EUROCORP

Financial Morning News 18/06/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,258.48 posting losses of 0.30% for fifth consecutive session, in a turnover of €108.70mn.


Greece sold €1.3bn in three-month treasury bills yesterday. The T-bills were priced to yield 1.80%, down 33 basis points from 2.13% in a previous sale in May. The sale’s bid-cover ratio was 2.99 vs. 2.80 previously.

According to press reports, the Greek government examines the possibility to proceed with the issue of a new bond during the summer amounting to €3-5bn with a maturity period of three or seven years. And it has no connection to the implementation of the prior actions required for the disbursement of the bailout sub-tranches due this summer.

Corporate Impacts

    • Mytilineos, Metka: AGM.
    • MytilinPiraeus Bank: According to press reports, Allianz and Munich Re’s primary insurance unit Ergo Versicherungsgruppe AG are in talks to buy Agrotiki Insurance from Piraeus Bank SA for €60-80mn.
    • Cypriot Banks: The Republic of Cyprus has started marketing its first post-bailout public debt sale with a yield in the 5% area. The June 2019 transaction is expected to take place toady and Deutsche Bank, Goldman Sachs, HSBC, UBS and VTB Capital are arranging the sale.
    • NBG: The bank announced that the 2nd exercise date of warrants is June 26, while the exercise price is €4.4616. Note that the conversion ratio is 8.229 NBG shares per warrant.

Technical

FTSE 25 September future:

        Support levels: 400-395-388. Resistance levels: 414-422-430.

General Index:

      Support levels: 1,250-1,240-1,210. Resistance levels: 1,280-1,310-1,330.

Disclaimer

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The information emanates from sources that are available in public and are generally considered reliable. The Company overwhelm each possible effort for the verification of the validity of this information. Nevertheless, the Company is not committed as for the precision, plenitude and safety of information and consequently no responsibility arises for the company from the use of this information.

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