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Recalls the impact of the trading performance of the deutschemark against the U.S. dollar on petrochemical producers in Europe on June 27, 1983.

This article reports on the launch of the Deutschmark Eurobond issue by U.S.-based tobacco firm Philip Morris in June 1998. The main strategy of the deal was to broaden the holdings of company debt to institutional investors outside the U.S., a market clouded by issues of tobacco litigation. The deal also introduced Philip Morris to European institutional investors before the advent of the single currency. Deutschmarks were chosen over euros simply because the pricing worked out better and the distribution was wider. Grant Kvalheim, global head of debt capital markets at Deutsche said that at the time of the launch, the core currency for pan-European distribution was Deutschmarks whereas Ecu distribution was very narrow, mainly France and Benelux. It was also clear that it was more attractive to issue like this than a dollar issue in the U.S., primarily because of the high-quality brand name of Philip Morris in Europe. The deal was oversubscribed at its initial amount of Dm1.75 billion, and was increased to Dm2 billion. Trading started at 90 basis points over and within a week and had tightened to almost 80bp. According to industry executive Peter Schmuki, looking at the long-term picture, they started trading at around 40bp wider than Ford Motor's 10-year issue which had been issued just before.

Discusses the financial policies of Germany with respect to the launching of the euro and the European Monetary Union in January 1, 1999. Fixing of exchange rates of national currencies; Circulation of national currencies; Effect of the fixed euro parity; Transactions allowed with deutschmarks during transition period; Tax assessments with the currency.

Presents the economic indicators of the United States and some of the most industrialized countries in the world. Gross domestic product of the United States; Exchange rates of German mark and Japanese yen against the United States dollar.

European governments in the shadow of Emu are getting especially tetchy about each other's sloppy financial management. Bundesbank director, Edgar Meister said in a speech in November on the dangers of derivatives. "In one European country," he said, "we recently saw the sheer scale of derivative losses that market movements can cause." Meister mentioned that "active" management by the treasury of this country, using currency swaps, mostly from underlying Deutschmark and Swiss franc bond issues into "weaker currencies" between November 1989 and April 1992, had built up book losses, which were then somewhat increased by currency options put on in an attempt to mitigate the positions. According to Meister, the book losses on these contracts amount to around Dm1.5 billion, and the potential losses on contracts maturing between 1998 and 2002 are several billion Deutschmarks. Meister continued by saying that losses on this scale are hardly a thimbleful, even for a state budget, and they put a burden on the entire economy and the individual taxpayer.

Alumni of the east German privatization agency, Treuhandanstalt can relive those early days of re-unification by playing a deeply corrupt board game launched last month, the Streuhandspiel. For one Streuhandthaler, they can buy one of a selection of crumbling, pollution-ridden east German companies, overmanned and loaded with old debt: among them are Vesuv Werft AG, Mismut and Ego Blech. The trick is to con the Streuhand into giving more money, lie about the number of jobs one will preserve, then renegotiate the contract terms until one comes out ahead, even though the firm goes bust and the workforce is laid off. Bribery extortion, black-mail, and threatening the other players with having to pay debts if one goes bankrupt, are positively encouraged. So is the judicious use of old Stasi documents. The Streuhand can choose between prosecution, reclaiming the property, or letting one continue. It usually opts for the latter. Scandals about how the agency was conned of billions of Deutschmarks between 1990 and 1995 continue to hit the press.

The Deutschmark 3 billion issue, the first ever global bond denominated in a European currency was issued at a spread of 6 bp over Bunds and led jointly by Deutsche Bank and Salomon Brothers AG. Ken Lay, the World Bank's director of financial operations and the leading architect of the global bond structure, was in euphoric mood: "The Deutschmark is the third of our three major operating currencies and it is the culmination of our global-bond programme over the last four years." The issue puts Salomon Brothers firmly in the top rank of foreign banks in the Deutschmark market. Deutsche Bank's attitude is perhaps more ambivalent: Deutsche has not been an enthusiastic supporter of the global bond idea in the past, which it sees as partly an attempt by U.S. banks to sell their distribution capabilities in the U.S. The World Bank intends to make the Deutschmark global a regular borrowing vehicle with issues usually twice a year, as it already does in yen and US dollars. There are no firm plans by any other borrowers to issue Deutschmark globals.

The top five bookrunners in Deutschemark bond issues in the Eurobond market are presented, and they are Deutsche Bank, Dresdner Bank, Commerzbank, WestLB, and BHF-Bank. The share of Deutschemark issues in the Eurobond market is declining: it was 12 percent in 1983, 7.6 percent in 1984, and 5.8 percent in 1985. Although it is still the second most popular Eurocurrency, it could soon be overtaken by the European currency unit (ECU). The fall in market share is largely a result of the relatively less attractive yield offered on Deutschemark issues, but volume is up 25 percent on 1984 because of the rapid growth of the overall market.

