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

[tommy271]

Borsa Atene: Ase chiude a -0,8%; Alpha -7%, Ppc -3,7%


MILANO (MF-DJ)--L'indice Ase di Atene cede lo 0,8% a 1661,6 punti.
I guadagni si disperdono a fine seduta in scia a indiscrezioni su ulteriori aumenti di capitale delle banche nazionali. Il sottoindice bancario chiude a -2,5%. "L'attenzione degli investitori e' rivolta al vertice dei leader Ue per ricevere un orientamento sulla crisi del debito", commenta un analista.
In rosso Alpha a -7%, Ppc a -3,7% e Piraeus il 3,5%. In calo anche Eurobank a -3%, Hellenic Telecoms a -2,1% e National che perde l'1,6%.

 

[tommy271]

Greece’s PPC Invites Interest for EU600 Million Solar Project

By Paul Tugwell - Feb 4, 2011 5:15 PM GMT+0100 Fri Feb 04 16:15:22 GMT 2011

Public Power Corp SA, Greece’s biggest electricity producer, also known as PPC, invited potential strategic partners for the world’s biggest solar project to show their interest by March 31.
The partner will help to secure financing for the construction, development and operation of a 200-megawatt photovoltaic park in northern Greece on PPC land, the Athens- based company said in an invitation published today in the Financial Times newspaper.
Interested parties must show average net assets of more than 500 million euros ($678.2 million) over the last three years, according to the invitation. They must also have raised project funding of more than 300 million euros and show experience in the development and operation of solar power stations.
The proposed 600 million-euro solar park will reduce Greece’s carbon dioxide emissions by 300,000 metric tons a year, Public Power Chief Executive Officer Arthouros Zervos said Jan. 21. The biggest solar park is currently in Canada and generates 97 megawatts, he said.



(Bloomberg)

 

[tommy271]

Eurozone risk perceptions fall while Egypt remains on a knife edge



The cost of insuring against an Egyptian default remained volatile today, as the tense stand-off between protesters and government supporters continued across the country. Spreads on Egyptian credit default swaps (CDS) narrowed from 389 basis points at close of play yesterday to 377bp by 1.00pm UK time today, according to financial data provider Markit. Although the violence that has raged between the two groups over the past two days seems to have abated, pro-democracy forces remain entrenched in central Cairo, and Western leaders have put pressure on president Hosni Mubarak to begin the transition to a democratic government.
Elsewhere in north Africa, CDS spreads on Tunisia fell from 210bp to 199bp – since mass protests forced the hasty departure of president Zine el-Abidine Ben Ali on January 14, opposition groups, military leaders and politicians from the old regime have struggled to agree on the composition and direction of a new government.
Meanwhile, risk perceptions resumed their decline in peripheral and core eurozone states, after rises across the board yesterday. In Ireland, CDS spreads narrowed from 572bp to 549bp, while in Greece they moved from 850bp to 785bp. Spreads also declined in Portugal, moving from 403bp to 394bp. Spanish CDS spreads fell slightly from 226bp to 222bp, while Italy also experienced a small narrowing, from 166bp to 163bp.
This downward trend was also seen in core eurozone states – in Belgium, spreads fell from 156bp to 153bp, and in Germany they narrowed from 55bp to 52bp, the lowest fix since December 9, 2010.

Read more: Continued protests keep Egyptian CDS spreads volatile - Risk.net

***
Come muovono i CDS ...

​

 

[tommy271]

Greek Banks Gain 7.5% For Week



Greek market moved in a corrective mood on Friday, after a seven-session rally and significantly increased average turnover. The Athens Exchange retreated on Friday but gained 4.4% for week, while banks recorded profits of 7.5% for week, helped by Greek bond spreads’ narrowing.

European developments regarding a permanent and comprehensive solution to the debt crisis remained a market catalyst, according to analysts.
They stress the improvement of market’s both sentiment and technicals this week, while Friday’s decline is considered a favourable technical correction after a long and sharp rally.

Pegasus Securities comments on its weekly report that the Greek market’s course surprised even the most optimistic investors this week, as the General Index covered five-month losses in less than a month.

The shrinking of Greek bond spreads and credit default swaps will continue to contribute to the positive sentiment, while any upgrades or rating change, along with the implementing of the privatization program will have a catalytic role, according to Pegasus.

Next week, the market will focus on the new Greek treasury bills auction, the announcement of Coca-Cola Hellenic’s results and the finalization of Marfin Popular Bank’s capital increase. Of course, highlight will be European Summit’s outcome.

Across the board, the General Index ended at 1661.68, down 0.8% after a fluctuation on 47units or 2.81%. Approximately, 85.35 million units worth EUR146.62 million were traded, while 107 shares declined, 75 rose and 102 remained unchanged.

Banks lost their early gains of 2.2%, ending at 1476.22 units, down 2.51%. Alpha Bank , Piraeus Bank and Eurobank declined by 7%, 3.59% and 3.01% respectively, while National Bank lost 1.68% and Hellenic Postbank and Bank of Cyprus by 1.2% Marfin Popular Bank remained unchanged.

