Titoli di Stato area Euro GRECIA Operativo titoli di stato - Cap. 1 (2 lettori)

[tommy271]

Bond euro poco mossi in avvio, guardano a Libia e greggio

lunedì 28 febbraio 2011 09:06






LONDRA, 28 febbraio (Reuters) - Si muovono in prossimità dei
livelli della precedente chiusura i derivati sul decennale
tedesco, premiati dal clima di persistente tensione sul fronte
libico che incoraggia gli acquisti rifugio.

I disordini del Nord Africa portano intanto all'ennesima
accelerazione del greggio dai naturali timori per le prospettive
di crescita.

"La prima implicazione delle tensioni libiche è certamente
negativa per l'espansione congiunturale... in caso di fiammata
del greggio l'effetto immediato è di un'accelerazione per i
Bund" spiega un operatore.

I contratti derivati sul Brent LCOc1 si sono spinti fino a
una punta di 114,50 dollari il barile, con un rialzo superiore
ai due dollari legato al timore di contagio della crisi libica
ad altri produttori petroliferi in Nord Africa e Medio Oriente.

Al di fuori dell'area 'core' l'attenzione si concentra sul
mercato irlandese dopo l'esito delle consultazioni elettorali di
venerdì per il rinnovo del parlamento, che hanno sancito la
vittoria del partito centrista di opposizione Fine Gael.

Dal lato dell'offerta sul primario la settimana si apre con
un collocamento belga a scadenza 2014 e 2021.

 

[tommy271]

Prestiti EFSF possibili a tassi variabili - Bruederle a stampa

lunedì 28 febbraio 2011 09:29




BERLINO, 28 febbraio (Reuters) - La zona euro dovrebbe autorizzare il pieno impiego dei fondi garantiti dal proprio fondo di salvataggio attraverso prestiti a tassi variabili.
Lo ha detto oggi, ad un quotidiano, il ministro dell'Economia tedesco Rainer Bruederle.
La capacità di prestito effettiva del fondo di salvataggio temporaneo dell'Ue, l'European Financial Stability Facility (EFSF), è stata limitata per assicurare che tutti i suoi crediti mantengano un rating AAA.
Ma Bruederle ha detto oggi alla Frankfurter Allgemeine Zeitung che i 440 miliardi di euro garantiti dal fondo potrebbero essere destinati a prestiti se non fossero tutti trattati come crediti con rating elevati.
"La tranche garantita dai paesi senza rating AAA verrebbe concessa in prestito ad un tasso diverso rispetto alla tranche garantita da paesi come la Germania con rating AAA", ha detto.

 

[tommy271]

Cds,no evidenze distorsioni da speculazione su bond euro- Consob

lunedì 28 febbraio 2011 10:58




MILANO, 28 febbraio (Reuters) - Sul mercato dei titoli di stato europei non sembrano esserci evidenze chiare del fatto che la speculazione tramite Cds (Credit Default Swap) possa avere avuto effetti distorsivi sulle quotazioni dei titoli sottostanti, né che sia possibile manipolare il prezzo dei Cds per generare informazioni destabilizzanti sul merito di credito di emittenti sovrani.

Questa la conclusione di un discussion paper della Consob in cui, per mitigare i potenziali effetti destabilizzanti dell'attività speculativa tramite Cds si caldeggiano "obblighi di trasparenza sugli scambi opportunamente graduati", come si legge nella newsletter odierna.

I Cds sono derivati che consentono di assicurarsi contro l'ipotesi di default di un emittente.

Interventi che impongano vincoli o restrizioni all'operatività sui Cds potrebbero viceversa "non avere gli effetti desiderati e rischierebbero di incidere negativamente sul regolare funzionamento del mercato dei titoli di stato", conclude il documento.

Consob ricorda che le recenti turbolenze sui mercati governativi hanno accentuato la divaricazione fra le quotazioni dei Cds e il livello dei tassi delle obbligazioni sottostanti e che le quotazioni dei Cds tendono ad avere un ruolo di leadership nel processo di formazione dei prezzi quando il mercato delle obbligazioni sottostanti è meno liquido.

 

[tommy271]

Rimane sempre pesantemente negativo l'indice ASE alla Borsa di Atene: 1550 punti a - 2.05.
Spread sempre in tendenziale allargamento: attorno a 892 pb.

 

[tommy271]

Greek Banks Remain Under Pressure



Athens market moves below 1550 units on Monday, as Greek banks remain under severe pressure, while only 8 shares are in positive territory across the board.

