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THE FIRST AUSTRALIA PRIME INCOME FUND, INC. MAINTAINS DIVIDEND

 NEW YORK, March 16 /PRNewswire/ -- The First Australia Prime Income Fund, Inc. (AMEX, PSE: FAX), a closed-end bond fund, today announced it will continue to pay a steady monthly dividend of US$0.09 per share. This dividend will be subject to its regular quarterly review, at the Fund's next board meeting in June 1993. The board's policy has been to facilitate the maintenance of a steady dividend yield. A monthly dividend of US$0.09 per share has been paid since February 1989.
 The Australian bond market has performed strongly during 1993, with relatively high yields and falling inflationary expectations producing a significant rally. Australian fixed income yields remain high by international standards. Currently, Australian ten-year government bonds are yielding approximately 7.8 percent, compared with approximately 6.2 percent for ten-year treasury bonds in the United States.
 At the time of its offering in April 1986, the First Australia Prime Income Fund, Inc. was the largest-ever initial public offering on the American Stock Exchange. The Fund has net assets in excess of $1 billion. The Fund's policy is to invest at least 65 percent of its portfolio in Australian issuers or debt securities rated "AA" or better. The First Australia Prime Income Fund trades on the American Stock Exchange and the Pacific Stock Exchange. The Fund is advised by EquitiLink Australia Limited.
 -0- 3/16/93
 /CONTACT: Brian Sherman of the First Australia Prime Income Fund, in Australia, 011-612-258-8222; or Marissa Moretti or Doug Myers of Dewe Rogerson, 212-688-6840, for the Fund/
 (FAX)


CO: The First Australia Prime Income Fund, Inc. ST: New York IN: SU: DIV

GK-AH -- NY025 -- 6474 03/16/93 10:59 EST
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Publication:PR Newswire
Date:Mar 16, 1993
Words:278
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