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The average rate on the loans is 13.2percentt, 63 percent are loans with 36 months maturity and 37percentt are loans for 60 months.
With bills of exchange accounting for most international payments, this implied that a group of British merchant banks and discount houses accepted and discounted vast amounts of sterling-bills (generally of three months maturity) sustaining the most liquid money market in the world (see e.g. Fletcher 1976, ch. 2).
Much of the crop is approaching 10 months maturity, and the farmers are getting antsy.
To guarantee the highest sugar content, the cane needs to be harvested sometime between eight and 12 months maturity.
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This week, for instance, Standard & Poor's downgraded the debt of Comboios de Portugal, the railroad company, warning that "there is an increasing likelihood the company could default on its next five months' maturities if timely extraordinary support is not provided by the Portuguese government".
Hawtai will provide a 30-million-euro convertible loan with a six-month maturity.
Instead, it decided that a security that would mature in 20 years, but whose interest rate was reset every month, had a one-month maturity.
This, too, added to its troubles, since its pension obligations left it with less capital to diversify or invest in promising areas that might have saved it.Kodak says that it has secured a credit facility of $950m with an 18-month maturity from Citigroup to help it through the restructuring process.
Since the government's chief method of taming inflation has been to devalue the lira gradually along a predetermined path, the risk now is that inflation will jump.Traders had already sent interest rates soaring: at a government auction on February 20th, Turkish treasury bills with a one-month maturity sold at an average annualised yield of 144%.
So, for example, we just bought Home Depot bonds with a 12.4% yield for 14-month maturity.
Reach out a bit on the yield curve beyond the three-month maturity in a money fund.
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Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com