EUROCORP

Financial Morning News 10/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,293.54 posting losses of 0.50%, in a turnover of €151.81mn.

After four years, Greece will return to international markets today with a five-year note for €2.5bn. The Finance Ministry confirmed yesterday that the book building would happen today and that a number of international banks (Bank of America, Deutsche Bank, Goldman Sachs, HSBC, JP Morgan and Morgan Stanley) had been mandated. The bond is to be issued under UK law. Sources said that the bond would be comfortably oversubscribed, with the final order book stretching to well over €13bn. The yield is expected to reach between 5-5.25%. Market participants said the rumour was the government was targeting a yield of less than 5% on the new bond. The current yield on Greece’s 2024 bond has fallen to around 6%

The head of the Hellenic Republic Asset Development Fund Mr. Andreas Taprantzis said that Greece is preparing a property portfolio valued at as much as €500mn to offer to investors by the end of this year. UBS AG, Deutsche Bank AG and BNP Paribas SA are advising the fund on the portfolio.

Corporate Impacts

  • Jumbo: The company announced that group sales for the 9-month period of 2013/14 (July ’13-March ’14) increased by 7.62% to €410.9mn, exceeding the annual target of 4-6%.
  • Frigoglass: It announced that there has been a fire incident at its Ice-Cold Merchandiser (beverage coolers) manufacturing facility in the Gurgaon region of India on Sunday, April 6. The fire primarily caused damage to the plant’s warehouses and, to a lesser extent, to the production area. The initial damage assessment of the facility is underway.
  • Technical

    FTSE 25 April future:

      Support levels: 414-408-402. Resistance levels: 425-432-440.

    General Index:

      Support levels: 1,280-1,260-1,250. Resistance levels: 1,315-1,330-1,350.

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