EUROCORP

Financial Morning News 02/05/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,232.12 posting profits of 3.09%, in a turnover of €269.48mn.

According to the revised midterm fiscal plan it submitted to Parliament on Wednesday, the government is anticipating a fiscal gap of €1.9bn in the 2015-2016 period, while expecting auxiliary social security funds to require some €580mn from 2014 to 2017 to cover their needs.

The Prime Minister Mr. Antonis Samaras said that the number of foreign tourists in Greece could rise by 50% in the next decade, exceeding €30mn visitors per year. He also announced plans for the government to invest €500mn per year over the next six years in major tourism infrastructure and similar activities, while the private sector will invest at an additional annual rate of €3bn.

A senior Greek finance ministry official said that Greece will formally propose stretching the maturity of its international rescue loans to up to 50 years as part of measures to make its debt sustainable. Greece will also propose lowering the interest rate on the rescue loans it has received bilaterally from eurozone countries, or alternatively switching them to fixed-rate from floating-rate (Reuters).

Corporate Impacts

    • Greek Banks: The deposits of households and corporations amounted to €161.05bn in end-March against €160.5bn in end-February. Credit expansion continued to be negative in March at a rate of 4.1%.
    • PPC: The company returned to the bond market for the first time since 2000, as it raised €700mn of three-year and five-year bonds against an original target for €500mn to refinance its debt. The offers reached as much as €3bn and the interest rates came to 4.75% for the three-year and to €5.50% for the five-year issue.
    • Intralot: The company issued a seven-year bond worth €250mn against an original target for €200mn. The interest rate of the issue came to 6.125%, while last August the company had issued a five-year bond with an interest rate as high as 9.75%.

Technical

FTSE 25 May future:

        Support levels: 390-384-378. Resistance levels: 402-410-418.

General Index:

      Support levels: 1,215-1,200-1,180. Resistance levels: 1,260-1,280-1,300.

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