Jessica.
out of time...
...azzo, ci hanno straguadagnato allora.
sai come si dice, mal comune mezzo gaudio.....
di certo e' che perderanno sempre meno di noi..
Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1
- Creatore Discussione Imark
- Data di Inizio
- Stato
sai come si dice, mal comune mezzo gaudio.....
di certo e' che perderanno sempre meno di noi..
tommy271
Forumer storico
UBS Ups NBG To ‘Buy’
UBS raised National Bank of Greece to buy from neutral on the back of attractive valuation, weak share performance and strong capital levels, Dow Jones News wires reports.
The brokerage says that the NBG plans to sell a stake in, Finansbank, its Turkish unit, will serve as "a positive catalyst" and "will provide a visible value of the business, ranging from 40% to 80% of NBG’s current market cap."
The firm adds that NBG is now trading near historically low valuation of 0.8x stated book value.
Still, UBS cuts target price slightly to EUR10.40 from EUR10.80.
(Capital.gr)
***
Corporate.
UBS raised National Bank of Greece to buy from neutral on the back of attractive valuation, weak share performance and strong capital levels, Dow Jones News wires reports.
The brokerage says that the NBG plans to sell a stake in, Finansbank, its Turkish unit, will serve as "a positive catalyst" and "will provide a visible value of the business, ranging from 40% to 80% of NBG’s current market cap."
The firm adds that NBG is now trading near historically low valuation of 0.8x stated book value.
Still, UBS cuts target price slightly to EUR10.40 from EUR10.80.
(Capital.gr)
***
Corporate.
tommy271
Forumer storico
tommy271
Forumer storico
Barclay’s: Greece To Early To Restructure
Six months ago Barclay’s said it was too early to restructure Greek debt.
“We thought that, although the solvency challenge remained formidable, the contagion risk of debt restructuring at that point could be significant and, as a result, it would be irrational to push Greece into any early restructuring – even if we thought later restructuring could not be excluded. Six months on, Greece is outperforming its fiscal targets and contagion to other EU countries is less of a concern, partly because the ‘systemic’ peripheral economies, especially Spain, are now perceived as safer,” the firm said in a report dated October 28th.
Its baseline fiscal scenario indicates Greek public debt dynamics are on a knife-edge. Debt-to-GDP from 2014 onwards is on a weakly downward trajectory, assuming that the government reaches a primary surplus of 4% of GDP by 2015 and maintains it at that level thereafter. However, relatively small deviations in the macroeconomic (or fiscal) outlook could swiftly disrupt sustainability.
“ We think this debt-dynamics fragility explains to some extent why yields on Greek government bonds have remained stubbornly high.”
It believes it is still too early to contemplate a pre-emptive debt restructuring, as the costs would outweigh the gains. An orderly restructuring would make sense only when other options have been exhausted. There are still significant unknowns both about Greece’s ability to continue implementing its fiscal adjustment and its ability to grow.
“Until those issues are clarified, it is not possible to be categorical about the solvency (or not) of the country,” it says.
“Implicit in our assessment is our (realistic) assumption that any debt restructuring in Greece would be orderly as it would be backed by EU/IMF. Hence we are ruling out an Argentina-2001 type of default. This is crucial. If the alternative to a moderate restructuring today would be a messy default in the future, the advantages of doing something now would increase. However, we don’t think that trade-off exists. By waiting Greece is not making the problem worse, as it is undertaking a significant part of the fiscal adjustment that it will need to make anyway.
If everything else fails and debt restructuring were to happen, we estimate that recovery values would be around 50%, higher than our estimates six months ago, due to the fiscal progress made since then. At current bond spreads of 770bp, the implied probability of default over the next 3–5 year period is around 50%. While many investors may believe actual probabilities are higher, we believe these implied probabilities now reflect properly the underlying risks.”
(Capital.gr)
***
Six months ago Barclay’s said it was too early to restructure Greek debt.
“We thought that, although the solvency challenge remained formidable, the contagion risk of debt restructuring at that point could be significant and, as a result, it would be irrational to push Greece into any early restructuring – even if we thought later restructuring could not be excluded. Six months on, Greece is outperforming its fiscal targets and contagion to other EU countries is less of a concern, partly because the ‘systemic’ peripheral economies, especially Spain, are now perceived as safer,” the firm said in a report dated October 28th.
Its baseline fiscal scenario indicates Greek public debt dynamics are on a knife-edge. Debt-to-GDP from 2014 onwards is on a weakly downward trajectory, assuming that the government reaches a primary surplus of 4% of GDP by 2015 and maintains it at that level thereafter. However, relatively small deviations in the macroeconomic (or fiscal) outlook could swiftly disrupt sustainability.
“ We think this debt-dynamics fragility explains to some extent why yields on Greek government bonds have remained stubbornly high.”
