Newsgroup: it.economia.borsa
Titolo: vendere o non vendere o altro? vostre considerazioni

Storna o no?
Io sono intenzionato a vendere domani, se rimane stabile.
Nel mio portafoglio ho:
HdP prese a 1314
Cirio prese a 1190 (che succederà venerdi con la quotazione della
Lazio?)
La Doria prese a 6100 (sldini per il sud domani)
Milano prese a 6910 (dovrebbe finire nel listino venerdì)
Intek prese a 1630 (qualcuno dovrà pur farli i telefoni normali o no?)
Aspetto le vostre considerazioni.
Mia prossima puntata: Saes (il bario, a il bario quanto serve per fare
chip)
Qualcuno sa cosa ne faranno della Binda?
A Romiti cosa gli daranno come liquidazione?
Un saluto

chip) OK 	>Qualcuno sa cosa ne faranno della Binda?
Cda Binda al 7/4/98 ed eventuale 23/4/98. Speriamo in una bella
vendita a qualche grande gruppo!
fa...@tin.it
___ "I mercati sono sempre espressione di orientamenti" (G. Soros) ___

O/Ref: Bütschi - 368/98			        Geneva, 13th March 1998
Sir,
You have assets/stocks and you want to earn money or getting a credit
facility without selling them. Our strategies may help you and the clients
assets are fully insured by Lloyd's of London. Please accept some details
and information about our group, strategies and services.
CREDIT BANCORP is leading international financial services firm, dedicated
to providing specialized strategically structured financial products and
services (Commercial Finance, Commodity Trading, Debt Recovery, Private
Relationship Services, Real Estate, Refinancing, Securities Lending,
Corporate & Estate Planning, etc.) to Governments, Institutions,
Multinationals and Individuals of high net worth.
Behind CREDIT BANCORP is a group of internationally recognized legal
accounting and insurance firm engaged to insure that its clients benefit
from all regulatory and insurance strategies available world-wide. Because
of our adaptability, we can deliver a portfolio of innovative,
cost-effective financial products and services tailored to individual and
business need. CREDIT BANCORP spans the globe, including Asia, North
America, Europe, Africa.
CREDIT BANCORP does not disclose client names to any governments,
individuals, brokerage firms, insurance companies, marketing lists
companies or to any other parties, for any reason. CREDIT BANCORP is not
acting under Swiss laws.
Please accept some details and information about two among others of our
main strategies and services.
FULLY INSURED CREDIT FACILITY
The CREDIT BANCORP Fully Insured Credit Facility accepts a wide variety of
assets as collateral. Acceptable assets include exchange traded stocks
(subject to acceptance by CREDIT BANCORP), government obligation bonds,
high grade corporate obligations such as commercial papers, medium term
notes, bank guarantees, bills of exchange, etc., currencies, precious
metal, etc..
The CREDIT BANCORP Fully Insured Credit Facility holds the securities and
generates returns via securities lending strategy. Unlike major brokerage
houses, the earnings are passed on to the asset owner in the form of a
"rebate". 
The CREDIT BANCORP clients receive a custodial rebate of 6% p.a. in
addition to the market value of their assets by placing them in a CREDIT
BANCORP fully insured account (interest per year = 6%p.a. plus interest on
US Treasury Bills approx. 5.1% p.a.; totally approx. 11.1% p.a., valuta per
today).
The CREDIT BANCORP Fully Insured Credit Facility also offers the asset
owner the ability to borrow using the asset as collateral. The financing
rates are considerably lower (LIBOR + 1%) than those charged by the major
brokerage houses. In addition, the financing rate is only applied to those
funds withdrawn and the rebate is still paid on all unencumbered assets.
CREDIT BANCORP provides, to safeguard its client assets, the client with a
Certificate of Insurance up to USD 500,000,000.00, evidencing that an all
risk securities policy with Lloyd's of London, which includes infidelity,
is in place.
The minimum participation is USD 250,000.00, in marginable assets.
ABOUT THE CBL FULLY INSURED CREDIT FACILITY STRATEGY
1.	Is this an investment?
	The CBL Fully Insured Credit Facility is not an investment but a fully
insured credit facility strategy. Credit Bancorp has structured the product
in this way so as not to be mistaken as an unregistered security. It is
designed so that you can deliver either assets of your choice, or cash with
an instruction to the trustee that the cash be used to purchase an
acceptable security. The security will serve as the collateral for the
credit facility. The CBL Fully Insured Credit Facility allows you to borrow
against the collateral if and when you so desire. In addition, Credit
Bancorp pays a custodial rebate (in US$), paid quarterly, based on the
average value of the collateral that is unencumbered. This rebate is over
and above the rebates or interest paid by the issuer of the assets. This
rebate may fluctuate.
 
2.	Are my assets safe?
	Yes. Your assets are held for the term of the CBL Fully Insured Credit
Facility in a Credit Bancorp account for which the insured trustee is the
signatory. All assets are fully insured by Lloyd's of London and cannot be
sold or traded by CBL and/or the trustee, unless instructed by you in
writing to do so.
 
