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 Iran announced tonight that its major offensive against Iraq in the Gulf war had ended after dealing savage blows against the Baghdad government.
 The Iranian news agency IRNA, in a report received in London, said the operation code-named Karbala-5 launched into Iraq on January 9 was now over.
 It quoted a joint statewment by the Iranian Army and Revolutionary Guards Corps as saying that their forces had "dealt one of the severest blows on the Iraqi war machine in the history of the Iraq-imposed war."
 The statement by the Iranian High Command appeared to herald the close of an assault on the port city of Basra in southern Iraq.
 "The operation was launched at a time when the Baghdad government was spreading extensive propaganda on the resistance power of its army...," said the statement quoted by IRNA.
 It claimed massive victories in the seven-week offensive and called on supporters of Baghdad to "come to their senses" and discontinue support for what it called the tottering regime in Iraq.
 Iran said its forces had "liberated" 155 square kilometers of enemy-occupied territory during the 1987 offensive and taken over islands, townships, rivers and part of a road leading into Basra.
 The Iranian forces "are in full control of these areas," the statement said.
 It said 81 Iraqi brigades and battalions were totally destroyed, along with 700 tanks and 1,500 other vehicles.
 The victory list also included 80 warplanes downed, 250 anti- aircraft guns and 400 pieces of military hardware destroyed and the seizure of 220 tanks and armoured personnel carriers.

 U.S. bank discount window borrowings less extended credits averaged 310 mln dlrs in the week to Wednesday February 25, the Federal Reserve said.
 The Fed said that overall borrowings in the week fell 131 mln dlrs to 614 mln dlrs, with extended credits up 10 mln dlrs at 304 mln dlrs.
 The week was the second half of a two-week statement period.
 Net borrowings in the prior week averaged 451 mln dlrs.
 Commenting on the two-week statement period ended February 25, the Fed said that banks had average net free reserves of 644 mln dlrs a day, down from 1.34 billion two weeks earlier.
 A Federal Reserve spokesman told a press briefing that there were no large single day net misses in the Fed's reserve projections in the week to Wednesday.
 He said that natural float had been "acting a bit strangely" for this time of year, noting that there had been poor weather during the latest week.
 The spokesman said that natural float ranged from under 500 mln dlrs on Friday, for which he could give no reason, to nearly one billion dlrs on both Thursday and Wednesday.
 The Fed spokeman could give no reason for Thursday's high float, but he said that about 750 mln dlrs of Wednesday's float figure was due to holdover and transportation float at two widely separated Fed districts.
 For the week as a whole, he said that float related as of adjustments were "small," adding that they fell to a negative 750 mln dlrs on Tuesday due to a number of corrections for unrelated cash letter errors in six districts around the country.
 The spokesman said that on both Tuesday and Wednesday, two different clearing banks had system problems and the securities and Federal funds wires had to be held open until about 2000 or 2100 EST on both days.
 However, he said that both problems were cleared up during both afternoons and there was no evidence of any reserve impact.
 During the week ended Wednesday, 45 pct of net discount window borrowings were made by the smallest banks, with 30 pct by the 14 large money center banks and 25 pct by large regional institutions.
 On Wednesday, 55 pct of the borrowing was accounted for by the money center banks, with 30 pct by the large regionals and 15 pct by the smallest banks.
 The Fed spokesman said the banking system had excess reserves on Thursday, Monday and Tuesday and a deficit on Friday and Wedndsday.
 That produced a small daily average deficit for the week as a whole.
 For the two-week period, he said there were relatively high excess reserves on a daily avearge, almost all of which were at the smallest banks.

 American Express Co remained silent on market rumors it would spinoff all or part of its Shearson Lehman Brothers Inc, but some analysts said the company may be considering such a move because it is unhappy with the market value of its stock.
 American Express stock got a lift from the rumor, as the market calculated a partially public Shearson may command a good market value, thereby boosting the total value of American Express.
 The rumor also was accompanied by talk the financial services firm would split its stock and boost its dividend.
 American Express closed on the New York Stock Exchange at 72-5/8, up 4-1/8 on heavy volume.
 American Express would not comment on the rumors or its stock activity.
 Analysts said comments by the company at an analysts' meeting Tuesday helped fuel the rumors as did an announcement yesterday of management changes.