It believes it is still too early to contemplate a pre-emptive debt restructuring, as the costs would outweigh the gains. An orderly restructuring would make sense only when other options have been exhausted. There are still significant unknowns both about Greece’s ability to continue implementing its fiscal adjustment and its ability to grow.
“Until those issues are clarified, it is not possible to be categorical about the solvency (or not) of the country,” it says.
“Implicit in our assessment is our (realistic) assumption that any debt restructuring in Greece would be orderly as it would be backed by EU/IMF. Hence we are ruling out an Argentina-2001 type of default. This is crucial. If the alternative to a moderate restructuring today would be a messy default in the future, the advantages of doing something now would increase. However, we don’t think that trade-off exists. By waiting Greece is not making the problem worse, as it is undertaking a significant part of the fiscal adjustment that it will need to make anyway.
If everything else fails and debt restructuring were to happen, we estimate that recovery values would be around 50%, higher than our estimates six months ago, due to the fiscal progress made since then. At current bond spreads of 770bp, the implied probability of default over the next 3–5 year period is around 50%. While many investors may believe actual probabilities are higher, we believe these implied probabilities now reflect properly the underlying risks.”
(Capital.gr)
***
Abulico
Forumer storico
Mah...sento parlare di "meccanismi" che permetterebbero ad uno stato dell'Eurozona di operare un haircut o simili al suo debito senza per questo coinvolgere altri stati membri....
A me paiono favole...
Un detto napoletano recita: "vuliss' campa' pe' vede' a'fine ca fai"
A me paiono favole...
Un detto napoletano recita: "vuliss' campa' pe' vede' a'fine ca fai"
tommy271
Forumer storico
Greek Bonds Slump on Budget Concern; Bunds Rise on Safety Bid
By Lukanyo Mnyanda - Oct 29, 2010 2:07 PM GMT+0200 Fri Oct 29 12:07:51 GMT 2010
Greek bonds fell, leading weekly declines by peripheral European securities on concern the nation will struggle to meet deficit targets, pushing the debt’s extra yield over German securities to the highest level in a month.
German bunds gained on concern a proposed European Union permanent debt-crisis mechanism may penalize investors, encouraging demand for safety. Portuguese bonds were headed for a second weekly decrease as a survey showed the opposition Social Democrats increased their poll lead over Prime Minister Jose Socrates’ Socialist Party.
“The periphery remains vulnerable,” said Patrick Jacq, a senior fixed-income strategist at BNP Paribas SA in Paris. “Greece is still suffering.”
The yield on Greece’s 10-year bond rose 29 basis points, or 0.29 percentage point, to 10.69 percent at 1 p.m. in London. The extra yield, or spread, that investors demand to hold the securities instead of benchmark German bonds touched 814 basis points, the widest level since Sept. 30 based on closing prices. The spread hadn’t been above 800 basis points since Oct. 1.
German Chancellor Angela Merkel won European Union backing for a rewrite of EU treaties to create a permanent debt-crisis mechanism by 2013 to prevent a repeat of the Greece-led shock that jolted the euro.
Merkel’s crisis-resolution plan foresees an extension of debt maturities, suspension of interest payments and a waiver on creditors’ claims, the Handelsblatt newspaper reported yesterday, citing an unidentified government official.
‘Default Regulation’
Such a proposal might be seen as “a step toward government default regulation,” said Christoph Kind, who helps invest about $20 billion as head of asset allocation at Frankfurt Trust in Frankfurt. “The market is pricing in the danger that this is going to be realized at some point.”
Greece is likely to default within the next three years because budget-cutting measures won’t be enough to reduce the nation’s sovereign-debt burden, Pacific Investment Management Co. Chief Executive Officer Mohamed A. El-Erian said at a New York conference this week.
Portugal’s 10-year bond yield dropped four basis points to 5.90 percent after rising earlier today. The spread over similar German securities was 336 basis points after earlier climbing above 350 basis points, the widest since Oct. 14.
A survey published today by Portugal’s Catholic University indicated 40 percent backing from voters for the Social Democratic Party, 3 percentage points higher than in a June survey, Diario de Noticias reported today. The Socialists had 26 percent support, 8 percentage points less than in the previous poll, according to Diario.
Budget Proposals
The Social Democrats will consider any proposals the government may still make regarding its 2011 budget, leader Pedro Passos Coelho said in a conference today. Prime Minister Jose Socrates said yesterday the government would make an effort to reach an agreement.
“There are a lot of event risks coming up, with the Portuguese budget and the Greek local elections,” said Orlando Green, assistant director of capital-markets strategy at Credit Agricole SA in London. “There’s a build-up of immediate risks that the markets are nervous about. In terms of the EU, this brings something else into the ball game, which the markets will be looking at.”
