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

[tommy271]

Greece and Uruguay sign economic and tourism bilateral agreements


Balkan Business News Correspondent - 12.10.2010


Deputy Foreign Minister Spyros Kouvelis and his counterpart from Uruguay Roberto Conde signed two bilateral agreements on economic and tourism cooperation during a meeting held in Athens on October 1.

Minister Kouvelis noted that Uruguay "was an exceptionally friendly country and a very important partner for promoting our partnerships in the region of Latin America, in our effort to promote the outward nature of the Greek economy."

Of particular interest is cooperation between the two countries in the shipping sector, given that Greek shipping is significantly represented in Uruguay, while the two sides noted the need to cooperate on a regional level in the framework of the EU and Mercosur and noted that the two organisations should take a greater interest in the needs and interests of small countries. Source; Invest in Greece.


***
Frattaglie.

 

[LUP1051]

Ciao a tutti, oggi ho acquistato la seguente obbligazione della Grecia GGB SET37 EUR 4,5; qualcuno ha qualche opinione in merito? Da un po' tenevo d'occhio le obbligazioni Grecia ma poichè continuavano a salire mi sono deciso ad entrare... Grazie a tutti

Anch'io.

Dopo il 22/10, forse incremento la 22.

 

[tommy271]

Top Performers



Greek bonds were Europe’s best performers in the third quarter, rising 4.8 percent and gaining for the first time since last year when the sovereign debt crisis began, indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies show. Even with the rally, the yield premium for 10- year Greek bonds was 701 basis points more than Germany, the most of any euro nation. The gap narrowed yesterday to the lowest level since June 22.

Lower borrowing costs make it cheaper for Greece to fund its budget deficit, the euro-region’s second largest, and brings the country closer to fulfilling its stated aim of returning to the bond market next year.
Greece sold 480 million euros of 13-week bills on Sept. 21 and Sept. 22 at 3.98 percent, about a week after issuing 1.44 billion euros of 26-week bills. It has borrowed 29 billion euros from the European Union and IMF at a floating rate that is currently at about 5 percent and hasn’t sold fixed-income securities with a longer maturity than 26 weeks since April.
The yield on the six-month securities sold last month was 5.35 percent as of yesterday.



‘Attractive’ Yield


“Investors could find 5.4 percent, the yield at which the six-month area on the Greek curve trades, rather attractive, given that Greek financing needs over that period will still be completely covered by the IMF-EU loan,” said Chiara Cremonesi, a market strategist at UniCredit SpA in London.

Moody’s Investors Service, which downgraded Greece’s credit rating to non-investment grade in June, said on Oct. 5 that it’s “impressed” with the country’s overhaul of its public finances. The risk to the country’s sovereign rating forecast “is to the upside,” assuming reforms continue, Moody’s said.

Yields on 10-year Greek bonds remain the highest in the euro region, at 9.28 percent. That compares with 6.55 percent for Ireland, 6.24 percent for Portugal, 3.99 percent for Spain and 3.73 percent for Italy.


Tax Revenue


Greek markets have declined since the end of last year when the newly-elected Pasok government said the budget deficit was twice as big as the previous administration indicated. The budget deficit shrank 31 percent in the first nine months of 2010, the Athens-based Ministry of Finance reported yesterday. The reduction occurred as the government cut expenses such as wages and pensions to counter tax evasion, an inefficient tax collection process and a shrinking economy.

“We are doing the best we can and hopefully the market will reward us,” said Petros Christodoulou, the head of the nation’s debt management office, in an Oct. 8 e-mailed response to questions.
Revenue from Greek taxes ranked among the lowest in the EU at 32.6 percent of GDP, compared with an average 39.3 percent in the EU-27, according to a 2009 report from Eurostat.


“From a trading perspective, I see value in Greek bonds,” said Christoph Kind, head of asset allocation at Frankfurt Trust, which oversees about $20 billion. “That’s not to say all problems in Greece are resolved and it’s going to get better from here. It’s still a long and winding road ahead of them.”


(Bloomberg)


Greek Borrowing Costs Poised to Decline After IMF Loan Offer: Euro Credit - Bloomberg

 

[tommy271]

PIREO E QUESTIONI GRECO/TURCHE



The exploitation of Piraeus from COSCO is of particular concern to Turkey. Turkish businessmen are worried that Chinese products will reach Europe via Greece. The Chinese plans to build a transit center in Piraeus where Chinese products will be transported in Europe, which is causing concern to many Turkish export companies. The strong competition from Asia not only worries business logistics of Bosporus but also the clothing industry.


Approximately 50% of the European imports of textile products come from China and 8% from Turkey. The Turkish textile industry feels threatened by the prospect of Chinese companies operating in Piraeus port. The president of the Association of Textile of Istanbul Hikmet Tanrivernti said to the Deutche Welle: ”It is a problem for us when someone decides to promote the massive importation. If for example almost ready clothing would be moved there, the companies pay low taxes and then the production is finished with some simple moves, then we would have a big problem. We are also concerned if the label of made in changes.”


