Financial Morning News 18/06/2014


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.


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.


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