-probe 's stock |
the move is sure to <unk> concerns about increased japanese investment in u.s. biotechnology firms |
it is also likely to bolster fears that the japanese will use their <unk> in u.s. biotechnology concerns to gain certain trade and competitive advantages |
gen-probe an industry leader in the field of genetic <unk> which is a new technology used in diagnostic tests last year signed an agreement for chugai to exclusively market its diagnostic products in japan for <unk> diseases and cancer |
chugai agreed then to fund certain associated research and development costs |
that arrangement apparently has worked well and thomas a. bologna president and chief executive officer of gen-probe founded in N said the sale of the company means we will be able to concentrate on running the business rather than always looking for sources of financing |
chugai agreed to pay $ N a share for gen-probe 's N million common shares outstanding on a fully diluted basis |
yesterday in national trading in the over-the-counter market gen-probe common closed at $ N a share |
because the u.s. leads in most areas of biotechnology largely because of research investment by the u.s. government the sale is sure to increase concerns that japanese companies will buy american know-how and use it to obtain the upper hand in biotechnology trade and competition |
the biotechnology firms may be setting up their own competitors said richard <unk> president of the industrial biotechnology association |
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