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mago gambamerlo

Xx Phuket xX
non hanno pace ....

Greek Bonds Remain Off-Limits for Many Investors


By RICHARD BARLEY

What does Greece have to do to get a little credit from investors? Greek bonds, while off their lows, showed virtually no reaction to recent praise dished out by the International Monetary Fund. A combination of illiquidity, technical factors and binary valuation arguments are stifling the market.
This is despite seemingly juicy returns on offer. The 30-year Greek bond hit a low on June 23 at 47% of face value, according to Tradeweb, offering a chunky 10.4% yield. The small rise since then, to 56% of face value, translates to an 18.5% capital gain. Even bonds maturing in three or four years yield 10% to 11%.
There are good reasons, though, for the lack of action. First, for many investors, Greece is off-limits: Ratings downgrades have removed it from key European bond indexes, but it doesn't qualify to join emerging-markets indexes.
Second, the market is illiquid. Trading volume on Greece's HDAT electronic platform was just €1.6 billion ($2.13 billion) in June, down from €27.8 billion a year earlier, according to the Bank of Greece. Buyers may fear pent-up selling pressure from banks still holding Greek debt.
And third, shorter-dated bonds trading at prices of 70% to 80% of face value mightn't be attractive enough if an investor fears a debt restructuring. While there are good arguments that a restructuring wouldn't make sense and Greek officials rule it out, investors are concerned by the scale of potential write-offs if a default occurred, given the debt-to-GDP ratio of 130% or more.
Niche funds with strong risk appetite may be able to take advantage. But the big money will stay away for some time yet.


(The Wall Street Journal)
 

magico

Forumer attivo
Bce drena tutti 60,5 mld per sterilizzazione acquisti bond
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Reuters - 10/08/2010 13:01:15
Bhe c'era da aspettarselo:rolleyes:
 

tommy271

Forumer storico
Raiffleisen Head Says Bad Loans In Eastern Europe Haven’t Peaked



Bad loans in Eastern Europe won’t start decline before mid-2011 due to the Greek sovereign debt crisis, the chief executive of the region’s second-largest lender, Raiffeisen International Bank-Holding, said in a interview published Tuesday, Dow Jones Newswires reports.

"We will be happy if we’ve reach a real stabilization in Eastern Europe by the middle of next year. In second or third quarter of 2011 the point should be reached where the total volume of non-performing loans has stopped rising," Herbert Stepic told German financial daily Handelsblatt

"In March, my answer would have been considerably more positive, but the Greek crisis has once again caused a large added insecurity in Eastern Europe," he added.

(Capital.gr)
 

tommy271

Forumer storico
Greek Market Sharply Lower



Profit taking led Athens stocks down on Tuesday, extending their negative streak.

The General Index drops 0.95% month to date with financials shedding 3.75% for the same period.

Turnover remained low due to the summer season, while Fed’s decisions later today are in the spotlight.

It is normal that the market goes through a correction phase given the vast gains in July, says Manos Hatzidakis, head of investment strategy at Pegasus Securities.

He expects that any developments in the banking sector are to take place after the middle of August and until then turnovers will remain low with investors on a wait-and-see stance.

"I am not reading in too much from Tuesday’s session because on light volumes, share prices become more volatile and because this is the peak of the summer holiday season there is an absence of interest," an analyst told Dow Jones Newswires.

"If we get some newsflow, the picture could change very rapidly," he added.

Across the board, the General Index dropped 2.30% at 1,666.01 on a total turnover of 84.50 mil. euro.

34 stocks rose, 148 dropped and 112 remained unchanged.

Financials retreated 3.69%.

Alpha Bank (-4.9%), NBG (-3.5%), Eurobank (-3.5%), Piraeus Bank (-2.6%), Titan (-1.9%), OTE (-1.7%) and OPAP (-1%) all dropped.

(Capital.gr)

***
Oggi gli spread/bund, verso la fine della giornata, tornano ad allargare intorno a 790 pb.
Seguono i CDS che dopo aver stretto intorno ai minimi nelle scorse giornate attorno a 690 punti, puntualmente fanno il percorso inverso: ieri a 755 oggi a 767 punti.
 

tommy271

Forumer storico
Borsa Atene: Ase chiude a -2,3%, male le blue chip


MILANO (MF-DJ)--La borsa di Atene chiude le contrattazioni con l'indice Ase in ribasso del 2,3% in una seduta caratterizzata da una basso volume di scambi.
Perdono terreno tutte le principali blue chip del listino greco guidate da Alpha che cede il 4,9%. Nel comparto bancario male anche National e Eurobank entrambe a -3,5%.
Altrove Hellenic Telecoms cede l'1,7%.
 

tommy271

Forumer storico
Greek Container Ship Owner Danaos to Raise $200M to Build Ships
Posted August 09, 2010 10:42AM PST

Greek container ship owner Danaos Corp. is raising $200 million in a private placement of common stock to complete to build 18 new container ships.
Athens, Greece-based Danaos is issuing about 54.05 million shares of common stock priced at $3.70 each, which reflects a 5.9% discount to the 30-day volume weighted average price of $3.93.
Danaos Chief Executive Officer Dr. John Coustas, through his family trust, and members of his family, are investing $100 million. Other investors include a private company affiliated with George Economou, the CEO of DryShips Inc., and members of Danaos executive management.
Following the offering, Economou will own a 10.6% stake in Danaos and have a seat on the board.
Danaos also said it has received written commitments from 14 banks to a previously announced restructuring of its credit facility and new financing of $426 million. Danaos said it currently has total debt of about $3 billion, which is being rescheduled.