 At the meeting, company officials said American Express stock is undervalued and does not fully reflect the performance of Shearson, according to analysts.
 Yesterday, Shearson said it was elevating its chief operating officer, Jeffery Lane, to the added position of president, which had been vacant.
 It also created four new positions for chairmen of its operating divisions.
 Analysts speculated a partial spinoff would make most sense, contrary to one variation on market rumors of a total spinoff.
 Some analysts, however, disagreed that any spinoff of Shearson would be good since it is a strong profit center for American Express, contributing about 20 pct of earnings last year.
 "I think it is highly unlikely that American Express is going to sell shearson," said Perrin Long of Lipper Analytical.
 He questioned what would be a better investment than "a very profitable securities firm."
 Several analysts said American Express is not in need of cash, which might be the only reason to sell a part of a strong asset.
 But others believe the company could very well of considered the option of spinning out part of Shearson, and one rumor suggests selling about 20 pct of it in the market.
 Larry Eckenfelder of Prudential-Bache Securities said he believes American Express could have considered a partial spinoff in the past.
 "Shearson being as profitable as it is would have fetched a big premium in the market place.
 Shearson's book value is in the 1.4 mln dlr range.
 Shearson in the market place would probably be worth three to 3.5 bilion dlrs in terms of market capitalization," said Eckenfelder.
 Some analysts said American Express could use capital since it plans to expand globally.
 "They have enormous internal growth plans that takes capital.
 You want your stock to reflect realistic valuations to enhance your ability to make all kinds of endeavors down the road," said E.F. Hutton Group analyst Michael Lewis.
 "They've outlined the fact that they're investing heavily in the future, which goes heavily into the international arena," said Lewis.
 "...That does not preclude acquisitions and divestitures along the way," he said.
 Lewis said if American Express reduced its exposure to the brokerage business by selling part of shearson, its stock might better reflect other assets, such as the travel related services business.
 "It could find its true water mark with a lesser exposure to brokerage.
 The value of the other components could command a higher multiple because they constitute a higher percentage of the total operating earnings of the company," he said.
 Lewis said Shearson contributed 316 mln in after-tax operating earnings, up from about 200 mln dlrs in 1985.
 Reuter &#3;

 Coleco Industries Inc said it expects to return to profitability in 1987.
 Earlier, Coleco reported a net loss of 111.2 mln dlrs for the year ended December 31 compared to a profit of 64.2 mln dlrs in the year earlier.
 In a prepared statement, the company said the dramatic swing in operating results was due primarily to the steep decline in sales of Cabbage Patch Kids products from 600 mln dlrs to 230 mln dlrs.
 Coleco said it changed from a single product company to a more diversified organization through four major acquisitions last year.
 Products from the new acquisitions and other new product introductions are expected to enable it to return to profitability, it said.
 At the annual Toy Fair earlier this month, vice president Morton Handel said analysts' 1987 projected earnings of 90 cts a share on sales of 600 mln dlrs are reasonable.
 Venezuela is seeking a 'constructive and flexible' attitude from its creditor banks in current talks to reschedule 21 billion dlrs in foreign debt, finance minister manuel azpurua told a press conference.
 He declined to comment on meetings this week in new york between public finances director jorge marcano and venezuela's 13-bank advisory committee except to say, "they are progressing."
 Azpurua said venezuela has shown solidarity with brazil's decision to suspend payments, but each country must negotiate according to its own interest.
 Asked to comment on chile's agreement with its creditors today, which includes an interest rate margin of one pct over libor, azpurua said only, "that is good news."
 According to banking sources, the banks' latest offer to venezuela is also a one pct margin as against the last february's 1-1/8 pct rescheduling accord and the 7/8 pct Venezuela wants.
 Azpurua said four basic elements are being negotiated with the banks now: spread reduction, deferral of principal payments due in 1987 and 1988, lenghtening the 12-1/2 year repayment schedule, and debt capitalization schemes.
 Azpurua said the governent plans to pay 2.1 billion dlrs in public and private debt principal this year.
 It was due to amortize 1.05 billion dlrs under the rescheduling, and pay 420 mln dlrs in non-restructured principal, both public sector.
