Word: bondses
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The one-year notes refinance a similar issue from last December. Although the University plans ultimately to sell long-term bonds to cover the projects' financing costs, Financial Vice President Thomas O' Brien said interest rates are too high right now.
The University is currently paying 5.8 percent interest on the $17.7 million of Series 4 bonds, which Series 5 replaces. For a long-term bond issue, rates would run about 9 or 10 percent, Pratt said.
This year alone, Japanese investors have salted away $25 billion in American bonds. Fortunately for the U.S., that cash is financing a large chunk of its budget deficit. Yoshino cited a light hearted suggestion by Chicago Economist David Hale that the U.S. and Japanese economies should get married. "After all...
By June 1984, stocks represented only 46 percent of Harvard's holdings, while cash made up 26 percent and bonds held steady. Since then, bonds have been increased to 35 percent, stocks to 55, and "cash is minimal," Cabot said.
* increase bond holdings somewhat more than equities, and keep more short and Intermediate term bonds, with a maturity of two to eight years, instead of long-term bonds.