Across FTSE20, Coca-Cola Hellenic rose by 2.79%, while OPAP and Ellaktor gained 2.56% and 2.03% respectively. Titan rose by 1.5% and Viohalco by 0.43%. MIG and PPC retreated by 3.95% and 3.76%, while OTE and Mytilineos declined by 2.15% and 2.01%.

(capital.gr)

 

[tommy271]

EU Challenge Is to Deal With Systemic Problems, Papandreou Says

February 04, 2011, 11:42 AM EST

By Jonathan Stearns
Feb. 4 (Bloomberg) -- Greek Prime Minister George Papandreou said the challenge for Europe is to deal with systemic problems.
Greece and other euro-area countries “have shown both the will and the capacity to make major reforms and make our economies viable,” Papandreou told reporters in Brussels today. “Now the challenge is for Europe to deal with some of the systemic problems of the euro zone. And I’m very glad that there is a realization, and I believe more optimism, about our will and our capability to do so,” he said.
“Europe has great potential to solve these problems and decisions today and I think in March will be very crucial for creating the calm necessary for growth and development and jobs,” Papandreou said.

 

[tommy271]

Papandreou positive after EU summit

The European Union has taken a decisive step toward making crucial decisions that will affect growth and job creation in the 27-nation bloc, Prime Minister George Papandreou said after an EU leaders’ summit in Brussels on Friday.

“The decisions taken at this summit and the upcoming one in March will be decisive in creating the conditions for growth and job creation,” Papandreou said, adding that he was pleased that the EU is moving in this direction
EU leaders discussed strengthening the eurozone’s rescue fund but the talks were dominated by Germany and France’s proposals for a competitiveness pact aimed at winning back market confidence in the bloc's public finances.

The measures proposed by Paris and Berlin include limits on debt levels being written into national laws, a higher retirement age based on demography, the abolition of wages indexed to inflation, and a minimum corporate tax rate.

"Germany and France will make it very obvious that we intend to defend the euro as a currency... we also want to defend it as a political project,» German Chancellor Angela Merkel told a joint news conference with French President Nicolas Sarkozy just before a presentation to EU leaders.

"We want to send out a clear message, that as the European Union, we intend to grow together. What we want to establish is a pact for competitiveness,» she said.

EU leaders are expected to agree on the details of the plan when they meet in March. They are also due to finalize the structure of the permanent crisis mechanism at next month’s meeting.

The package is to include changes to the European Financial Stability Facility, the 440-billion-euro bailout fund agreed last May, to increase its effective lending capacity and give it more flexibility on how to use its money.

In draft conclusions prepared ahead of the summit, the 27 heads of state and government said they would consider «concrete proposals» for strengthening the EFSF «to ensure the necessary flexibility and financial capacity to provide adequate support,» with those discussions being finalized next month.

EU diplomats told Reuters that no major decisions would be taken on Friday as market pressure on debt of Greece, Ireland, Portugal and Spain has eased.

“Greece has shown that it has the willingness and the ability to carry out major reforms and to make its economy viable,” said Papandreou.


ekathimerini.com , Friday February 4, 2011 (19:13)

 

[tommy271]

PM Papandreou to visit Cairo on Sunday




Greek Prime Minister George Papandreou announced in Brussels on Friday night that he would be travelling to Cairo on Sunday.

Speaking to reporters at the end of a one-day special summit of EU leaders on energy, innovation and economy, Papandreou said that he would be holding meetings with Egyptian political leaders.

The Greek premier also held telephone conversations on Friday with Egyptian President Hosni Mubarak and figurehead Mohamed ElBaradei.

Papandreou underlined the special interest Greece places on Egypt, as the latter "is in our neighbourhood".

In parallel, the Greek premier drew attention to the possible danger of an "explosion of a refugees wave towards Greece” in the case tragic events in Egypt continue.

He said he had the opportunity to discuss on Friday developments in the north African country with Hosni Mubarak and Mohamed ElBaradei and other Egyptian personalities. He added that he also held telephone contacts with U.S. Secretary of State Hillary Clinton and Russian Foreign Minister Sergey Lavrov, and that he informed Catherine Ashton, High Representative of the European Union for Foreign Affairs and Security Policy, on his Cairo visit on Sunday.

Ashton will also visit Cairo, following Papandreou’s visit, after a relevant EU summit decision.

(ana.gr)

***
Ruoli di ampio respiro per Papandreou.

 

[tommy271]

Greece eyes Israeli market


(ANA-MPA) -- Greek tourist destinations will be promoted at the 17th International Mediterranean Tourism Market (IMTM) in Tel Aviv, Israel next week, where the east Mediterranean nation will have a strong presence and its own pavilion.

The tourism trade fair, to take place between Feb. 8-9, is expected to offer fertile ground for the promotion of Greece's tourism market for Israeli tourists.

Hellenic Association of Travel and Tourist Agencies (HATTA) officials have also hinted at the possibility of greater tourism arrivals in the country due to the current turmoil in North Africa.

