Financial Morning News 07/04/2014


The General Index in Athens Stock Exchange (ASE) closed at 1,314.74 posting losses of 0.64%, in a turnover of €179.73mn.

Moody’s altered its announcement for Greece rating for August 1 and if the agency decides to announce a change it will do so based on institutional obligations.

The German Finance Minister Mr. Wolfgang Schaeuble does not rule out the possibility of a third bailout deal for Greece in order to cover the country’s funding gap over the next two years.

The head of the euro zone’s bailout fund Mr. Klaus Regling warned Athens not to pay investors too much when it returns to bond markets later this month in order to avoid increasing its debt load.

The Deputy Prime Minister Mr. Evangelos Venizelos told after talks with the Prime Minister Mr. Antonis Samaras that the coalition government is determined to safeguard political stability despite differences of opinion between the two parties.

Morgan Stanley expects s Greece to achieve sustained growth, although it’s likely to take longer than expected. The bank believes Greece could return to the bond market for funding and thinks secondary-market prices imply a fair yield of around 5.3% for a potential 5-year bond and 4.2% for a potential 3-year.

Corporate Impacts

  • Piraeus Bank: Subscription period: 7-9 April.
  • PPC: S&P’s raised the credit rating to B from CCC, based on the signing of a €2.2bn syndicated loan with a number of Greek banks and the signing of loan with European Investment Bank and a consortium of foreign banks – led by the German bank KfW. The agency also said PPC’s outlook was positive based on the estimate that the corporation will reduce its business and financial risks in the next two years. It also cited the very good relations between PPC and Greek banks. PPC signed a syndicated loan on Friday with Alpha Bank, Attica Bank, National Bank, Eurobank and Piraeus Bank.
  • Technical

    FTSE 25 April future:

      Support levels: 420-415-408. Resistance levels: 432-440-446.

    General Index:

      Support levels: 1,300-1,280-1,260. Resistance levels: 1,330-1,350-1,364.


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