 He said venezuela's original proposal was to pay no principal on restructured debt this year, but is now insisting that if it makes payments they be compensated by new bank loans.
 The banking sources said the committee has been prepared to lower amortizations to around 400 mln dlrs this year, but that no direct commitment was likely on new loans.
 "debtors and bank creditors have a joint responsibility and there will be no lasting solution unless a positive flow of financing is guaranteed," azpurua said.
 However, he appeared to discard earlier venezuelan proposals for a direct link between oil income and debt payments, "because circumstances change too quickly."
 At the same time, he said the government is presently studying possible mechanisms for capitlizing public and private sector foreign debt, based on experience in other countries.
 The rules would be published by the finance ministry and the central bank.

 Thomson McKinnon Mortgage Assets Corp, a unit of Thomson McKinnon Inc, is offering 100 mln dlrs of collateralized mortgage obligations in three tranches that include floating rate and inverse floating rate CMOS.
 The floating rate class amounts to 60 mln dlrs.
 It has an average life of 7.11 years and matures 2018.
 The CMOs have an initial coupon of 7.0375 pct, which will be reset 60 basis points above LIBOR, said sole manager Thomson McKinnon.
 The inverse floater totals 4.8 mln dlrs.
 It has an average life of 13.49 years and matures 2018.
 These CMOs were given an initial coupon of 11-1/2 pct and priced at 104.40.
 Subsequent rates on the inverse floater will equal 11-1/2 pct minus the product of three times (LIBOR minus 6-1/2 pct).
 A Thomson officer explained that the coupon of the inverse floating rate tranche would increase if LIBOR declined.
 "The yield floats opposite of LIBOR," he said.
 The fixed-rate tranche totals 35.2 mln dlrs.
 It has an average life of 3.5 years and matures 2016.
 The CMOs were assigned a 7.65 pct coupon and par pricing.
 The issue is rated AAA by Standard and Poor's and secured by Federal Home Loan Mortgage Corp, Freddie Mac, certificates.


 OPEC may be forced to meet before a scheduled June session to readdress its production cutting agreement if the organization wants to halt the current slide in oil prices, oil industry analysts said.
 "The movement to higher oil prices was never to be as easy as OPEC thought.
 They may need an emergency meeting to sort out the problems," said Daniel Yergin, director of Cambridge Energy Research Associates, CERA.
 Analysts and oil industry sources said the problem OPEC faces is excess oil supply in world oil markets.
 "OPEC's problem is not a price problem but a production issue and must be addressed in that way," said Paul Mlotok, oil analyst with Salomon Brothers Inc.
 He said the market's earlier optimism about OPEC and its ability to keep production under control have given way to a pessimistic outlook that the organization must address soon if it wishes to regain the initiative in oil prices.
 But some other analysts were uncertain that even an emergency meeting would address the problem of OPEC production above the 15.8 mln bpd quota set last December.
 "OPEC has to learn that in a buyers market you cannot have deemed quotas, fixed prices and set differentials," said the regional manager for one of the major oil companies who spoke on condition that he not be named.
 "The market is now trying to teach them that lesson again," he added.
 David T. Mizrahi, editor of Mideast reports, expects OPEC to meet before June, although not immediately.
 However, he is not optimistic that OPEC can address its principal problems.
 "They will not meet now as they try to take advantage of the winter demand to sell their oil, but in late March and April when demand slackens," Mizrahi said.
 But Mizrahi said that OPEC is unlikely to do anything more than reiterate its agreement to keep output at 15.8 mln bpd."
 Analysts said that the next two months will be critical for OPEC's ability to hold together prices and output.
 "OPEC must hold to its pact for the next six to eight weeks since buyers will come back into the market then," said Dillard Spriggs of Petroleum Analysis Ltd in New York.
 But Bijan Moussavar-Rahmani of Harvard University's Energy and Environment Policy Center said that the demand for OPEC oil has been rising through the first quarter and this may have prompted excesses in its production.
 "Demand for their (OPEC) oil is clearly above 15.8 mln bpd and is probably closer to 17 mln bpd or higher now so what we are seeing characterized as cheating is OPEC meeting this demand through current production," he told Reuters in a telephone interview.

