Word: lasts
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Dates: during 1970-1979
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Prices gyrate two or three points between lunch and cocktails. When interest rates rise bond prices fall-and often sharply. That is because securities sold earlier at lower rates are less desirable than new bonds that will pay a higher return. In just a few hours last month, the price of 30-year Government bond fell two points-from 91% of face value to 89%-and bond dealers lost $20,000 on a mind lot $1 million purchase of the issue. In this environment, corporations are forced to raise interest rates still higher to attract new customers. Since the beginning...
Such tales have not been limited to small firms. Chemical Bank, which lost $6 million in post-Volckerism bond dealing, abruptly fired its trading manager. A billion-dollar sure thing- the issuing of IBM bonds last month- turned into a pumpkin for such blue-ribbon investment bankers as Salomon Bros., which had underwritten the deal. Because of difficulties selling the IBM securities, Salomon and other traders had to swallow losses of $10 million. For the once staid bond market, it has been a fitting 50th anniversary of the Great Crash...
...Early last week typical spot prices for Persian Gulf crude stood at $37 to $38 per bbl., vs. OPEC's official maximum of $23.50. After the seizure of the U.S. embassy in Tehran, rumors swirled that anti-American fanatics were shutting the tap on exports. Spot traders began desperately scrambling to buy spare cargoes. In Rotterdam, prices ticked up almost by the hour. In New York City, some sellers were demanding an astronomical $47 to $48 per bbl. Though heating oil is retailing in New York at about 850 per gal., spot market imports of the fuel were going...
...some oil it put on the spot market and threatened that if its regular customers did not pay the price, NIOC would refuse to renew its supply contracts when they expire in December. Exxon, Shell and British Petroleum got telex notification from NIOC that their anticipated deliveries for the last three months of 1979 were being cut by approximately 5%. NIOC blamed "operational difficulties," but many oilmen suspected that the missing petroleum would soon enough turn up for sale on the spot market. Meanwhile, Saudi Arabia was hinting strongly that early next year it will cut as much...
...spot market chaos will fuel demands for a big new surge in official OPEC prices when the cartel meets in Caracas on Dec. 17. Already Algeria and Libya have pushed their prices beyond the ceilings set by OPEC in June, and last week Nigeria jumped to $26.27 per bbl. Oil executives now gloomily forecast that the official OPEC ceiling could soon reach $28 to $30 per bbl., raising the U.S. energy import bill from some $65 billion this year to as much as $90 billion next year...