EUROCORP

Financial Morning News 25/04/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,230.55 posting marginal profits of 0.03%, in a turnover of €97.44mn.

The Euro Working Group met in Brussels and approved the release of €6.3bn in bailout funding. The chairman of Greece’s Council of Economic Experts Mr. Panos Tsakloglou made a request at the EWG, for more debt-lightening measures, reminded his counterparts of the Eurogroup’s November 2012 pledge to examine debt relief steps once Greece produced a primary surplus. Two further tranches of €1bn each are due to be released in the weeks to come as long as Greece meets reform milestones agreed with its lenders.

The EFSF CEO Mr. Klaus Regling said that he is very encouraged by the progress Greece has made in its adjustment program, as evidenced by the primary budget surplus for 2013 and the return to bond markets. In order to achieve sustainable economic growth in Greece, the reforms need to be continued.

The IMF spokesman Mr. Gerry Rice said the IMF’s executive board is due to meet in mid-May to approve the release of two installments worth €3.6bn. He also expects talks on debt relief to take place in the second half of this year.

Corporate Impacts

  • NBG: The bank raised €750mn through a 5-year fixed-rate bond with a yield of 4.50%, while the bid to cover ratio was 3. Note that NBG is also set to become the fourth Greek lender to tap international markets through a share offering, planning to raise up to €2.5bn to boost its core capital.
  • PPC: The company would sell bonds worth €500mn. The notes will be a combination of three- and five-year bonds and will be listed on the Global Exchange Market of the Irish Stock Exchange.
  • Ellaktor: The subsidiary Aktor signed a contract for the design and construction of the “Gold Line Underground” Metro line in Doha, Qatar, as leader of the consortium ALYSJ JV, with a 32% stake. The project is part of the Qatar Railway Network and the Gold Line is by far the largest independent construction project of the metro in Doha. The contract value amounts to €3.2bn, including the amount of €770mn, at the discretion of the client.
  • Technical

    FTSE 25 April future:

      Support levels: 390-385-378. Resistance levels: 405-412-420.

    General Index:

      Support levels: 1,215-1,200-1,190. Resistance levels: 1,260-1,280-1,300.

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