 BankAmerica Corp is not under pressure to act quickly on its proposed equity offering and would do well to delay it because of the stock's recent poor performance, banking analysts said.
 Some analysts said they have recommended BankAmerica delay its up to one-billion-dlr equity offering, which has yet to be approved by the Securities and Exchange Commission.
 BankAmerica stock fell this week, along with other banking issues, on the news that Brazil has suspended interest payments on a large portion of its foreign debt.
 The stock traded around 12, down 1/8, this afternoon, after falling to 11-1/2 earlier this week on the news.
 Banking analysts said that with the immediate threat of the First Interstate Bancorp <I> takeover bid gone, BankAmerica is under no pressure to sell the securities into a market that will be nervous on bank stocks in the near term.
 BankAmerica filed the offer on January 26.
 It was seen as one of the major factors leading the First Interstate withdrawing its takeover bid on February 9.
 A BankAmerica spokesman said SEC approval is taking longer than expected and market conditions must now be re-evaluated.
 "The circumstances at the time will determine what we do," said Arthur Miller, BankAmerica's Vice President for Financial Communications, when asked if BankAmerica would proceed with the offer immediately after it receives SEC approval.
 "I'd put it off as long as they conceivably could," said Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and Smith.
 Cohn said the longer BankAmerica waits, the longer they have to show the market an improved financial outlook.
 Although BankAmerica has yet to specify the types of equities it would offer, most analysts believed a convertible preferred stock would encompass at least part of it.
 Such an offering at a depressed stock price would mean a lower conversion price and more dilution to BankAmerica stock holders, noted Daniel Williams, analyst with Sutro Group.
 Several analysts said that while they believe the Brazilian debt problem will continue to hang over the banking industry through the quarter, the initial shock reaction is likely to ease over the coming weeks.
 Nevertheless, BankAmerica, which holds about 2.70 billion dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the interest rate is reduced on the debt, and as much as 200 mln dlrs if Brazil pays no interest for a year, said Joseph Arsenio, analyst with Birr, Wilson and Co.
 He noted, however, that any potential losses would not show up in the current quarter.

 The Federal Deposit Insurance Corp (FDIC) said three troubled banks in Texas and Louisiana were merged with healthy financial institutions.
 The FDIC said it subsidized the merger of Central Bank and Trust Co, Glenmora, La., with the healthy Peoples Bank and Trust Co, Natchitoches, La., after state regulators notified it that Central was in danger of failing.
 Central had assets of 28.3 mln dlrs.
 The FDIC said the deposits of the failed Farmers State Bank, Hart, Tex., were assumed by Hale County State Bank, Plainview, Tex.
 Farmers, with 9.6 mln dlrs in assets, was closed by Texas bank regulators.
 The deposits of the failed First National Bank of Crosby, Crosby, Tex., with total assets of 8.2 mln dlrs, were assumed by Central Bancshares of the South Inc, Birmingham, Ala., after First National was closed by federal bank regulators, the FDIC said.
 Brazil's 14-bank advisory committee expressed "grave concern" to chief debt negotiator Antonio Padua de Seixas over the country's suspension of interest payments, according to a telex from committee chairman Citibank to creditor banks worldwide.
 Bankers said the diplomatic phrase belied the deep anger and frustration on the committee over Brazil's unilateral move last Friday and its subsequent freeze on some 15 billion dlrs of short-term trade and interbank lines.
 Seixas, director of the Brazilian central bank's foreign debt department, met the full panel on Tuesday and Wednesday.
 Seixas, who met again this morning with senior Citibank executive William Rhodes and representatives from committee vice-chairmen Morgan Guaranty Trust Co and Lloyds Bank Plc, told the banks that the government was preparing a telex to explain and clarify the freeze on short-term credits.
 The telex could be sent to creditors as early as today, bankers said.
 Despite the rising tempers, bankers said there are no plans for Brazilian finance minister Dilson Funaro to meet commercial bankers during his trip to Washington on Friday and Saturday.
 Funaro will be explaining Brazil's actions to U.S. Treasury Secretary James Baker, Federal Reserve Board chairman Paul Volcker and International Monetary Fund managing director Michel Camdessus before travelling to Europe at the weekend.
	Iran announced tonight that its major offensive against Iraq in the Gulf war had ended after dealing savage blows against the Baghdad government.
