Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1

[tommy271]

Schroders Analyst Sees More Aid For Greece



European member states may have to provide further financial support to debt within the next three years, Virginie Maisonneuve, head of global and international equities at Schroders told CNBC on Monday.

“We still are in a two-geared Europe where you have Germany, and to a certain extent some of the other countries like France, really benefiting from strength in emerging market demand…and then you have the southern belt, which is not out of its problems,” Maisonneuve said.

“We’re expecting that within three years we’ll need another package for Greece,” she added.

“The role of southern Europe should diminish and therefore we should be able to get by, but I think that expecting other packages along the way is very realistic,” Maisonneuve said.

(Capital.gr)

 

[Grisù]

Più o meno in linea con quanto previsto:

http://www.minfin.gr/content-api/f/...c/application/pdf/20100920_budget+Aug_EN3.pdf

 

[tommy271]

Athens Stocks Firmer On Tuesday



Greek market is trying to end its negative streak on Tuesday, with NBG topping the gainers list.

“The evident weakness of the Athens market is expected to remain, at least during the start of today΄s session, possibly driving the GI slightly lower. In essence, the incompetence of the domestic market to retain its intraday gains on numerous occasions during the last trading sessions, even when the momentum of market abroad is bullish, is more than indicative of the GI΄s downward momentum, the latter also affected by pressures asserted on banking equities due to NBG΄s rights issue. In this context, we expect a volatile session, with the GI possibly opening towards the 1,480 - 1,465 units, which consist today΄s 1st and 2nd support levels respectively, depending on the level of pressure asserted by sell-side investors, with a possible comeback to follow later in the day, bringing the Index towards the 1,505 units (today΄s pivot point),” Pegasus Securities says.

“We anticipate a nervous open in our domestic market, with further trading in NBG, which has gone ex-rights today, influencing the entire market sentiment,” ATE Securities says, with Kyprou Securities noting that banking sector behavior will set in the short term the overall tone of trade.

Across the board, the General Index rises 0.09% at 1,493.65 on a total turnover of 41.88 mil. Euro.

Financials were gaining as much as 3.23% with NBG up as much as 5.59%.

(Capital.gr)

 

[tommy271]

Greece sells 390 mln euros of 13-week t-bills, including 90 mln of non-competitive bids

• Yield 3.975%, down from previous 4.05%. Bid to cover ratio 6.25, sharply up from previous 3.85.

***

Bene, bene ... molto bene.

 

[tommy271]

Greece sells 13-week T-bills, yield drops to 3.98%





ATHENS, Sept 21 | Tue Sep 21, 2010 5:17am EDT



ATHENS, Sept 21 (Reuters) - Greece's Public Debt Management Agency (PDMA) sold 390 million euros ($512 million) of 3-month T-bills on Tuesday, continuing its new monthly programme of short-term debt sales.
The sale was well covered and Greece paid a yield of 3.98 percent, down from 4.05 percent in a previous sale in July, the debt agency said.
The bid-cover ratio was 6.25 versus 3.85 in the previous auction.

 

[Grisù]

Stendiamo un velo pietoso sulla parte in evidenza...

IMF officials propose a further cut in FY11 budget deficit to 7% of GDP - press

According to press reports, the IMF officials, which are currently visiting Greece to monitor and assist the composition of the FY11 State budget, will ask the government to take the appropriate measures to reduce the deficit to 7% of GDP, from 7.6% previously targeted. The IMF officials reportedly discussed the option for the estimated €1.5bn to be raised from the closing of old tax related disputes and directed towards reducing Greece's deficit faster accelerating the country's access to the capital markets. They also asked for detailed data on revenues and expenses for the municipality governments, hospitals, social security funds and public companies. Finally, press reports claim that the FY09 deficit may be revised upwards once again, exceeding 14% of GDP. The IMF officials are expected to conclude the intermediate valuation of the fiscal restructuring plan progress within the next couple of days, and will reportedly return at the end of next month to approve the third tranche of the loan towards Greece.

 

[Grisù]

Attenzione che le amiche agenzie potrebbero non aver completato il loro lavoro...

