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tommy271
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Greek Banks: M&A Cannot Help Address Capital And Liquidity Issues
In a report dated October 4th, Bank of America-Merrill Lynch says that after a turbulent year for Greece, three banks that participated at a conference (Alpha, NBG and Piraeus) were realistically cautious about any near-term positive upswing in the fortunes of the Greek banking sector.
However, it notes there was still a concerted effort to persuade investors to keep in mind a) the accumulating momentum of structural reforms, b) the credible efforts made so far by the government in reducing the budget deficit, c) the strong improbability of any sovereign restructuring, d) the continuing efforts of Greek banks to re-price their assets and potential for reducing costs and e) the underleveraged nature of the banking sector.
The banks signalled that trends in asset quality are in-line with the progression seen in recent quarters and that we shouldn’t witness any unexpected acceleration in deterioration. NPLs are expected to peak in mid 2011.
All three banks gave a confident and supportive appraisal of the Greek government’s progress in enacting the wide-ranging structural reforms that are part of the austerity program. In particular they highlighted the better than expected progress in cutting expenditures in the over-leveraged public sector, and the necessary delay in tax system reforms as the government is currently rebuilding a credible collection mechanism with the close help of the IMF and other international advisers. Over the next two years, it was noted, there should be very good results with regards to tax collection.
All three banks stated that they saw the general economic logic behind consolidation in the Greek banking space in terms of creating domestic cost synergies and expanding a bank’s international network.
“However such moves would not, it was noted, help address the capital and liquidity issues facing the Greek banks. NBG also stated that its capital raising would not be used to fund M&A activity. Despite this, only 8% of investors believe that the Greek banking sector won’t face further consolidation,” ML said.
The brokerage reiterates its ratings and target prices on Alpha Bank (‘buy,’ price target at 8.1 euro, NBG (‘buy,’ target price of 11.3 euros) and Piraeus (‘neutral,’ price target at 6,1 euro.)
(Capital.gr)
In a report dated October 4th, Bank of America-Merrill Lynch says that after a turbulent year for Greece, three banks that participated at a conference (Alpha, NBG and Piraeus) were realistically cautious about any near-term positive upswing in the fortunes of the Greek banking sector.
However, it notes there was still a concerted effort to persuade investors to keep in mind a) the accumulating momentum of structural reforms, b) the credible efforts made so far by the government in reducing the budget deficit, c) the strong improbability of any sovereign restructuring, d) the continuing efforts of Greek banks to re-price their assets and potential for reducing costs and e) the underleveraged nature of the banking sector.
The banks signalled that trends in asset quality are in-line with the progression seen in recent quarters and that we shouldn’t witness any unexpected acceleration in deterioration. NPLs are expected to peak in mid 2011.
All three banks gave a confident and supportive appraisal of the Greek government’s progress in enacting the wide-ranging structural reforms that are part of the austerity program. In particular they highlighted the better than expected progress in cutting expenditures in the over-leveraged public sector, and the necessary delay in tax system reforms as the government is currently rebuilding a credible collection mechanism with the close help of the IMF and other international advisers. Over the next two years, it was noted, there should be very good results with regards to tax collection.
All three banks stated that they saw the general economic logic behind consolidation in the Greek banking space in terms of creating domestic cost synergies and expanding a bank’s international network.
“However such moves would not, it was noted, help address the capital and liquidity issues facing the Greek banks. NBG also stated that its capital raising would not be used to fund M&A activity. Despite this, only 8% of investors believe that the Greek banking sector won’t face further consolidation,” ML said.
The brokerage reiterates its ratings and target prices on Alpha Bank (‘buy,’ price target at 8.1 euro, NBG (‘buy,’ target price of 11.3 euros) and Piraeus (‘neutral,’ price target at 6,1 euro.)
(Capital.gr)
tommy271
Forumer storico
Greek Market Moves A Tad Higher
Athens stocks move in positive territory on Monday, with the draft budget that will be today tabled at the Parliament and the visit by the Chinese Premier being in the spotlight.
“The conclusion of NBG’s rights trading tomorrow, could give some relief to the market. Apart from banks, some interest could also be seen in PPC, as it is rumored that the Energy minister will announce the new electricity tariffs within the week,” Marfin Analysis says in its morning report.