	The Iranian news agency IRNA, in a report received in London, said the operation code-named Karbala-5 launched into Iraq on January 9 was now over.
	It quoted a joint statewment by the Iranian Army and Revolutionary Guards Corps as saying that their forces had "dealt one of the severest blows on the Iraqi war machine in the history of the Iraq-imposed war."
	The statement by the Iranian High Command appeared to herald the close of an assault on the port city of Basra in southern Iraq.
	"The operation was launched at a time when the Baghdad government was spreading extensive propaganda on the resistance power of its army...," said the statement quoted by IRNA.
	It claimed massive victories in the seven-week offensive and called on supporters of Baghdad to "come to their senses" and discontinue support for what it called the tottering regime in Iraq.
	Iran said its forces had "liberated" 155 square kilometers of enemy-occupied territory during the 1987 offensive and taken over islands, townships, rivers and part of a road leading into Basra.
	The Iranian forces "are in full control of these areas," the statement said.
	It said 81 Iraqi brigades and battalions were totally destroyed, along with 700 tanks and 1,500 other vehicles.
	The victory list also included 80 warplanes downed, 250 anti- aircraft guns and 400 pieces of military hardware destroyed and the seizure of 220 tanks and armoured personnel carriers.

	U.S. bank discount window borrowings less extended credits averaged 310 mln dlrs in the week to Wednesday February 25, the Federal Reserve said.
	The Fed said that overall borrowings in the week fell 131 mln dlrs to 614 mln dlrs, with extended credits up 10 mln dlrs at 304 mln dlrs.
	The week was the second half of a two-week statement period.
	Net borrowings in the prior week averaged 451 mln dlrs.
	Commenting on the two-week statement period ended February 25, the Fed said that banks had average net free reserves of 644 mln dlrs a day, down from 1.34 billion two weeks earlier.
	A Federal Reserve spokesman told a press briefing that there were no large single day net misses in the Fed's reserve projections in the week to Wednesday.
	He said that natural float had been "acting a bit strangely" for this time of year, noting that there had been poor weather during the latest week.
	The spokesman said that natural float ranged from under 500 mln dlrs on Friday, for which he could give no reason, to nearly one billion dlrs on both Thursday and Wednesday.
	The Fed spokeman could give no reason for Thursday's high float, but he said that about 750 mln dlrs of Wednesday's float figure was due to holdover and transportation float at two widely separated Fed districts.
	For the week as a whole, he said that float related as of adjustments were "small," adding that they fell to a negative 750 mln dlrs on Tuesday due to a number of corrections for unrelated cash letter errors in six districts around the country.
	The spokesman said that on both Tuesday and Wednesday, two different clearing banks had system problems and the securities and Federal funds wires had to be held open until about 2000 or 2100 EST on both days.
	However, he said that both problems were cleared up during both afternoons and there was no evidence of any reserve impact.
	During the week ended Wednesday, 45 pct of net discount window borrowings were made by the smallest banks, with 30 pct by the 14 large money center banks and 25 pct by large regional institutions.
	On Wednesday, 55 pct of the borrowing was accounted for by the money center banks, with 30 pct by the large regionals and 15 pct by the smallest banks.
	The Fed spokesman said the banking system had excess reserves on Thursday, Monday and Tuesday and a deficit on Friday and Wedndsday.
	That produced a small daily average deficit for the week as a whole.
	For the two-week period, he said there were relatively high excess reserves on a daily avearge, almost all of which were at the smallest banks.

	American Express Co remained silent on market rumors it would spinoff all or part of its Shearson Lehman Brothers Inc, but some analysts said the company may be considering such a move because it is unhappy with the market value of its stock.
	American Express stock got a lift from the rumor, as the market calculated a partially public Shearson may command a good market value, thereby boosting the total value of American Express.
	The rumor also was accompanied by talk the financial services firm would split its stock and boost its dividend.
	American Express closed on the New York Stock Exchange at 72-5/8, up 4-1/8 on heavy volume.
	American Express would not comment on the rumors or its stock activity.
	Analysts said comments by the company at an analysts' meeting Tuesday helped fuel the rumors as did an announcement yesterday of management changes.
