Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (20 lettori)

[tommy271]

T-bills sold but demand declines


Greece successfully auctioned yesterday nearly 400 million euros in treasury bills, albeit at a higher price than at the sale sale, as the number of investors betting that the country will not be able to meet its debt requirements grew.
The Public Debt Management Agency (PDMA) said the three-month T-bill sale, originally planned to raise 300 million euros, raised 390 million euros. The sale resulted in a yield of 4.1 percent, compared with 3.75 percent in a three-month T-bill auction on October 19.
“The rising yield reflects heightened concerns about Ireland and Portugal and partly also the revision of Greece’s deficit,” Stelios Vyzantinopoulos, senior fixed-income trader at Marfin Bank, told Reuters.
Yesterday’s auction was oversubscribed 4.98 times compared with 5.19 times on October 19.
Foreigners bought between 35 and 40 percent of yesterday’s offer, compared with more than half of the previous sale, according to the PDMA.
Greece began monthly treasury bill sales in September to maintain a presence in the market after its financial crisis blocked it out of the long-term debt market, with investors demanding prohibitively high interest rates for its bonds.
Greece led a surge in the cost of insuring European government debt yesterday after Austria threatened to block its next transfer of European Union funds on the grounds that Athens is not meeting its tax revenue goals.
Credit default swaps on Greece soared 86 basis points to 944, the highest since June 29, according to data provider CMA. Contracts on Ireland rose 22 basis points to 515, Portugal climbed 13 to 426, Italy increased seven to 188 and Spain was up eight at 259.
The Greek-German yield spread on 10-year bonds widened four basis points to 889 basis points.


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Un'analisi dell'asta dei bot/greek.

 

[tommy271]

S&P cuts rating on Cyprus


Ratings agency Standard and Poor’s (S&P) downgraded Cyprus’s sovereign rating by one notch to A yesterday, citing risks to public finances from the country’s financial system.
S&P also lowered the country’s outlook to negative.
“The downgrade reflects our opinion of increased vulnerabilities from embedded credit risk of the Cypriot financial system’s external assets and domestic loan book and the impact these could ultimately have on public finances,” said S&P credit analyst Benjamin Young in a statement.
Cyprus’s financial system, whose assets are more than seven times the size of the country’s annual gross domestic product, is exposed to Greek customers and Greece’s state debt while much domestic credit is collateralized by property assets, which have suffered a decline in value over the last two years.


(Kathimerini.gr)


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Ieri non ne abbiamo parlato ma è arrivato il downgrade di S&P su Cipro, in correlazione alle strette attività con la Grecia.

 

[tommy271]

Shipping profits

Diana Shipping Inc, a Greek owner of ships that move commodities including iron ore and coal, said third-quarter profit rose 18 percent as the company’s fleet expanded. Net income increased to $33.8 million, or 42 cents a share, from $28.7 million, or 36 cents, a year earlier, the Athens-based company said. Diana was expected to earn 40 cents a share, according to the average of 13 analyst estimates compiled by Bloomberg.



(Bloomberg)


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Ed intanto la barca va ... .

 

[tommy271]

Austria’s Proell Says Greek Tranche to Be Delayed Until January

November 17, 2010, 4:45 AM EST

By Rainer Buergin


Nov. 17 (Bloomberg) -- Austrian Finance Minister Josef Proell said payment of the next tranche of aid for Greece will be delayed until January.
“The Greek tranche will now be moved to January and not paid out in December,” Proell told reporters in Brussels today. “We’re now waiting for data from Greece, where things are looking significantly better now.”


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Occhio che questo ripete ancora la giornata di ieri ...

 

[stockuccio]

Modalità tecniche:

Ecco come opera il veicolo finanziario EFSF, salvagente dell'euro - Il Sole 24 ORE

prestare soldi a qualcuno in fin dei conti non è una cosa difficile ...
basta vedere se i soldi richiesti li hai e se chi te li chiede è ragionevolmente solvibile ...
nel caso il bisognoso non lo sia si verfica che lo siano i fidejussori
nel caso non lo siano ... si può scegliere di perdere soldi oppure no

 

[tommy271]

Grecia, Austria rinvia tranche aiuti a gennaio da dicembre

mercoledì 17 novembre 2010 10:46

BRUXELLES (Reuters) - Il ministro delle Finanze austriaco, Josef Proell, ha annunciato che la prossima tranche del pacchetto di aiuti alla Grecia è stata rinviata a gennaio da dicembre.
Riferendosi ai colloqui di ieri sera tra i ministri delle Finanze della zona euro su Irlanda, Portogallo e Grecia, "abbiamo discusso della Grecia molto brevemente e la tranche greca non sarà pagata a dicembre ma rinviata a gennaio", ha detto Proell.
"Stiamo aspettando i dati della Grecia ma sembrano in significativo miglioramento", ha aggiunto parlando con i giornalisti.
Il ministro non ha chiarito se il rinvio del pagamento riguarda solo il contributo asutriaco o l'intero pacchetto.
Ieri Proell aveva dichiarato che la Grecia non ha rispettato gli impegni legati all'ottenimento del pacchetto di aiuti europeo e che l'Austria non ha ancora stanziato il contributo di dicembre, pari a 190 milioni di euro, che, ha sottolineato, non è automatico.
Dopo le parole del ministro austriaco i futures sul bund hanno toccato i massimi di seduta e gli spread dei periferici si sono allargati.