“As for today, the market will most probably accumulate at current price levels with the risk lying to the downside though. 2011 budget deficit, draft of which will be presented today, should be in the spotlight,” it adds.
Across the board, the General Index advances 0.21% at 1,471.65 on a total turnover of 51.76 mil. euro.
(Capital.gr)
Athens stocks move in positive territory on Monday, with the draft budget that will be today tabled at the Parliament and the visit by the Chinese Premier being in the spotlight.
“The conclusion of NBG’s rights trading tomorrow, could give some relief to the market. Apart from banks, some interest could also be seen in PPC, as it is rumored that the Energy minister will announce the new electricity tariffs within the week,” Marfin Analysis says in its morning report.
“As for today, the market will most probably accumulate at current price levels with the risk lying to the downside though. 2011 budget deficit, draft of which will be presented today, should be in the spotlight,” it adds.
Across the board, the General Index advances 0.21% at 1,471.65 on a total turnover of 51.76 mil. euro.
(Capital.gr)
tommy271
Forumer storico
EU says China plans on Greece will help its recovery
BRUSSELS | Mon Oct 4, 2010 6:47am EDT
BRUSSELS Oct 4 (Reuters) - The Chinese prime minister's declaration that his country would buy Greek government bonds when Athens resumes issuing them will help in the country's economic recovery, the European Commission said on Monday.
"Support by investment and imports, a subject raised by the Chinese authorities will help the recovery of the Greek economy," Amadeu Altafaj, spokesman for the European Union's executive arm, told a daily news briefing.
"They (China) share our analysis that Greece is back on track when it comes to its adjustment programme," he added.
BRUSSELS | Mon Oct 4, 2010 6:47am EDT
BRUSSELS Oct 4 (Reuters) - The Chinese prime minister's declaration that his country would buy Greek government bonds when Athens resumes issuing them will help in the country's economic recovery, the European Commission said on Monday.
"Support by investment and imports, a subject raised by the Chinese authorities will help the recovery of the Greek economy," Amadeu Altafaj, spokesman for the European Union's executive arm, told a daily news briefing.
"They (China) share our analysis that Greece is back on track when it comes to its adjustment programme," he added.
tommy271
Forumer storico
Spread/Bund sul decennale a 782 pb.
E' da mesi che non vedevo un differenziale così basso ...
tommy271
Forumer storico
Greek Banks Deposit Outflow Halts In August
Greek business and household deposits grew in August, registering their first rise after seven straight months of shrinking, central bank data showed on Monday, Reuters reports.
The Bank of Greece data showed deposits in August rose 0.34 percent on the month to EUR213 billion.
Since January, deposits in this category are still off by EUR24.9 billion or 10.5 percent.
(Capital.gr)
***
Ne parlavamo questa mattina ...
Greek business and household deposits grew in August, registering their first rise after seven straight months of shrinking, central bank data showed on Monday, Reuters reports.
The Bank of Greece data showed deposits in August rose 0.34 percent on the month to EUR213 billion.
Since January, deposits in this category are still off by EUR24.9 billion or 10.5 percent.
(Capital.gr)
***
Ne parlavamo questa mattina ...
tommy271
Forumer storico
Chinese Banks Agree to Extend $267.8 Million of Loans to 3 Greek Shippers
By Paul Tugwell - Oct 4, 2010 2:06 PM GMT+0200 Mon Oct 04 12:06:09 GMT 2010
Chinese state-run banks agreed to $267.8 million in loans to three Greek shippers during a weekend visit to Athens by Chinese Premier Wen Jiabao, marking the first time such transactions have been exclusively financed by Chinese lenders, the Greek Prime Minister’s office said.
A $5 billion shipping fund will be set up to tighten relations between China’s and Greece’s maritime industries and facilitate the sale of Chinese-built vessels to Greek owners, Wen said two days earlier.
Diana Shipping Inc., Angelicoussis Shipping Group, and Cardiff Marine Inc., the private shipping arm of ship owner George Economou, received loans.
Diana, which owns bulk carriers, obtained an $82.6 million loan from the Export-Import Bank of China, according to a statement e-mailed late yesterday from Prime Minister George Papandreou’s office.