	At the meeting, company officials said American Express stock is undervalued and does not fully reflect the performance of Shearson, according to analysts.
	Yesterday, Shearson said it was elevating its chief operating officer, Jeffery Lane, to the added position of president, which had been vacant.
	It also created four new positions for chairmen of its operating divisions.
	Analysts speculated a partial spinoff would make most sense, contrary to one variation on market rumors of a total spinoff.
	Some analysts, however, disagreed that any spinoff of Shearson would be good since it is a strong profit center for American Express, contributing about 20 pct of earnings last year.
	"I think it is highly unlikely that American Express is going to sell shearson," said Perrin Long of Lipper Analytical.
	He questioned what would be a better investment than "a very profitable securities firm."
	Several analysts said American Express is not in need of cash, which might be the only reason to sell a part of a strong asset.
	But others believe the company could very well of considered the option of spinning out part of Shearson, and one rumor suggests selling about 20 pct of it in the market.
	Larry Eckenfelder of Prudential-Bache Securities said he believes American Express could have considered a partial spinoff in the past.
	"Shearson being as profitable as it is would have fetched a big premium in the market place.
	Shearson's book value is in the 1.4 mln dlr range.
	Shearson in the market place would probably be worth three to 3.5 bilion dlrs in terms of market capitalization," said Eckenfelder.
	Some analysts said American Express could use capital since it plans to expand globally.
	"They have enormous internal growth plans that takes capital.
	You want your stock to reflect realistic valuations to enhance your ability to make all kinds of endeavors down the road," said E.F. Hutton Group analyst Michael Lewis.
	"They've outlined the fact that they're investing heavily in the future, which goes heavily into the international arena," said Lewis.
	"...That does not preclude acquisitions and divestitures along the way," he said.
	Lewis said if American Express reduced its exposure to the brokerage business by selling part of shearson, its stock might better reflect other assets, such as the travel related services business.
	"It could find its true water mark with a lesser exposure to brokerage.
	The value of the other components could command a higher multiple because they constitute a higher percentage of the total operating earnings of the company," he said.
	Lewis said Shearson contributed 316 mln in after-tax operating earnings, up from about 200 mln dlrs in 1985.
	Reuter

	Coleco Industries Inc said it expects to return to profitability in 1987.
	Earlier, Coleco reported a net loss of 111.2 mln dlrs for the year ended December 31 compared to a profit of 64.2 mln dlrs in the year earlier.
	In a prepared statement, the company said the dramatic swing in operating results was due primarily to the steep decline in sales of Cabbage Patch Kids products from 600 mln dlrs to 230 mln dlrs.
	Coleco said it changed from a single product company to a more diversified organization through four major acquisitions last year.
	Products from the new acquisitions and other new product introductions are expected to enable it to return to profitability, it said.
	At the annual Toy Fair earlier this month, vice president Morton Handel said analysts' 1987 projected earnings of 90 cts a share on sales of 600 mln dlrs are reasonable.
	Venezuela is seeking a 'constructive and flexible' attitude from its creditor banks in current talks to reschedule 21 billion dlrs in foreign debt, finance minister manuel azpurua told a press conference.
	He declined to comment on meetings this week in new york between public finances director jorge marcano and venezuela's 13-bank advisory committee except to say, "they are progressing."
	Azpurua said venezuela has shown solidarity with brazil's decision to suspend payments, but each country must negotiate according to its own interest.
	Asked to comment on chile's agreement with its creditors today, which includes an interest rate margin of one pct over libor, azpurua said only, "that is good news."
	According to banking sources, the banks' latest offer to venezuela is also a one pct margin as against the last february's 1-1/8 pct rescheduling accord and the 7/8 pct Venezuela wants.
	Azpurua said four basic elements are being negotiated with the banks now: spread reduction, deferral of principal payments due in 1987 and 1988, lenghtening the 12-1/2 year repayment schedule, and debt capitalization schemes.
	Azpurua said the governent plans to pay 2.1 billion dlrs in public and private debt principal this year.
	It was due to amortize 1.05 billion dlrs under the rescheduling, and pay 420 mln dlrs in non-restructured principal, both public sector.
	He said venezuela's original proposal was to pay no principal on restructured debt this year, but is now insisting that if it makes payments they be compensated by new bank loans.
