EUROCORP

Financial Morning News 10/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 840.73 posting profits of 1.09%, in a turnover of €46.93mn.

Greece is expected to announce today the outcome of its bond buyback. According to Finance Ministry sources hedge funds offered about €15 to 16bn of Greek paper, while Greek banks will contribute up to €16bn. This would allow Greece to spend about €10bn to buy back €30bn worth of bonds, reducing its debt by €20bn. Greek banks hope that there would be enough participation from foreign hedge funds to allow them to hold on the rest of their Greek bonds. We remind that the successful completion of the buyback would open the way for the eurozone and the IMF to allow the disbursement, following a Eurogroup and EU leaders’ summit on Thursday.

The GDP contracted by 6.9% in the third quarter of 2012, due to the decline in investment by 19.7%, the 10.7% slide in public consumption and the continuing shrinking of private consumption, by 8.4%. For the first time in at least 12 years, exports of Greek products and services exceeded imports in the third quarter of 2012 (ELSTAT).

The Public Debt Management Agency will conduct a large-volume T-bill auction tomorrow, offering a total of €3.375bn and splitting the T-bill supply between four- and 26-week paper.

Corporate Impacts

  • OTE:Deutsche Telecom said that OTE has refinanced its August 2013 maturities.
  • Technical

    FTSE 20 December future:

      Support levels: 288-280-272. Resistance levels: 300-308-314.

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