Word: bonding
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Appreciation has increased the stock percentage to about 70 per cent, and--unlike many other bond-heavy universities--only 15 per cent of the endowment is now tied up in bonds. Although both markets are reaching new daily lows because of a skyrocketing prime lending rate, the drop in stocks is not nearly so severe, George Putnam, treasurer of the University, said this week...
...University's endowment is suffering slightly because of the steady decline in the bond market since December, but the drop will not prove significant since Harvard sold many of its bonds in October...
Thomas O'Brien, vice president for financial affairs, said yesterday neither the 21-per-cent rise in the endowment since mid-1979 nor its recent slight decline because of the bond market will affect next year's Faculty budget...
...bond market's drop will have no direct effect on the Faculty budget," O'Brien said, adding, "It takes years for the effect to work...
...drop in the bond market may affect the $25 million capital fund drive, however, because potential donors may give less this year than if there were a market boom, Putnam said...