EUROCORP

Financial Morning News 19/03/2014

GREEK FINANCIAL MARKET

The General Index in Athens Stock Exchange (ASE) closed at 1,369.56 posting profits of 0.33%, in a turnover of €134.93mn.

The Prime Minister Mr. Antonis Samaras assured that no new austerity measures will be required as part of a deal reached yesterday between the Greek government and the troika inspectors following seven months of tough negotiations. Mr. Samaras also pledged that €500mn from the 2013 primary surplus will be distributed among 1mn poor Greeks hit by the six-year recession.

Greece sold €1.3bn of three-month T-bills to refinance a maturing issue at a yield of 3.10%, down 50 basis points from a February auction. It was the lowest funding cost on 3-month T-bills since January 2010, when the agency sold similar paper at 1.67% (PDMA).

The Infrastructure Minister Mr. Michalis Chrysochoidis said that Greece will probably sell bonds for the first time in four years before May as the nation seeks to rebuild its finances following an international bailout.

The EIB Vice President Mr. Mihai Tanasescu said that the European Investment Bank is expected to disburse loans of over €1bn to Greece this year.

Corporate Impacts

  • Piraeus Bank: STOXX announced that its STOXX Eastern Europe 50 will be adjusted with the stock added in the index. In other news, the issuance and distribution in international markets of the three-year bond from Piraeus Bank, of €500mn, for the pumping of mid-term liquidity was completed today with great success. The new bond is of a fixed rate and carries an annual coupon rate of 5%.
  • PPC: The company signed a loan agreement with EIB of €235mn loan. The loan will be used to fund the investment plan in the distribution system, while the CEO Mr. Zervos said the loan is part of a €415mn loan. The rest €180mn will be signed by the beginning of 2015 at the latest. In other news, the company is in negotiations with a syndicate of banks to revolve loans of €1.3bn that mature in April.
  • CCHBC: STOXX announced that its STOXX Eastern Europe 50 will be adjusted and the stock was deleted.
  • Technical

    FTSE 25 March future:

      Support levels: 438-432-426. Resistance levels: 448-454-460.

    General Index:

      Support levels: 1,350-1,320-1,300. Resistance levels: 1,380-1,400-1,420.

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