OTHER NEWS - July 4, 1996

Debt Issuance Up Almost 40%: The total amount of new corporate debt sold in the U.S. rose to $110.4 billion in the first half of 1996, a 39.5% increase over last year, Standard & Poor’s Corp. said. The amount was sold in 571 transactions in the first half of the year, compared with 1995’s first-half total of $79.1 billion sold in 447 transactions. Standard & Poor’s figures include all publicly and privately placed Yankee and U.S. domestic corporate debt issues but exclude asset-backed issues. Yankee bonds are dollar-denominated bonds issued in the U.S. by foreign banks or corporations. High-yield issuance represents 38% of the total debt market, compared with 22% in last year’s first half.