3.	Where are my assets held?
	Assets are held by the Insured Trustee in major worldwide banks or
brokerage firms.
 
4.	What is my risk exposure?
	In the event that the security is US Government issued, then the risk is a
US Government risk. There is a double risk if the security is a stock: (1)
a drop in the value of the collateral if the market price drops (2)
accompanied by a reduction in the custodial rebate, as that amount is based
on the average weekly closing market price of the stock. Any custodial risk
is covered by the ALL RISKS SECURITIES POLICY issued by Lloyd's of London
in the event your assets are either lost or stolen or if the trustee acts
with infidelity.
5.	How does Credit Bancorp make money?
	Credit Bancorp earns interest on loans to credit facility clients. In
addition, CBL receives value on its account for assets delivered and held
as collateral for the credit facility. That value allows CBL to expand its
own credit lines with its partner banks, which in turn implement a CBL
proprietary investment strategy. Basically, the bank executes a
simultaneous buy/sell transaction. All CBL client assets are held, for the
term of the credit facility, in First Banks or Brokerage Firms rated AA or
better.
 
6.	What happens if the bank's trading departments loses money?
	That is a loss of the banks and has no relevance to Credit Bancorp or you.
 
7.	How do I make money?
	You will receive the income on your assets (rebates) from the issuer, and
also receive a quarterly custodial rebate from Credit Bancorp; this rebate
amount will track market price fluctuations in the value of the
collateralized assets.
 
8.	How long has Credit Bancorp been paying these extra rebates?
	Credit Bancorp has paid custodial rebates per the contracted amount for
more than thirty (30) consecutive quarters and has never missed a payment.
In the event Credit Bancorp should fail to pay the agreed custodial rebate,
you may immediately instruct the trustee to return your assets.
 
9.	May I buy or sell assets within my Credit Facility account?
	The Fully Insured Credit Facility is not designed to be used as a trading
account but will honor, by written instruction to the trustee, all
instructions. Instructions received by 5:00 p.m. ETD are executed on the
opening of the next business day, on an at the market order basis.
10.	What if I need my assets returned?
	You may terminate the CBL Fully Insured Credit Facility at any time
without cost or penalty, by written instruction to the trustee. 
 
11.	Will my name be held in confidence?
	Yes. Credit Bancorp does not disclose our client names to any governments,
individuals, brokerage firms, insurance companies, marketing list
companies, or to any other parties, for any reason. 
About the All Risk Insurance
1.	Who produced the policy?
	Marsh & McLennan, Inc., NY, one of the world's oldest, largest and most
respected insurance brokerage firms in the world.
 
2.	Who is the insurance company providing coverage?
	Lloyd's of London was selected by Marsh & McLennan, Inc., because it is
the only company in the world that provides an "All Risk Assets Coverage".
 
3.	How do I know the policy is current and in force?
	You will receive a Certificate of Insurance issued by Marsh & McLennan,
signed by one of its Vice Presidents, evidencing that the policy is in
place. The Certificate of Insurance names the Certificate Holder (You) and
identifies the assets delivered under the Credit Facility.
 
4.	Who is the insured?
	The insured party is Credit Bancorp Ltd. by Lloyd's of London, based upon
CBL's internal procedures and controls, has issued an ALL RISK ASSETS
POLICY that covers those assets held by Credit Bancorp as collateral for
the CBL Insured Credit Facility, including acts of infidelity on the part
of the trustee and/or Credit Bancorp.
5.	What Does the Policy cover?
	The coverage is exactly as stated on the face of the Certificate of
Insurance as quoted: "All risks of physical loss or damage to negotiable
and non-negotiable assets and documents of value, anywhere in the World in
transit or at rest, including any premises of the Assured (Credit Bancorp
Ltd.) or any clearance system or agency with which assets are held or
deposited, any depository or sub-depository of any such clearance system or
agency or sub-custodian, from whatever cause arising, to include acts of
the insured trustee, including infidelity." 
 
6.	Are there any exclusions to the coverage?
	Yes, there are two exclusions: (i) loss due to war, and/or (ii) nuclear
event.
 
7.	What is meant by "acts of infidelity" by the trustee?
	Any dishonest action resulting in physical loss, including theft or breach
of fiduciary responsibility.
 
8.	Has there ever been a claim on the policy since its inception?
No.
9.	What is the amount of coverage?
	Five Hundred Million Dollars ($500,000,000) each and every loss.
10.	What happens in the event the trustee either loses or steals my assets?
	Marsh & McLennan, and Lloyd's of London, by working together, would
immediately cause the transfer agent to issue replacement assets.
CREDIT BANCORP can offer to you more interesting possibilities and
performant strategies than any other traditional financial institution. For
any questions do not hesitate to contact me by fax 
+41-22-7181850
 OR
E-MAIL.
We are looking forward to your reply and we would be pleased to send you
more information and our company profile by separate mail.
Best regards,
CREDIT BANCORP LTD.
René R. Bütschi
Associate Vice-President
GENEVA SWITZERLAND