d. International banking entities borrow and lend in the Eurocurrency market. An international banking entity may participate in the underwriting of Eurobonds and foreign bonds. International banking entities frequently provide consulting services and advice to their clients in the areas of foreign exchan

business units. Previously, Mr. Minerd was Morgan Stanley's London based European Capital Markets Products Trading and Risk Manager responsible for Eurobonds, Euro-MTNs, domestic European Bonds, FRNs, derivative securities and money market products in 12 European currencies and Asian markets. Mr. N1 mcrd

t issues by policy decisions. I read commentary recently suggesting that while German politicians in the governing CDU' say they are not in favor of Eurobonds, they actually are willing to support them, but are waiting for adverse market pressure before proceeding. This kind of political kabuki is not new