German 10-year bund, Europe’s benchmark security, gained today, pushing the yield down one basis point to 2.55 percent. The yield was still headed for its first back-to-back monthly gains since May 2009. Bunds were supported by speculation that the Federal Reserve will resume buying debt.
Peripheral Nations
Debt of the peripheral nations gained earlier this month as optimism that the region’s recovery would be sustained eased concern that the nations would default.
German bonds have lost 1.3 percent this month, compared with a 0.5 percent decrease for U.S. Treasuries, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. Portugal’s securities gained 2.7 percent, while those of Greece returned 0.7 percent.
Euro-area countries sold 70 billion euros ($97 billion) of bonds in October, meaning they have covered 90 percent of their funding needs for the year, according to UniCredit SpA.
The new supply compared with 90 billion euros in September and pushed total sales for the year so far to 870 billion euros, Chiara Cremonesi, a market strategist at UniCredit in London, wrote in a client note today.
(Bloomberg)
By Lukanyo Mnyanda - Oct 29, 2010 2:07 PM GMT+0200 Fri Oct 29 12:07:51 GMT 2010
Greek bonds fell, leading weekly declines by peripheral European securities on concern the nation will struggle to meet deficit targets, pushing the debt’s extra yield over German securities to the highest level in a month.
German bunds gained on concern a proposed European Union permanent debt-crisis mechanism may penalize investors, encouraging demand for safety. Portuguese bonds were headed for a second weekly decrease as a survey showed the opposition Social Democrats increased their poll lead over Prime Minister Jose Socrates’ Socialist Party.
“The periphery remains vulnerable,” said Patrick Jacq, a senior fixed-income strategist at BNP Paribas SA in Paris. “Greece is still suffering.”
The yield on Greece’s 10-year bond rose 29 basis points, or 0.29 percentage point, to 10.69 percent at 1 p.m. in London. The extra yield, or spread, that investors demand to hold the securities instead of benchmark German bonds touched 814 basis points, the widest level since Sept. 30 based on closing prices. The spread hadn’t been above 800 basis points since Oct. 1.
German Chancellor Angela Merkel won European Union backing for a rewrite of EU treaties to create a permanent debt-crisis mechanism by 2013 to prevent a repeat of the Greece-led shock that jolted the euro.
Merkel’s crisis-resolution plan foresees an extension of debt maturities, suspension of interest payments and a waiver on creditors’ claims, the Handelsblatt newspaper reported yesterday, citing an unidentified government official.
‘Default Regulation’
Such a proposal might be seen as “a step toward government default regulation,” said Christoph Kind, who helps invest about $20 billion as head of asset allocation at Frankfurt Trust in Frankfurt. “The market is pricing in the danger that this is going to be realized at some point.”
Greece is likely to default within the next three years because budget-cutting measures won’t be enough to reduce the nation’s sovereign-debt burden, Pacific Investment Management Co. Chief Executive Officer Mohamed A. El-Erian said at a New York conference this week.
Portugal’s 10-year bond yield dropped four basis points to 5.90 percent after rising earlier today. The spread over similar German securities was 336 basis points after earlier climbing above 350 basis points, the widest since Oct. 14.
A survey published today by Portugal’s Catholic University indicated 40 percent backing from voters for the Social Democratic Party, 3 percentage points higher than in a June survey, Diario de Noticias reported today. The Socialists had 26 percent support, 8 percentage points less than in the previous poll, according to Diario.
Budget Proposals
The Social Democrats will consider any proposals the government may still make regarding its 2011 budget, leader Pedro Passos Coelho said in a conference today. Prime Minister Jose Socrates said yesterday the government would make an effort to reach an agreement.
“There are a lot of event risks coming up, with the Portuguese budget and the Greek local elections,” said Orlando Green, assistant director of capital-markets strategy at Credit Agricole SA in London. “There’s a build-up of immediate risks that the markets are nervous about. In terms of the EU, this brings something else into the ball game, which the markets will be looking at.”
German 10-year bund, Europe’s benchmark security, gained today, pushing the yield down one basis point to 2.55 percent. The yield was still headed for its first back-to-back monthly gains since May 2009. Bunds were supported by speculation that the Federal Reserve will resume buying debt.
Peripheral Nations
Debt of the peripheral nations gained earlier this month as optimism that the region’s recovery would be sustained eased concern that the nations would default.
German bonds have lost 1.3 percent this month, compared with a 0.5 percent decrease for U.S. Treasuries, according to indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies. Portugal’s securities gained 2.7 percent, while those of Greece returned 0.7 percent.
Euro-area countries sold 70 billion euros ($97 billion) of bonds in October, meaning they have covered 90 percent of their funding needs for the year, according to UniCredit SpA.
The new supply compared with 90 billion euros in September and pushed total sales for the year so far to 870 billion euros, Chiara Cremonesi, a market strategist at UniCredit in London, wrote in a client note today.
