EUROCORP

Financial Morning News 12/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 872.03 posting profits of 2.28%, in a turnover of €62.16mn.

According to Reuters, Greece’s debt buyback attracted bids totalling €31.8bn, but the average price paid for bonds purchased was 33.5 cents in the euro, marginally above the target of 33.3 cents in the euro, meaning that there was a shortfall of about €450mn, leading to debt falling to 126.6% of GDP by 2020. The operation was sufficient to reduce Greece’s debt-to-GDP ratio by 9.5%, below the originally targeted 11%.The euro-zone finance ministers discussed the results on a conference call yesterday.

Greece sold €4.38bn of one- and six-month treasury bills yesterday (€2.762bn of one-month T-bills at 3.99% and €1.625bn of six-month at 4.38%, three basis points below a previous sale in November) to roll over maturing issues that come due December 14. The six-month auction’s bid-cover ratio was 1.54, down from 1.7 in the November 6 sale (PDMA).

Corporate Impacts

  • OPAP: TAIPED will decide today whether to accept the sole bid by the OPAP-led consortium for the concession of state lotteries for the next 12 years or cancel the project altogether.
  • Cypriot Banks: The European Commission spokesman Simon O’Connor said that the final results of PIMCO’s assessment of Cyprus’s banks will become available next month.
  • Technical

    FTSE 20 December future:

      Support levels: 298-290-284. Resistance levels: 310-316-322.

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