Turkey’s importance is reduced:
The expert on Chinese issues Seljuk Tsolakoglou, is concerned on the development in port of Piraeus: “For Turkey it is an advantage the ability to quickly produce small quantities. The fact is that now our country is losing the advantage of proximity to Europe with the operation of Piraeus with the Chinesse. Seljuk Tsolakoglou fears that the Chinese will simply store their products in Piraeus.” For the Chinese, the Turkish proposal should have a comparative advantage. There was such an alternative sea passage from which Chinese goods pass through Turkey to markets around Europe, North Africa, Russia and the Middle East.
Turkish experts have expressed disappointment that the trade agreement for the operation in Piraeus will diminish the importance of Turkey as a staging post for Chinese goods.


(Greek reporter.gr)

 

[tommy271]

Pareri:

FMI e aiuti alla Grecia: un'inutile partita di giro - Vale un minuto - Finanze.net - Informazioni sui mercati finanziari

 

[tommy271]

La cronaca (e i retroscena) dei "giorni caldi" della Grecia e dell'Euro.
La scorsa settimana già postata in inglese.

http://www.ilsole24ore.com/art/comm...giorni-euro-sfioro-085259.shtml?uuid=AYdhPBZC

 

[tommy271]

EURO GOVT-Bonds open higher, focus on QE and Greece



LONDON | Tue Oct 12, 2010 2:25am EDT



LONDON Oct 12 (Reuters) - German government bond futures opened up on Tuesday, tracking gains overnight by U.S. Treasuries and awaiting minutes from a recent Federal Reserve meeting to shed light on the time of any monetary easing.
The Fed meets to determine interest rates in early November and U.S. jobs data on Friday heightened expectations the central bank will restart buying of Treasuries in a bid to boost the flagging world's biggest economy. See poll [ID:nNLL8LE6JH]


U.S. markets were on holiday on Monday, meaning Friday's figures, showing 95,000 jobs were shed in September, were still reverberating.
"The market is preparing the ground for U.S. QE and there is nothing overnight to upset that," a dealer in London said.
He said the FOMC minutes of the Sept. 21 meeting due at 1800 GMT could provide insight into the timing of Fed action.
By 0604 GMT, the December Bund future FGBLc1 was up 20 ticks on the day at 131.83.


Greek bonds were also expected to continue a strong run after the International Monetary Fund said its loans to the debt-stricken country could be stretched out or replaced if Athens still has problems with refinancing.
Greek officials added late on Monday that they were discussing drawing out repayment of European Union and IMF aid, although there was no decision yet.
The Greek 10-year bond yield GR10YT=TWEB fell by more than 50 basis points on Monday in light of the talk.
"The gains by core Europe won't be at the expense of peripheral issuers. We should see countries like Greece have a good day's trade, with yields on the 10-year bond likely to fall nearer to 9.0 percent," he added.

 

[tommy271]

Yesterday we reported that the IMF could stretch out or replace the Greek bailout loans (due in 2013) if refinancing worries would linger in the markets. The news provided a strong boost in Greek bond markets where confidence grew that Europe wouldn’t let the country down if Greece would still need additional support.

This had a serious impact on the 5-year and the 10-year Greek-German yield spread. The spreads narrowed respectively by 60 bps and 52 bps, despite reactions from the German corner. Germany’s finance ministry spokesman declared later yesterday that Greece should implement their existing bailout plan (imposed by the ECB, IMF and European Commission) as agreed.

In the periphery, this news also resulted in a narrowing in the spreads. Noteworthy in the positive sense is the Portuguese/ German yield spread which narrowed by 10 bps. In the “negative” sense there was the Irish/German spread, which only declined a disappointing 4 bps. Besides the improved yield spreads, there was even more good news coming from Greece. National Bank (NBG), their largest lender, completed a very successful cash raise (€1.8B) by offering a combination of shares and equity notes. The rights issue was1.8 times oversubscribed.





The ECB reached the lowest level of weekly bond purchases since the program started in May (€9M). Given the recent easing of tensions in the peripheral bond markets, this might be a sign that investors start regaining confidence in these markets. ECB financing for Portuguese banks also fell for the first time this year (a 19% decrease from €49.1B in August to €39.7 in September).

Finally we pick up a story from last week. As you recall, there were some rumours on the possible renegotiation with senior debt holders of Ireland’s two nationalised banks. Whereas Brian Lenihan, Ireland’s minister of finance, at first declared that no losses would be imposed upon them, he now shades this statement by saying that he would encourage discussions (by consent) between banks and senior bondholders if an outcome with mutual advantages was possible.


Qui trovate l'analisi completa:

Market calendar is quite uneventful

 

[tommy271]

Greek 9M Central Government Deficit Down 31.1%



Greece΄s nine month central government budget deficit dropped 31.1% beating a 26.9% target, the Finance Ministry said late Monday.

According to provisional data, deficit for the January-September budget declined to EUR16.2 billion compared to EUR23.5 billion for the same time last year.

Net revenues rose 3.7% on the year and budget expenditures shed 7.1% over the nine months.

(Capital.gr)

 

[tommy271]

Conduit Capital: 2011 Key Test For Greece



Conduit Capital Markets says Greece΄s fiscal progress is on track and the debt chocked nation has already tackled some challenging reforms, Dow Jones Newswires reports.

Still, Conduit expects 2011 to be the key test.

"Given the size and importance of fiscal measures planned for 2011, we think 2011 will show if Greece can deliver on the IMF/EU programme and has the stamina to go the distance," says analyst Anke Richter.

"We prefer short-dated bonds up to summer 2011 and the long end," Richter adds.

(Capital.gr)