Alliance World Dollar Government Fund, Inc. Announces Stockholder Approval of Revised Investment Policy Regarding Brady Bonds.NEW YORK--(BUSINESS WIRE)--April 28, 1998--Alliance World Dollar Government Fund, Inc. (NYSE NYSE See: New York Stock Exchange :AWG (American Wiring Gauge) A U.S. measurement standard of the diameter of non-ferrous wire, which includes copper and aluminum. In general, the thicker the wire, the greater the current-carrying capacity and the longer the distance it can span. ) (the "Fu=d") announced today that the Fund's stockholders have approved a modification of the Fund's investment policies with respect to Brady Bonds Brady Bonds Bonds that are issued by the governments of developing countries. Brady Bonds are some of the most liquid emerging market securities. They are named after former U.S. . As announced in August 1997, the modification had been approved by the Fund's Board of Directors and recommended to the stockholders for approval at their next Annual Meeting. The Fund emphasizes investments in U.S. Dollar-denominated sovereign debt obligations of emerging market countries, many of which are Brady Bonds issued in sovereign debt restructurings Debt Restructuring A method used by companies with outstanding debt obligations to alter the terms of the debt agreements in order to achieve some advantage. Notes: under a plan introduced by former U.S. Treasury U.S. Treasury Created in 1798, the United States Department of the Treasury is the government (Cabinet) department responsible for issuing all Treasury bonds, notes and bills. Some of the government branches operating under the U.S. Treasury umbrella include the IRS, U.S. Secretary Nicholas F. Brady Nicholas Frederick Brady (born April 11 1930, in New York City) was United States Secretary of the Treasury under Presidents Ronald Reagan and George H. W. Bush, and is also known for articulating the Brady Plan in March 1989. He was educated at Yale University (B.A. . Previously, the Fund was required to invest 75% of its total assets in a combination of collateralized Brady Bonds and certain U.S. Government obligations. The modified investment restriction approved by the stockholders requires the Fund to invest at least 75% of its total assets in a combination of sovereign debt obligations and certain U.S. Government obligations, without requiring any specific investment in collateralized Brady Bonds. John D. Carifa, Chairman of the Fund, stated that "the stockholders' action will provide the Fund with greater flexibility in seeking to achieve its investment objective of high current income. As the economies of a number of countries that issued collateralized Brady Bonds have substantially improved, the supply of collateralized Brady Bonds has been shrinking as these countries take advantage of their improved credit ratings to retire such obligations. These are being replaced with a new generation of debt obligations not requiring such collateralization In medicine, collateralization, also vessel collaterlization and blood vessel collateralization, is the growth of a blood vessel or several blood vessels that serve the same end organ or vascular bed as another blood vessel that cannot adequately supply that end organ . We expect this trend to accelerate as the economies and credit quality of a number of emerging market countries continue to improve." The Fund is a non-diversified, closed-end U.S. registered management investment company whose investment adviser is Alliance Capital Management L.P. CONTACT: Shareholder Contact: 800-219-4218 or Media Contact Only: Duff Ferguson 212-969-1056 |
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