Word: interests
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Dates: during 1970-1979
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...Record interest rates set best-laid plans agley...
...blue-chip stocks and bonds, few radiate so pure an azure as IBM's. Thus when the mammoth computer corporation decided to raise $1 billion, half of it in 25-year debentures, some Wall Street underwriters anticipated a field day. To be sure, interest rates were expected to go up another notch in late October, but by moving up the launching date two weeks, IBM and its principal underwriters, Salomon Brothers and Merrill Lynch, were confident that the timing was right. It was hideously wrong. The bond issue turned out to be perhaps the greatest underwriting fiasco in Wall...
Historically, bonds have been difficult to sell at a time of rapidly rising interest rates. The IBM paper carried a yield of 9.41%, whereas even the new Treasury notes and government bonds returned fractionally higher interest. Also, over the Columbus Day weekend, rumors began to circulate that IBM's third-quarter earnings were down. In fact, as announced late in the week, they fell 18%. The unsold paper, possibly $300 million worth, was dumped on the open market, where it fared badly. IBM's timing ignored a hoary Wall Street axiom: "Never commit yourself to a major issue...
...investor in the building and all the cash he could pull together, Deane was able to swing a loan of $1.6 million. The project was to be completed last April. Then he had trouble putting the package together. Work on the building started 14 months behind schedule. Meanwhile, the interest rate on Deane's loan has been going up and up; last week it reached 17.75%. The people who had been assured of mortgage loans are no longer certain that they can get them, or afford them, at the new rates. The space he hopes to sell has risen...
...fact, Jimmy Carter may be the first U.S. President to have what can fairly be called a Caribbean policy. He expressed his interest in the region early by dispatching his wife Rosalynn, Secretary of State Cyrus Vance and then U.N. Ambassador Andrew Young on official visits. In 1977 the National Security Council set up an interagency task force to review the area's problems. Two months ago Vance sent former Under Secretary of State Philip Habib on a ten-day tour of the area to re-examine U.S. policy. Among Habib's still secret recommendations: providing generous...