Banks’ intraday losses reached up to 4.2%, with Bank of Cyprus facingthe most pressure, losing 7.19% in the wake of the announcement of its financial results for 2010. Marfin Popular Bank is scheduled to announce its financial results after the session’s closure.

Across FTSE20, Coca Cola 3E manages to post profits of up to 1.34%, while Jumbo is marginally in green.

Pegasus Securities comments that “investors’ confidence continues to be low, as a result of the wrong maneuvers realized in the banking sector that have not yet allowed for a deal to be concluded”.

Kyprou Securities expects more consolidation around current index levels with some more slide having more probabilities at the moment. Speculation on international geopolitical issues in Northern Africa (Libya) and their impact on oil prices boost day-to-day volatility.

“Given last week’s losses, the market will most probably accumulate at current price levels”, says Marfin Analysis in its morning report. “Some interest could be seen on stocks whose results are going to be announced today (Bank of Cyprus, Marfin Popular Bank)”.

Across the board, the General Index is at 1550.82 units, down 2.05% in an average turnover of EUR 45mn. A total amount of 106 shares decline, 17 remain unchanged and only 8 rise.

Banks fell by 3.85%, currently at 1352.58 units. Proton Bank and Bank of Cyprus lose more than 7%, while Hellenic Postbank and ATEBank record losses of 3.94% and 3.8% respectively. Piraeus, Eurobank and national Bank decline by 3.68%, 3.63% and 3.05% respectively, while Marfin Popular Bank and Alpha Bank retreat by 2.86%.

(capital.gr)

***
Nel dettaglio, l'andamento della mattinata alla Borsa di Atene.

 

[tommy271]

Two-tier EFSF loans possible- German econmin to press-

* Suggests variable interest rates on rescue fund loans
* Different rates on tranches backed by non-AAA euro states
* Analyst sceptical; could affect credit rating of EFSF



By John Stonestreet




BERLIN, Feb 28 (Reuters) - The euro zone could make full use of the funds guaranteed under its temporary rescue package by lending to fiscally stressed countries at variable interest rates, German Economy Minister Rainer Bruederle told a newspaper.

The size of the European Financial Stability Facility (EFSF) should not be increased, Bruederle told the Frankfurter Allgemeine Zeitung on Monday, also reiterating he had "no sympathy" for suggestions that it should buy government bonds.

Euro zone policymakers are aiming to agree a deal at a summit in late March to strengthen Europe's defences against its debt crisis.

While Bruederle's suggestion might come up for discussion, one analyst expressed scepticism, saying any dilution in the quality of the EFSF's underwritten guarantees would potentially affect the fund's own credit rating.

The assumption that either the EFSF or the European Central Bank would be tasked with stepping in to buy sovereign bonds has been seen as central to any solution to the crisis, and was the key to a fragile recovery for Spanish and Portuguese debt last month.

As Europe's dominant economy, Germany is under strong pressure from markets and partner countries to commit to beefing up the rescue funds, but mounting domestic opposition to any commitment that would increase the burden on taxpayers risks tying Chancellor Angela Merkel's hands ahead of the March 24-25 summit.

Germany's parliament will also vote in mid-March on a motion that seeks to rule out bond buybacks by the euro zone's permanent rescue fund that replaces the EFSF after 2013. A requirement for all funds loaned under the EFSF to carry an AAA credit rating has restricted its overall lending capacity to around 250 billion euros as many of the states underwriting the fund are rated lower than that.

That sum is not considered enough to bail out both Portugal and Spain should they both require aid.

Expanding on previous indications Germany might be prepared to consider strengthening the fund's lending capacity though not its overall size, Bruederle said the full 440 billion euros guaranteed by the fund could be loaned if not all of it was treated as top-ranking credit.

"The tranche guaranteed by countries without an AAA rating would be loaned at a different rate to the tranche guaranteed by countries like Germany with an AAA rating," he told the FAZ.

"Varied interest rates are no bad thing as they reflect the risk differentiation implicit in a market economy."
Any suggestion that Portugal, if it sought a bailout, would be liable to higher repayments than countries already receiving aid would be unlikely to go down well in Lisbon.

Ken Wattret at BNP in London said various options for boosting the fund were under discussion but added he was "sceptical as to whether this would work".

Operating a two-tier system could cost the bailout fund its AAA rating, and the simplest way of strengthening its capacity remained for the AAA-rated countries contributing to the fund to increase the level of their guarantees, he said. Merkel will face pressure on Wednesday to commit to strengthening the fund at a meeting with Portugal's Prime Minister Jose Socrates. Many investors think Portugal will ultimately have to follow Ireland and Greece down the road to a bailout in the coming weeks or months.

