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<DIV><FONT color=#000000 size=2>PMB-FILLS</FONT></DIV>
<DIV><FONT color=#000000 size=2>HAD A RESTING BUY STOP AT 1116.80. AT 14:45
(EST) FILLED AT .80. GOOD DAY.</FONT></DIV></BODY></HTML>
</x-html>From ???@??? Tue Nov 03 13:28:09 1998
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From: Stephane Rodigari <stephane.rodigari@xxxxxxxxxx>
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Subject: GEN: reverse convertibles
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Hi RTer's,
<P>I would like to know the <U>risks </U>in investing in reverse convertibles.
The issuer is Commerzbank, coupon is 14%, underlying share is SAP (German
software), I do not remember the exchange ratio.
<BR>What is the difference between this investment and the possibility
of selling SAP Puts (apart from the fact that you need to margin the position
when you sell the options and that the original investment is a bond if
you buy the convertible).
<BR>Is it possible that SAP default on the reimbursement of the bond at
the due date? What will happen?
<BR>Thanks for your answers,
<P>Richard</HTML>
</x-html>From ???@??? Tue Nov 03 13:39:47 1998
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hell0
it is officiall is is running
see www.cme.com for more details
(it is MUCH IMPROVED)
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