No progress on yields

Article Abstract:

Yields on convertible loan stocks are low as are yields on United Kingdom government securities (gilts). Companies are not issuing fixed-interest debt despite low yields, because it has become more fashionable to return capital to stockholders rather than raise capital. There are some convertible issues, but they are insufficient to replace convertibles with conversion rights expiring between 1998 and 1999. Real estate yields tend to be comfortably higher than gilt yields. Benchmark and Jermyn Investment have issued loan stock, both in the real estate sector.

Convertible preferred stocks

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The St Leger day debate

Article Abstract:

Stock prices tend to be affected more by investors' attitudes to risk than to valuations. Interest rates and earnings will affect stock prices, and earnings growth may fall to 4.5% in 1999 after a 4.8% rise in 1998. The UK could still benefit from being seen as a safer investment for international investors. UK interest rates are forecast to fall, and this could help stock prices. Inflation could be affected by interest rate cuts, and rising inflation could lead to rising government bond yields.

Stock-exchange, Stock exchanges

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Where is it then?

Article Abstract:

Most analysts forecast a reduction in UK interest rates in Dec 1995. A reduction in rates is likely to encourage consumer spending which should aid non-food retailers. A drop in interest rates would also help share prices. BZW foresees a drop in interest rates but argues that this may not occur prior to Christmas 1995, and has downgraded expectations for UK equities due to previous strong performance and political problems facing the UK government.

Economic policy

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