MANY NEW LOANS.
Activity in new Capital issues continues to be a striking feature of the situation and, in particular, a feature during the last week or two has been the increase in Loans of a foreign character. Some ten days ago we had the Bulgarian Loan for £1,800,000 in this country in 74 per cents. at the price of 96, but although the yield at that price was over 7f per cent. and the Loan was twice covered, premium hunters were strongly in evidence and the scrip has fallen to a small discount owing to realizations. At the moment of writing, the prospectus is on the eve of making its appearance of City of Munich Loan for £1,625,000 in 6 per cent. Sterling Bonds at the price of 94 per cent., the stock being in registered form. The Bulgarian Loan was brought out by Messrs. J. Henry Schroder -and Co. and the City of Munich is being handled by Messrs. Lazard Brothers. Next week a further issue is expected under the auspices of Messrs. J. Henry Schroder in the shape fif a 6 per cent. Sterling Loan for Hamburg Waterworks, the amount being £1,000,000 and the terms being such as to give a yield to the investor of about 64 per cent. A feature of the issue will be that in case of liquidation of the company by default or otherwise all liabilities are to be assumed by the City of Hamburg. Finally, the interesting issue is also being made this week of a Southern Rhodesian Loan for £2,000,000 in 44 per cents. at 97, this latter, of course, being a Trustee security.
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