(Bloomberg)
Jessica.
out of time...
...ciao Pier, per come la vedo io, fino a meta' novembre, si rimane laterali con puntate verso la parte bassa del rettangolo.
Io seguo la '25 a cui ho associato (50) come supporto e (55) come resistenza..
Per il momento i 55 sono stati violati..(la quotazione era oltre) percio' puo' tranquillamente tornare sui (50).. lasciando per strada un buon 10%
L'uscita del premier sulle elezioni anticipate ( anche se mi e' sembrata piu' una provocazione) non mi e' piaciuta per niente.
sono bastati un paio di giorni per vederla sulla parte bassa del rettangolo.
Oggi ha segnato 50.80...
ferdo
Utente Senior
sono bastati un paio di giorni per vederla sulla parte bassa del rettangolo.
Oggi ha segnato 50.80...
sì pero mi pare sia stato un unico scarico ...
peccato non mi abbia preso, ero poco più sotto
Ps fino a 2 gg si è scesi senza volumi, ma penso che oggi siano stati elevati come ai bei tempi!
Stasera da controllare.
Jessica.
out of time...
sì pero mi pare sia stato un unico scarico ...
peccato non mi abbia preso, ero poco più sotto
Ps fino a 2 gg si è scesi senza volumi, ma penso che oggi siano stati elevati come ai bei tempi!
Stasera da controllare.
per ora 675k..
tommy271
Forumer storico
Greeks, Germans Settle Submarine Dispute
By CHRISTOPHER P. CAVAS
Published: 29 Oct 2010 09:50
PARIS - The long-standing dispute between the Greek Navy and German submarine maker ThyssenKrupp Marine Systems came to an apparent end Oct. 27 with the announcement that an agreement had been reached to deliver one completed submarine and resume work on two more.
With delivery of a payment to ThyssenKrupp said to be about 200 million euros ($277.5 million), the submarine Papanikolis, completed in 2006 by Howaldtswerke-Deutsche Werft (HDW) at Kiel, Germany, will be handed over to the Greek Navy, probably around mid-November. Work on two more Type 214 submarines will resume at Hellenic Shipyards in Greece under the Neptune II program to upgrade the Greek submarine fleet.
As part of the agreement, a 75.1 percent interest in the Greek shipyard will be transferred to the Abu Dhabi MAR group, which entered into a strategic partnership with ThyssenKrupp in March. The German firm already has helped Hellenic Shipyards modernize the shipyard, which now is able to simultaneously build two submarines.
Greece refused to accept the Papanikolis in 2006, claiming it did not meet all performance requirements. The submarine was tested by the German Federal Office of Defense Technology and Procurement in 2008 and declared then to meet or exceed all German and contractual seakeeping characteristics.
The Type 214 is one of the world's most advanced submarines. Using an air-independent fuel cell propulsion system, the submarines can remain submerged for several weeks.
Many of the components for the two submarines to be built in Greece will come from HDW in Germany.
With delivery of the Papanikolis, the Greek crew will come to Germany for further training and certification. The submarine is expected to get underway for Greece sometime next year.
(defensenews.com)
By CHRISTOPHER P. CAVAS
Published: 29 Oct 2010 09:50
PARIS - The long-standing dispute between the Greek Navy and German submarine maker ThyssenKrupp Marine Systems came to an apparent end Oct. 27 with the announcement that an agreement had been reached to deliver one completed submarine and resume work on two more.
With delivery of a payment to ThyssenKrupp said to be about 200 million euros ($277.5 million), the submarine Papanikolis, completed in 2006 by Howaldtswerke-Deutsche Werft (HDW) at Kiel, Germany, will be handed over to the Greek Navy, probably around mid-November. Work on two more Type 214 submarines will resume at Hellenic Shipyards in Greece under the Neptune II program to upgrade the Greek submarine fleet.
As part of the agreement, a 75.1 percent interest in the Greek shipyard will be transferred to the Abu Dhabi MAR group, which entered into a strategic partnership with ThyssenKrupp in March. The German firm already has helped Hellenic Shipyards modernize the shipyard, which now is able to simultaneously build two submarines.
Greece refused to accept the Papanikolis in 2006, claiming it did not meet all performance requirements. The submarine was tested by the German Federal Office of Defense Technology and Procurement in 2008 and declared then to meet or exceed all German and contractual seakeeping characteristics.
The Type 214 is one of the world's most advanced submarines. Using an air-independent fuel cell propulsion system, the submarines can remain submerged for several weeks.
Many of the components for the two submarines to be built in Greece will come from HDW in Germany.
With delivery of the Papanikolis, the Greek crew will come to Germany for further training and certification. The submarine is expected to get underway for Greece sometime next year.
(defensenews.com)
- Stato
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