(Pipes Report)
 

tommy271

Forumer storico
Chiusure ancora in allargamento per il Club Med, dopo qualche settimana di recupero di posizioni. In controtendenza il Portogallo. L'Irlanda subisce le vicende della Anglo-Irish Bank, probabilmente destinata a durare.
La nostra Grecia oscilla verso la parte alta del trading range abituale (760/800 pb), vediamo come andrà oggi ...

Grecia 793 pb. (780)
Portogallo 257 pb. (277)
Irlanda 272 pb. (255)
Spagna 163 pb. (156)
Italia 132 pb. (125)
 

tommy271

Forumer storico
Netanyahu set to visit Greece

By HERB KEINON
08/11/2010 05:20

First Israeli PM to go; product of worsening relations with Turkey.



Prime Minister Binyamin Netanyahu is scheduled to go to Athens next week, sources in the Prime Minister’s Office said on Tuesday, adding that this will be the first ever visit by an Israeli premier to Greece.

The visit, coming three weeks after Greek Prime Minister George Papandreou visited Israel, is a testament to the rapidly warming ties between the two countries, and – according to sources – is not disconnected to the tension between Israel and Turkey, Greece’s long time adversary.

“This trip shows the new dynamism in the relationship between Israel and Greece,” one diplomatic official said. In addition to meeting Papandreou in Israel last month, Netanyahu also coincidentally met him at a Moscow restaurant during a visit there in February.

The Prime Minister’s Office would neither confirm nor deny speculation that among the issues that will be discussed will be the possibility of an agreement on allowing Israeli jets to train in Greek skies.

Since the deterioration in Israeli-Turkish ties that was accelerated after Operation Cast Lead a year and a half ago, the IAF has been looking for other places – such as Romania, where an IAF helicopter crashed last month – to train.

Following the flotilla incident on May 31, Turkey closed its skies to Israeli military aircraft.

In May, the IAF held a joint exercise with the Greek Air Force in Greek airspace, and already two years ago some 100 IAF aircraft flew over Greece in a long-range training mission perceived as a dress rehearsal for a strike against Iran.

Netanyahu’s discussions in Greece are also expected to address expanding bilateral cooperation in a gamut of areas, including tourism, trade, establishment of a political dialogue and defense issues.

The recent sharp deterioration in ties with Turkey has also led to a warming of ties with other traditional Turkish rivals in the region, such as Cyprus and Bulgaria.

Both the Cypriot and Bulgarian foreign ministers were in the country earlier this year.

Papandreou, whose father, Andreas, was prime minister of Greece twice (1981- 1989 and 1993-1996) and was known for pro-Palestinian, anti-Israeli leanings, has chartered a much more moderate policy toward Israel than his predecessors since taking office in October.

Before his visit last month, one Israeli official said that Greece, once considered among the harshest critics of Israel inside the EU, along with countries such as Ireland, Sweden, Portugal and Belgium, was no longer in that “basket.”

In addition to their meetings over the last year, Netanyahu and Papandreou have spoken a number of times by phone, since some of the ships trying to break the blockade of Gaza have left from Greek ports.



In a briefing before Papandreou’s visit here last month, one diplomatic official said that the Greeks – looking at the Israeli-Turkish and Turkish-US tensions – are realizing that strategic alliances in the region are shifting, and that this might be a good time to get closer to Israel as a way of warming ties with Washington.

When Israel had a close strategic alliance with Turkey, the official said, Athens gave up any thought of forging such an alliance with Israel. But now that the situation with Ankara has changed dramatically, Athens is seeing more opportunities with Jerusalem.

(Jerusalem Post)
 

tommy271

Forumer storico
Housing prices dip up to 10 percent in first half



Residential property prices in the first six months of the year fell by an average of 4 to 10 percent, according to Aspis Real Estate, which described the market as “frozen” due to poor investor sentiment.
Prices of older properties in central Athens – with an average age of 20 years – saw the biggest drop, falling 10 percent, while the price of newly built properties in the northern suburbs showed the most resilience, dropping 4 percent.
Aspis Real Estate managing director Daniil Psomiadis said in a statement that the “necessary conditions for the market to rebound are an improvement in buyer sentiment, an increase in the flow of money from credit institutions and the normalization of the economic climate.”
In the southern suburbs, prices fell by an average of between 6 to 8 percent, depending on the age of the property, while prices in the western suburbs retreated by an across-the-board 8 percent.
According to experts, the real estate market is not seen as rebounding until the second half of 2011, due to the large number of unsold homes that flooded the market before the economy started contracting in 2009.
Low leveraging among property developers has allowed them to avoid slashing prices despite plunging demand.
Psomiadis also said that price drops and the deregulation of Greece’s closed professions, such as notaries, will help lower costs for buyers, and provide the market with a growth factor.
The Socialist government is expected to introduce legislation in the fall, opening up several state-regulated professions,such as pharmacists and engineers, to market conditions.


(Kathimerini.gr)
 
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