EUROCORP

Financial Morning News 02/07/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,228.85 posting profits of 1.20%, in a turnover of €143,39mn.

The unemployment rate reached at 26.8% in March for 26.9% in the previous month (ELSTAT).

The chairman and chief executive officer of JPMorgan Chase mr. Jamie Dimon is expected to arrive in Athens today for a two-day visit and will likely meet with Prime Minister Mr. Antonis Samaras in the afternoon. He will also hold meetings with a number of Greek bankers, entrepreneurs and ship-owners.

Corporate Impacts

    • OTE: The company submitted a non-binding offer of €250mn to €300mn to acquire rival Forthnet’s pay TV operations. In the event that an agreement is reached, it will be subject to clearance from competent authorities. In other news, OTE plc has launched a tender offer for its existing bonds maturing in February
      2015 and May 2016, at purchase spreads of 60 bps and 160 bps over mid-swaps respectively. The total amount of bonds to be bought back will be determined within the next few days, and will depend on the successful completion of a new bond issue. The new bond will be issued under the OTE Plc Global Medium Term Note Programme, will be Euro denominated, bearing a fixed interest rate and will have a benchmark size.
    • Piraeus Bank: 2nd exercise of warrants at €1.7680 (4.476 shares per 1 warrant).

Technical

FTSE 25 September future:

        Support levels: 392-386-380. Resistance levels: 404-410-415.

General Index:

      Support levels: 1,210-1,201-1,180. Resistance levels: 1,240-1,255-1,285.

Disclaimer

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