	The banking sources said the committee has been prepared to lower amortizations to around 400 mln dlrs this year, but that no direct commitment was likely on new loans.
	"debtors and bank creditors have a joint responsibility and there will be no lasting solution unless a positive flow of financing is guaranteed," azpurua said.
	However, he appeared to discard earlier venezuelan proposals for a direct link between oil income and debt payments, "because circumstances change too quickly."
	At the same time, he said the government is presently studying possible mechanisms for capitlizing public and private sector foreign debt, based on experience in other countries.
	The rules would be published by the finance ministry and the central bank.

	Thomson McKinnon Mortgage Assets Corp, a unit of Thomson McKinnon Inc, is offering 100 mln dlrs of collateralized mortgage obligations in three tranches that include floating rate and inverse floating rate CMOS.
	The floating rate class amounts to 60 mln dlrs.
	It has an average life of 7.11 years and matures 2018.
	The CMOs have an initial coupon of 7.0375 pct, which will be reset 60 basis points above LIBOR, said sole manager Thomson McKinnon.
	The inverse floater totals 4.8 mln dlrs.
	It has an average life of 13.49 years and matures 2018.
	These CMOs were given an initial coupon of 11-1/2 pct and priced at 104.40.
	Subsequent rates on the inverse floater will equal 11-1/2 pct minus the product of three times (LIBOR minus 6-1/2 pct).
	A Thomson officer explained that the coupon of the inverse floating rate tranche would increase if LIBOR declined.
	"The yield floats opposite of LIBOR," he said.
	The fixed-rate tranche totals 35.2 mln dlrs.
	It has an average life of 3.5 years and matures 2016.
	The CMOs were assigned a 7.65 pct coupon and par pricing.
	The issue is rated AAA by Standard and Poor's and secured by Federal Home Loan Mortgage Corp, Freddie Mac, certificates.


	OPEC may be forced to meet before a scheduled June session to readdress its production cutting agreement if the organization wants to halt the current slide in oil prices, oil industry analysts said.
	"The movement to higher oil prices was never to be as easy as OPEC thought.
	They may need an emergency meeting to sort out the problems," said Daniel Yergin, director of Cambridge Energy Research Associates, CERA.
	Analysts and oil industry sources said the problem OPEC faces is excess oil supply in world oil markets.
	"OPEC's problem is not a price problem but a production issue and must be addressed in that way," said Paul Mlotok, oil analyst with Salomon Brothers Inc.
	He said the market's earlier optimism about OPEC and its ability to keep production under control have given way to a pessimistic outlook that the organization must address soon if it wishes to regain the initiative in oil prices.
	But some other analysts were uncertain that even an emergency meeting would address the problem of OPEC production above the 15.8 mln bpd quota set last December.
	"OPEC has to learn that in a buyers market you cannot have deemed quotas, fixed prices and set differentials," said the regional manager for one of the major oil companies who spoke on condition that he not be named.
	"The market is now trying to teach them that lesson again," he added.
	David T. Mizrahi, editor of Mideast reports, expects OPEC to meet before June, although not immediately.
	However, he is not optimistic that OPEC can address its principal problems.
	"They will not meet now as they try to take advantage of the winter demand to sell their oil, but in late March and April when demand slackens," Mizrahi said.
	But Mizrahi said that OPEC is unlikely to do anything more than reiterate its agreement to keep output at 15.8 mln bpd."
	Analysts said that the next two months will be critical for OPEC's ability to hold together prices and output.
	"OPEC must hold to its pact for the next six to eight weeks since buyers will come back into the market then," said Dillard Spriggs of Petroleum Analysis Ltd in New York.
	But Bijan Moussavar-Rahmani of Harvard University's Energy and Environment Policy Center said that the demand for OPEC oil has been rising through the first quarter and this may have prompted excesses in its production.
	"Demand for their (OPEC) oil is clearly above 15.8 mln bpd and is probably closer to 17 mln bpd or higher now so what we are seeing characterized as cheating is OPEC meeting this demand through current production," he told Reuters in a telephone interview.

	BankAmerica Corp is not under pressure to act quickly on its proposed equity offering and would do well to delay it because of the stock's recent poor performance, banking analysts said.