Tourist arrivals from Israel posted an impressive 200-pct increase in 2010, corresponding to 250,000 tourism arrivals in Greece.

(ana.gr)

 

[tommy271]

Speculation over restructuring



BERLIN (ANA-MPA) -- Goldman Sachs Germany chairman Alexander Dibelius on Friday warned of the dangers of a possible Greek default, urging a restructuring of the country’s debt.

“It cannot be allowed to be led to a Greek default. For this reason a restructuring of the Greek debt is necessary,” Dibelius told the newspaper 'Bild', while he cited a necessary “a mixture of support, discipline and pressure for Greece in order (for it to) return to the road of virtue”.

Dibelius said that although Greece represented only 2.0 pct of the European economy, the country has become a symbol of debt crisis in the Eurozone, stressing that the country's problems cannot be allowed to lead to the failure of a large monetary system.

Professor Willem Buiter, the chief analyst for Citigroup, said Greece needed a 50-pct cut in its debt, although a political decision necessary for the restructuring was being delayed.

(ana.gr)

 

[tommy271]

UNO SGUARDO ALLA SITUAZIONE ATTUALE:

La settimana degli spread/bund si chiude invariata per i nostri ellenici dopo aver conseguito, a partire da lunedì, un restringimento nell'ordine di una cinquantina di punti.

Come da previsione, dal Vertice di Bruxelles non è sortita nessuna decisione esecutiva, il tutto è stato rimandato a marzo per dar modo di discutere nel dettaglio le proposte del duo Merkel/Sarkozy.

La situazione che si potrebbe prospettare nelle prossime settimane sarà veramente difficile da pronosticare: da una parte ci si potrebbe aspettare un consolidamento dei corsi ed un'ulteriore risalita, dall'altra parte una progressiva discesa.

Cerco di spiegarmi meglio, i mercati prevedono un ulteriore passo in avanti nel processo di armonizzazione dei sistemi economici dell'area euro.
Ci vorrà del tempo, non si farà tutto nel giro di un mese, ma il processo è delineato. Più integrazione ma anche più attenzione verso le "sofferenze" dei Periferici con azioni più incisive per riportare più normalità nei differenziali di rendimento tra tutti i TdS appartenenti all'area della moneta unica.

Il controcanto direbbe invece che la soluzione migliore consisterebbe certamente in un processo di armonizzazione ma la soluzione definitiva passerebbe attraverso un buy-back o un piano Brady di cui abbiamo ampiamente discusso su queste pagine.
Perchè i piani abbiano un concreto successo è necessario che le quotazioni dei titoli siano basse: più il titolo scende, maggiore sarà il successo dell'operazione.

Sui nostri GGB abbiamo visto che, nonostante le buone notizie sul piano di rientro concordato tra l'esecutivo ellenico e la troika, determinanti rimangono gli interventi fatti sul secondario dalla BCE.
Questa, solitamente, interviene quando gli spread allargano cercando di frenare le spinte del mercato. Gli acquisti complessivi ammontano attualmente a circa 75 MLD di cui - pare - una cinquantina siano solo ellenici.

Questa settimana la BCE non è intervenuta sul mercato: il dato è certamente positivo poichè denota che i nostri titoli viaggiano con le proprie gambe.
Ma in caso di ulteriori pressioni, come si comporterà questa volta?
Lascerà che i titoli ritorneranno ad allargare di 100/200 punti base in modo che l'operazione di buy-back sia fatta con pieno successo o ritornerà ad intervenire per spegnere l'incendio che andrà direttamente ad attaccare questa volta la Spagna ( e ,forse, anche l'Italia)?

Veramente difficile prendere una posizione.
La discussione è aperta ...

Intanto, credo, che la situazione potrà rimanere stazionaria sino a martedì.
In tarda mattinata saranno diffusi gli esiti dell'asta del semestrale greco: le attese sono certamenente per un ottimo bid/cover (su questo i greci sono campioni assoluti) ma inderogabilmente ci aspettiamo una discesa dei rendimenti pagati rispetto alle precedenti aste.

La PDMA con ogni probabilità cercherà poi, questo mese, di emettere per la successiva asta del 15 il famoso "annuale". Sempre che le condizioni lo permetteranno ... su questo titolo sarà necessario pagare meno del 5% (basterebbe il 4,95% ...)
Altrimenti si ripiegherà sul solito trimestrale.
Solitamente l'Ufficio del Debito Pubblico iniziava le periodiche aste mensili partendo con il tre mesi.

Insomma, come al solito, non ci mancheranno le sorprese dai nostri adrenalinici titoli.
Le mie "raccomandazioni" sono sempre le solite di sempre, accostarsi ai GGB con quote marginali del portafoglio e solo da utenti esperti ed avvezzi al rischio.

Queste le chiusure di venerdì dello spread/bund sul decennale, dati ufficiali Thomson-Reuters, tra parentesi il dato del giorno precedente:

Grecia 766 pb. (767)
Irlanda 562 pb. (574)
Portogallo 378 pb. (371)
Spagna 190 pb. (199)
Italia 136 pb. (140)
Belgio 89 pb. (95)