Markets are also wary of Ireland after the country's main opposition party claimed a historic election victory. The centre-right Fine Gael party is seeking a mandate to renegotiate the bailout deal.


***
Tentativi di compromesso in vista dei summit ...

 

[tommy271]

Bank Of Cyprus Recorded Profits Of EUR306mn

Financial Results 2010 (229 KB)​

Bank of Cyprus Group said its total income recorded a significant increase of 13% reaching EUR 1,450mn for 2010, demonstrating the Group’s ability to achieve increasing recurring income even in adverse economic conditions, according to an official announcement.

(capital.gr)

 

[tommy271]

Greek Inflation Decelerates as Price of Clothes Drops

By Marcus Bensasson - Feb 28, 2011 1:23 PM GMT+0100


Mon Feb 28 12:23:18 GMT 2011
Greece’s inflation rate, the second- highest in the euro area, fell in January as cheaper clothes and footwear offset the effect of higher alcohol and tobacco taxes.
Consumer prices calculated using European Union methods advanced 4.9 percent from a year earlier, compared with a 5.2 percent increase in December, the Hellenic Statistical Authority said in an e-mailed statement from Athens today. The inflation rate based on Greek methodology was unchanged at 5.2 percent in January, according to figures released on Feb. 10.
The cost of transport was 13.5 percent higher last month from a year earlier, while alcohol and tobacco were 19.7 percent more expensive, according to today’s statement. Clothing prices dropped 2.7 percent.
The government increased the sales tax and excise duty on alcohol and tobacco in its 2011 budget, which came into effect in January. Many retailers have absorbed part of the sales-tax hikes rather than pass them on to consumers, whose purchasing power has been weakened by two years of recession.



(Bloomberg)

 

[tommy271]

Greek inflation at 4.9 pct in Jan




Greece’s harmonized inflation rate was 4.9 pct in January 2011, up from a 2.3 pct figure recorded in January 2010, Hellenic Statistical Authority said on Monday. The statistics service, in a report, said the harmonized consumer price index was down 1.0 pct in January from December 2010, after a decline of 0.8 pct recorded in the same period last year.

In Brussels, Eurostat announced that Greek inflation slowed to 4.9 pct in January, from 5.2 pct in December 2010. The inflation rate rose to 2.3 pct in the Eurozone, from 2.2 pct in December, while in the EU-27 the inflation rate was 2.7 pct in January, unchanged from December 2010. Ireland (0.2 pct), Sweden (1.4 pct) recorded the lowest inflation rates, while Romania (7.0 pct), Estonia (5.1 pct) and Greece (4.9 pct) recorded the highest inflation rates in January.

(ana.gr)

 

[tommy271]

NBG-Alpha Bank merger to be credit positive -Moody's

Mon Feb 28, 2011 12:58pm GMT






* NBG-Alpha tie up would be credit positive
* Both bank's ratings remain on review for downgrade


ATHENS, Feb 28 (Reuters) - A merger between Greece's largest lender National Bank (NBG) (NBGr.AT: Quote) and Alpha Bank (ACBr.AT: Quote) would help the new entity's credit position, ratings agency Moody's said on Monday.
NBG surprised the market with a bid for smaller rival Alpha Bank earlier in the month, but the move was rejected by Alpha. Greece has called on banks to explore tie-ups to better cope with the country's debt crisis.

"If the merger proceeds, it would be credit positive for the combined entity, given the opportunities for cost synergies and franchise expansion, especially in southeastern Europe," Moody's said in its weekly credit outlook.
Moody's said challenging operating conditions and possible resistance from labour unions to the merger could trim the projected synergies, but a good portion of the proposed tie-up's goals looked achievable.
It said both banks' ratings were still on review for a downgrade as their domestic franchises faced challenges from asset quality, funding and profitability, mainly stemming from Greece's sovereign debt crisis.
Moody's said the combined entity would be dependent on an estimated 37 billion euros in European Central Bank funding and would have around 25 billion euros of exposure in Greek government bonds, nearly twice its combined Tier 1 capital.
"Despite Alpha Bank's rejection, NBG continues to promote the merger proposal with the market and investors, which in our view suggests that NBG is either pursuing a hostile public offer for Alpha or that it will propose a revised bid," Moody's analyst Constantinos Kypreos said.