	Some analysts said they have recommended BankAmerica delay its up to one-billion-dlr equity offering, which has yet to be approved by the Securities and Exchange Commission.
	BankAmerica stock fell this week, along with other banking issues, on the news that Brazil has suspended interest payments on a large portion of its foreign debt.
	The stock traded around 12, down 1/8, this afternoon, after falling to 11-1/2 earlier this week on the news.
	Banking analysts said that with the immediate threat of the First Interstate Bancorp <I> takeover bid gone, BankAmerica is under no pressure to sell the securities into a market that will be nervous on bank stocks in the near term.
	BankAmerica filed the offer on January 26.
	It was seen as one of the major factors leading the First Interstate withdrawing its takeover bid on February 9.
	A BankAmerica spokesman said SEC approval is taking longer than expected and market conditions must now be re-evaluated.
	"The circumstances at the time will determine what we do," said Arthur Miller, BankAmerica's Vice President for Financial Communications, when asked if BankAmerica would proceed with the offer immediately after it receives SEC approval.
	"I'd put it off as long as they conceivably could," said Lawrence Cohn, analyst with Merrill Lynch, Pierce, Fenner and Smith.
	Cohn said the longer BankAmerica waits, the longer they have to show the market an improved financial outlook.
	Although BankAmerica has yet to specify the types of equities it would offer, most analysts believed a convertible preferred stock would encompass at least part of it.
	Such an offering at a depressed stock price would mean a lower conversion price and more dilution to BankAmerica stock holders, noted Daniel Williams, analyst with Sutro Group.
	Several analysts said that while they believe the Brazilian debt problem will continue to hang over the banking industry through the quarter, the initial shock reaction is likely to ease over the coming weeks.
	Nevertheless, BankAmerica, which holds about 2.70 billion dlrs in Brazilian loans, stands to lose 15-20 mln dlrs if the interest rate is reduced on the debt, and as much as 200 mln dlrs if Brazil pays no interest for a year, said Joseph Arsenio, analyst with Birr, Wilson and Co.
	He noted, however, that any potential losses would not show up in the current quarter.

	The Federal Deposit Insurance Corp (FDIC) said three troubled banks in Texas and Louisiana were merged with healthy financial institutions.
	The FDIC said it subsidized the merger of Central Bank and Trust Co, Glenmora, La., with the healthy Peoples Bank and Trust Co, Natchitoches, La., after state regulators notified it that Central was in danger of failing.
	Central had assets of 28.3 mln dlrs.
	The FDIC said the deposits of the failed Farmers State Bank, Hart, Tex., were assumed by Hale County State Bank, Plainview, Tex.
	Farmers, with 9.6 mln dlrs in assets, was closed by Texas bank regulators.
	The deposits of the failed First National Bank of Crosby, Crosby, Tex., with total assets of 8.2 mln dlrs, were assumed by Central Bancshares of the South Inc, Birmingham, Ala., after First National was closed by federal bank regulators, the FDIC said.
	Brazil's 14-bank advisory committee expressed "grave concern" to chief debt negotiator Antonio Padua de Seixas over the country's suspension of interest payments, according to a telex from committee chairman Citibank to creditor banks worldwide.
	Bankers said the diplomatic phrase belied the deep anger and frustration on the committee over Brazil's unilateral move last Friday and its subsequent freeze on some 15 billion dlrs of short-term trade and interbank lines.
	Seixas, director of the Brazilian central bank's foreign debt department, met the full panel on Tuesday and Wednesday.
	Seixas, who met again this morning with senior Citibank executive William Rhodes and representatives from committee vice-chairmen Morgan Guaranty Trust Co and Lloyds Bank Plc, told the banks that the government was preparing a telex to explain and clarify the freeze on short-term credits.
	The telex could be sent to creditors as early as today, bankers said.
	Despite the rising tempers, bankers said there are no plans for Brazilian finance minister Dilson Funaro to meet commercial bankers during his trip to Washington on Friday and Saturday.
	Funaro will be explaining Brazil's actions to U.S. Treasury Secretary James Baker, Federal Reserve Board chairman Paul Volcker and International Monetary Fund managing director Michel Camdessus before travelling to Europe at the weekend.