Fitch: Greece is taking the right steps, but may not be enough

A Fitch official said yesterday that the efforts of the Greek government are towards the right direction, however it might not be enough. Fitch has identified spending in the public sector, such as in transport and health, along with the government's weakness to increase budget revenues, among the major risks. The official mentioned that he is confident that the Greek government will meet its deficit targets for the year, while a small deviation of up to 0.2pp is acceptable. He also mentioned that Greece is barely holding on to its investment grade right now, despite the efforts to decrease the budget deficit. Recall that Greece's long term credit rating currently stands at "BBB-", with Negative Outlook. The rating agency will be visiting Greece probably at the end of October before taking any decisions on changing the country's rating.

 

[tommy271]

Attenzione che le amice agenzie potrebbero non aver completato il loro lavoro...

Fitch: Greece is taking the right steps, but may not be enough

A Fitch official said yesterday that the efforts of the Greek government are towards the right direction, however it might not be enough. Fitch has identified spending in the public sector, such as in transport and health, along with the government's weakness to increase budget revenues, among the major risks. The official mentioned that he is confident that the Greek government will meet its deficit targets for the year, while a small deviation of up to 0.2pp is acceptable. He also mentioned that Greece is barely holding on to its investment grade right now, despite the efforts to decrease the budget deficit. Recall that Greece's long term credit rating currently stands at "BBB-", with Negative Outlook. The rating agency will be visiting Greece probably at the end of October before taking any decisions on changing the country's rating.

Del resto Ficht è l'unica ad aver mantenuto la tripla BBB ...

 

[tommy271]

Greece Sells EUR390M 13-Week T-Bills, Average Yield Down To 3.98%



The Greek Public Debt Management Agency said it sold EUR390 million of 13-week treasury bills at an auction Tuesday, Dow Jones Newswires reports.

The amount sold includes a 30% non-competitive tranche.

Meanwhile, Greece’s debt chief said foreign investors bought most of today’s issue.

"Foreign investors bought about 72 percent," PDMA Chief Petros Christodoulou told Reuters.


Following are details of the auction, with amounts denominated in euros, as quoted by Dow Jones Newswires.

Figures in brackets are data from the previous auction held July 20.

Issue 13-week t-bills

Maturity Dec. 24, 2010
Amount on offer 300 mln
Bids received 1.874 bln
Bids accepted 390 mln
Bid-to-cover ratio 6.25 (3.85)
Uniform yield 3.98% (4.05%)
Cut-off price 99.005 (98.986)
Settlement date Sept. 24, 2010

(Capital.gr)

***
Più dettagliato ... a chi interessa.
Interessante la partecipazione di investitori esteri (chissà chi sono).
E' la prima asta, dopo tanto tempo, con eccellente bid/cover e rendimenti in calo.

 

[tommy271]

Investors rush to buy Greek bond issue: debt office


(AFP)


ATHENS — Greece raised 390 million euros via a three-month debt issue at a rate of 3.975 percent on Tuesday, with demand six times greater than the amount on offer, the Greek debt office said.
The office had intended to raise 300 million euros but said after an initial statement that bids totalled 1.874 billion euros and it had increased the amount raised to 390 million euros (429 million dollars).


Analysts had said before the operation that an important test for Greece was successfully placing a three-month issue at a yield or interest rate of less than 4.0 percent.
The last issue of three-month bonds on July 20, raising 1.5 billion euros, was made at 4.04 percent.


Greece was frozen out of the sovereign debt market four months ago when a debt crisis brought it close to default but it was then rescued with huge loans from the European Union and International Monetary Fund.
Since then, Greece has been dipping its toe back into the water and is now stepping up the rate of issuance.


Last week, Finance Minister George Papaconstantinou toured financial centres in Europe to explain to investors what Greece is doing to put its public finances in order and to restructure the economy.
The latest Greek issue was being watched closely because it coincided with sales by Ireland and Spain. Ireland in particular is under great pressure from the cost of a banking crisis and there were concerns that if its issue went badly, another round of great tension on eurozone bond markets could arise.


But the sales in Ireland and Spain also went well.
The head of the Greek debt management office Petros Christodoulou told AFP that the sale achieved "very good results" with a "very large participation by foreign banks, higher than last week.


That issue of bonds for six months raised 1.17 billion euros at 4.82 percent.
It is normal that the longer maturity of a debt instrument, the higher the interest it carries to compensate for the risk over time. The rate of 4.82 percent was considered high, however, reflected continuing concern about the standing of Greece as a borrower.