DnB NOR ASA, Norway’s largest bank, acted as agent for the 10-year loan, which will be used to part finance $118 million for two new bulk ships, each of which has a carrying capacity of 206,000 deadweight tons, that have been ordered from China Shipbuilding Trading Co. and Jiangnan-Changxing Shipbuilding Co. Delivery is scheduled for the second and third quarters 2012, Athens-based Diana said today in an e-mailed statement.
Angelicoussis, based in Athens, obtained a $111 million loan from the Export-Import Bank, with DnB NOR acting as agent, and Cardiff Marine obtained a $74.2 million loan from China Development Bank Corp.
Cardiff Marine company also signed a cooperation agreement with the China Classification Society, which assesses the classes of vessels. The Greek shipper will use the loan to pay for a very large crude oil tanker, Hellenic Shipping News reported earlier today. China’s Jiangsu Rongsheng Heavy Industry Group Co. announced an order on Aug. 24 for two VLCCs from Cardiff Marine.
(Bloomberg)
By Paul Tugwell - Oct 4, 2010 2:06 PM GMT+0200 Mon Oct 04 12:06:09 GMT 2010
Chinese state-run banks agreed to $267.8 million in loans to three Greek shippers during a weekend visit to Athens by Chinese Premier Wen Jiabao, marking the first time such transactions have been exclusively financed by Chinese lenders, the Greek Prime Minister’s office said.
A $5 billion shipping fund will be set up to tighten relations between China’s and Greece’s maritime industries and facilitate the sale of Chinese-built vessels to Greek owners, Wen said two days earlier.
Diana Shipping Inc., Angelicoussis Shipping Group, and Cardiff Marine Inc., the private shipping arm of ship owner George Economou, received loans.
Diana, which owns bulk carriers, obtained an $82.6 million loan from the Export-Import Bank of China, according to a statement e-mailed late yesterday from Prime Minister George Papandreou’s office.
DnB NOR ASA, Norway’s largest bank, acted as agent for the 10-year loan, which will be used to part finance $118 million for two new bulk ships, each of which has a carrying capacity of 206,000 deadweight tons, that have been ordered from China Shipbuilding Trading Co. and Jiangnan-Changxing Shipbuilding Co. Delivery is scheduled for the second and third quarters 2012, Athens-based Diana said today in an e-mailed statement.
Angelicoussis, based in Athens, obtained a $111 million loan from the Export-Import Bank, with DnB NOR acting as agent, and Cardiff Marine obtained a $74.2 million loan from China Development Bank Corp.
Cardiff Marine company also signed a cooperation agreement with the China Classification Society, which assesses the classes of vessels. The Greek shipper will use the loan to pay for a very large crude oil tanker, Hellenic Shipping News reported earlier today. China’s Jiangsu Rongsheng Heavy Industry Group Co. announced an order on Aug. 24 for two VLCCs from Cardiff Marine.
(Bloomberg)
Jessica.
out of time...
..mah! ce la stanno mettendo tutta per creare in clima di distensione sulla vicenda greca...
..
e' difficile pensare che tra 6/12 mesi possano tornare i tempi bui che abbiamo vissuto nel recente passato.
tommy271
Forumer storico
Greece aims for 7.0 pct deficit in 2011- minister
ATHENS | Mon Oct 4, 2010 8:42am EDT
ATHENS Oct 4 (Reuters) - Greece will cut its budget deficit to 7.0 percent of GDP next year from a projected 7.8 percent in 2010, the country's deputy finance minister said on Monday.
"The important figure is the deficit in absolute numbers," Philippos Sachinidis told reporters after a cabinet meeting to approve the 2011 budget.
He said the fiscal gap in 2011 would be 16.285 billion euros, down from 18.508 billion this year.
ATHENS | Mon Oct 4, 2010 8:42am EDT
ATHENS Oct 4 (Reuters) - Greece will cut its budget deficit to 7.0 percent of GDP next year from a projected 7.8 percent in 2010, the country's deputy finance minister said on Monday.
"The important figure is the deficit in absolute numbers," Philippos Sachinidis told reporters after a cabinet meeting to approve the 2011 budget.
He said the fiscal gap in 2011 would be 16.285 billion euros, down from 18.508 billion this year.
- Stato
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