EUROCORP

Financial Morning News 13/12/2012

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 873.25 posting marginal profits of 0.14%, in a turnover of €66.43mn.

Greece announced that it received offers amounting to €31.9bn for its bond buyback program, which was slightly more than the initial target. Greece would have to spend €11.29bn to complete the buyback, with the weighted average price of the tenders coming in at 33.8% of the nominal value. The issue will be discussed further at today’s Eurogroup meeting, where Euro-zone finance ministers are expected to approve the disbursal of the tranche of €34.4bn.

The EU spokesman Mr. Simon O’Connor said that EU expects a decision today on the disbursement of the next tranche of aid to Greece, following the results of the Greek debt buyback operation.

The IMF managing director Ms. Christine Lagarde appeared satisfied by the outcome of the buyback, while the German Finance Ministry called Greece’s debt buyback program a success and urged German lawmakers to approve paying out the next batch of aid to Greece.

Corporate Impacts

  • OPAP: The state privatization fund (TAIPED) accepted the improved offer by the OPAP-led consortium for the concession of the license to operate all state lotteries for the next 12 years, but the amended terms are said to have led to the departure of Lottomatica (33% stake) from the bidding consortium. OPAP that had a 34% stake in the consortium will raise its stake to 67%, increasing the deposit to an unspecified level.
  • Cypriot Banks: The central bank governor Mr. Panicos Demetriades said that the financial aid for Cyprus could push its debt to 140% of its national output unless the EU’s permanent bailout mechanism assumes some of the burden.
  • Greek Banks: The BoG Governor Mr. George Provopoulous said that domestic banks will lose about €2bn from their participation on the debt buyback. He expressed reserved optimism regarding the course of the country’s economy.
  • Technical

    FTSE 20 December future:

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

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