The top 20 bookrunners in non-dollar bond issues in the Eurobond market are presented. With most participants active in only one currency, the European currency unit (Ecu) and Japanese yen markets have increased their share at the expense of the Deutschemark and sterling sectors. Changes in composition reflect the widely varying fortunes of individual currency markets. Japanese securities houses enjoy an improved status alongside Ecu leader Banque Paribas. Top 10 bookrunners include: Deutsche Bank, S.G. Warburg, Dresdner Bank, Orion Royal Bank, Commerzbank, Banque Paribas, Nomura Securities, Nikko Securities, Morgan Grenfell, and Schroder Wagg.

This article discusses the relationship between the outlook for gold in 1985 and the Deutschemark/dollar rate. When the Deutschemark falls against the dollar, gold also falls, whereas when the dollar falls against the Deutschemark, gold rises. But since November 1983, having fallen from DM3.16 to DM2.91, the dollar has been rising, and a close above DM3.01 would indicate a return to the October multi-year high. Significant weaknesses would be likely only if there were a failure below DM3.01, followed by a break beneath DM2.90.

This article presents a table indicating forward cover against the American dollar in the foreign exchange market. Currencies are British pound sterling, Canadian dollar, Dutch gilder, Swiss franc, German mark, French franc, and Japanese yen. Dates indicated are December 1983, May 1984, June 1984, and July 1984.

This article presents a table indicating the trade-weighted foreign exchange rates from Smithsonian. The index shows the trade-weighted value of each currency against all other currencies. Countries include Australia, Austria, Belgium, Brazil, Canada, Denmark, Finland, France, Germany, Greece, Hong Kong, India, Ireland, Italy, Japan, Malaysia, Mexico, Netherlands, New Zealand, Norway, Portugal, Saudi Arabia, Singapore, South Africa, Spain, Sweden, Switzerland, Taiwan, U.S., United Kingdom, and Yugoslavia.

This article presents a table indicating movement in the Dollar Liquidity Index and Currency Liquidity Index in the international markets. The table contains information on dollar deposits, fixed certificates of deposit, floating rate notes, German mark deposits, Swiss franc deposits, Japanese yen deposits, and British pound sterling deposits. The indices are constructed from valuing a specimen portfolio to market at the end of a month. The performance of the dollar portion forms the basis for the Dollar Liquidity Index.

The chart illustrates the foreign exchange rates in Europe for March 1984. Among the currencies listed include the British pound, Canadian dollar, American dollar, Dutch guilder, Swiss franc, German mark, French franc and the Japanese yen.

The chart presents the best banks for trading and exchanging. major foreign currencies. This includes, Barclays for the British pound, Citibank for the German mark, Bank of America for the Japanese yen, Swiss Bank Corp. for the Swiss franc and BNP for the French franc.

This article discusses why German Deutsche mark (DM) bonds are becoming more attractive in the EuroBond market. The strong German economy and currency attract foreign investors to the bonds. Furthermore, borrowers prefer the low interest rates. Contrary to the many innovations that have taken place in the dollar bond market, DM foreign straight bonds are always fixed-rate paper and are either public issues or private placements. The size of individual public issues ranges from DM50 to DM300 million. For all domestic factors such as price stability, current account surplus and further improvement in the consolidation of public sector finances, a small rise in savings rates the savings rate and well-balanced overall supply and demand for domestic financing are proving favorable for the country's bond market stability. Depending on their individual tax status, German investors will continue to be attracted to either foreign DM bonds with nominal interest rates above those of domestic bonds, or to the deep discount bonds obtainable when equity-linked issues are traded as ex-warrant.

Discusses information about the valuation of major currencies. Effect of United States dollar depreciation to the U.S. equity market and to economic activity in Europe; Reason why the German Mark has strengthened moderately; Effect of the depreciation of the Japanese Yen to its economy; How Britain is encouraged to obtain its membership in a single currency plan.

Presents various news regarding the rates and market value of major foreign currencies. United States dollar; German mark; Japanese yen; British pound; Euro dollar.

Discusses the developments in some of the world's major currencies. Dollar strengthening on the basis of a slew of favorable economic numbers; Expected weakening of the German mark; Reason for the depreciation of the Japanese yen.

Highlights developments concerning major currencies as of July 1996. American dollar; German mark; Japanese yen; British pound.