 

[tommy271]

Spread periferici allargano su incertezza Irlanda e Grecia

mercoledì 17 novembre 2010 10:54



LONDRA, 17 novembre (Reuters) - Spread in allargamento per il Btp e per tutti i titoli di stati periferici, in un mercato che vede ancora lontano un accordo europeo sul salvataggio dell'Irlanda.
A pesare sulla periferia, e contemporaneamente a spingere i Bund sui massimi di seduta, è anche la decisione dell'Austria di posporre a gennaio, rispetto alla scadenza prevista di dicembre, il pagamento della propria tranche di aiuti alla Grecia. Anche se dai commenti del ministro delle Finanze di Vienna non è emerso con chiarezza se si tratti di una decisione solo austriaca o di tutta l'Ue.
Alle 10,40, su piattaforma Tradeweb, lo spread tra Btp e Bund decennali IT10YT=TWEB DE10YT=TWEB tratta in area 166 punti base, 6 in più di ieri, con un massimo toccato, poco prima, a 167 pb. Venerdì 12 lo spread italiano aveva raggiunto il massimo dall'introduzione dell'euro a quota 191.
Lo spread Spagna-Germania, sempre sul decennale EST10YT=TWEB DE10YT=TWEB, allarga di 7 pb a quota 207; quello portoghese PT10YT=TWEB DE10YT=TWEB di 9 a 440 pb; il differenziale irlandese IE10YT=TWEB DE10YT=TWEB tratta in area 595 pb, un decina in più di ieri.

 

[tommy271]

Juncker: Greece on track



ANA-MPA/The Eurogroup Council expressed satisfaction with progress in Greece's stability program, the substantial reduction of the fiscal deficit achieved in 2010, and over Eurostat's full validation of the Greek fiscal statistics, in a statement issued late Tuesday in Brussels, which also pointed out the need for reduction of state spending in 2011.
In reference to the Eurogroup statement on the situation in Greece, the group president Jean-Claude Juncker noted the Greek government's strong tommitment to take the necessary additional measures in the context of the 2011 budget, so that next year the ambitious target of containing the fiscal deficit at 17 billion euros will be achieved.
He said that the Greek government must clarify the final details of the additional measures and include them in the 2011 budget and in the revised Memorandum, and stressed the need for further reduction of state spending and for accelerating the structural reforms, particularly in the areas of taxation, job markets, the business environment and public administration.


(ana.gr)

 

[tommy271]

Il punto della situazione:

Ue, rinvio di un mese del prestito per salvare la Grecia dalla bancarotta - Corriere della Sera

 

[tommy271]

Citi Remains Underweight On Greek Banks



“Greek banks are the worst performing European banks YTD at -49% down with the sector down -8% and the overall market up +5%. The decline has been driven by earnings downgrades: -60% YTD for Citi and consensus,” the firm says in a report dated November 17th.


It says the challenges remain capital, asset/loan quality and funding and the least affected on these counts is Alpha. Agricultural and Piraeus are the most affected. EFG and Postal are in-between. NBG is the best capitalized Greek bank but faces uncertainty on funding and asset quality.

It estimates Agricultural would need an additional €1.6bn (beyond the €250m already announced) while EFG would need an additional €680m (beyond €500m of Polbank/DIAS initiatives). Alpha, NBG and Postal screen best on capital. If GGB prices decline further from here, capital needs may rise.

If GDP growth turns positive in 2012, Citi expects the NPL cycle for the banks we cover to peak in 2011, at below 12%. NBG and Alpha have the highest expected 2011 NPL ratios. NBG and EFG have the highest expected cost of risk in 2011. Provisions should not be capital-destroying, however.

Under the firm’s estimates, up to €40bn of deposit and wholesale funding could return to the Greek market over the next few years. However, that would still mean the ECB would be providing €35-50bn years from now. While all Greek banks are dependent on the ECB, Postal and Alpha are less so.

“We reduce our EPS estimates and target prices for most banks. We reiterate our Hold (2H) ratings on Alpha, EFG and NBG and our Sell (3H) rating on Agricultural. We also downgrade Piraeus and Postal Savings to Sell (3H). We believe dilution from Piraeus’ capital raise is not fully reflected in the shares. Postal’s valuation implies a 50% M&A premium which we find unrealistic.”

(Capital.gr)