S.Africa's 3-month T-Bill rate up at 8.68 pct

(Reuters) - The average discount rate for South African three-month Treasury Bills rose to 8.68 percent on Friday from 8.64 percent last week, the Reserve Bank said.

The average yield was 8.87 percent from 8.83 percent, while applications for the 2.3 billion rand of bills on offer totalled 5.361 billion rand.


Read more at Reuters Africa

Franc Headed for Weekly Gain Versus Euro as SNB Signals Increase in Rates

(Bloomberg) -- The Swiss franc headed for a weekly
gain against the euro, snapping a four-week losing run, as
central bank policy makers indicated they may raise interest
rates to curb inflation.

The franc gained for a fifth day versus the euro after Swiss
National Bank President Jean-Pierre Roth and policy maker Thomas
Jordan said they're watching the impact of the franc's weakness
on inflation. The currency also rose before data that'll probably
show the country's leading economic indicators rose for a fourth
straight month in May.


Read more at Bloomberg Currencies News

CapitaLand Plans Singapore's Biggest Convertible Bond Sale, Document Shows

(Bloomberg) -- CapitaLand Ltd., Southeast Asia's
biggest developer by sales, plans to raise S$1 billion ($655
million) in Singapore's biggest convertible bond sale, according
to a term sheet sent to investors.

The developer plans to let investors convert the 15-year,
2.95 percent securities into its shares at between S$13.5642 and
S$14.0486, a premium of as much as 74 percent from the volume-
weighted average price today, according to the document. It will
be the highest conversion premium for an equity-linked debt sale
in Asia and the longest maturity, according to Bloomberg data.


Read more at Bloomberg Bonds News

Polish Zloty Set for Third Week of Declines Versus Euro on Risk Aversion

(Bloomberg) -- The Polish zloty is set for a third
week of declines as investors turn more risk averse on concerns
about the pace of a rally in China's stocks and political tensions
with the army in Turkey.

The zloty was the fourth worst-performer against the euro of
71 currencies monitored by Bloomberg in the past five days.
Investor sentiment toward emerging markets also soured after
Federal Reserve Chairman Alan Greenspan said on May 23 that
Chinese equities might undergo a ``dramatic contraction.''


Read more at Bloomberg Currencies News

U.K. Working-Day Electricity Price Advances as Natural Gas Costs Increase

(Bloomberg) -- U.K. electricity to be delivered on
the next working day jumped as natural-gas costs increased.

U.K. working-day-ahead baseload power rose 12 percent to 25
pounds ($49.66) a megawatt hour, up from a last traded price of
22.25 pounds a megawatt hour yesterday for delivery today,
according to prices on Bloomberg from the energy broker Spectron
Group Plc. The next working day is May 29, because of a public
holiday on May 28.


Read more at Bloomberg Energy News

Dollar Heads for Fourth Weekly Gain Versus Euro on Rebound in Housing Data

(Bloomberg) -- The dollar headed for a fourth weekly
gain against the euro, the longest stretch in 15 months, as
traders scaled back expectations for a Federal Reserve interest-
rate cut this year.

The U.S. currency rose this week versus 11 of the 16 most-
active on speculation an existing-home sales report today may
beat economists' forecasts. The dollar strengthened yesterday
after new home sales increased the most in 14 years. The reports
may suggest the housing market is stabilizing, reducing the need
for lower borrowing costs.


Read more at Bloomberg Currencies News

European Stocks Drop, Paced by Anglo American, Rio; OMX Surges on Takeover

(Bloomberg) -- European stocks dropped for a second
day, paced by mining companies, after copper in Shanghai fell the
most in a week and gold traded near a two-month low.

Anglo American Plc, the world's second-biggest mining
company, and Rio Tinto Plc, the third largest, paced the decline.
OMX AB surged after Nasdaq Stock Market Inc. agreed to buy
Europe's fifth-largest equity market.


Read more at Bloomberg Stocks News