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

[capt.harlock]

Ecco, era proprio questo che volevo sapere.. e cioè AL MOMENTO i privati NON sono obbligati a swappare.. se però il 9 decidessero di obbligare tutti..tu che farai??Ti ricomprerari le scadenze lunghe che hai appena venduto?
Grazie
LEB

la parola obbligo esiste solo accompagnata dalla parola default

4a47 ha semplicemente migliorato con pochi spiccioli il suo ptf
se sara'default avra'speso pochi spiccioli in piu'
se default non sara' , in 2 anni fa +100%

 

[tommy271]

se il privato deve swappare e' OVVIO che si
ma siccome il privato al momento NON deve swappare...
insomma..spero abbiate capito
vedo che mi avete servito pure i 20k che vi avevo chiesto
grazie a tutti, le mie mosse l'ho fatte
rimango con 10k di 2025 per ricordo
tolte tutte le 2015-2016-2017-2019-2020
rimasto con 30k di 2014 5,5%, 10k di 2012 4,1
e tutto il resto passato alla 2013 4%
ci vediamo il 9 settembre

In linea di massima sono d'accordo anch'io con i ragionamenti di AAA47.
La scorsa settimana avevo provato uno switch sulla 17/18 verso la 14 ... ma a costo zero (senza includere i ratei). Non ci sono riuscito.

L'unico dubbio che mi ronza in testa è unicamente è quello, come accennava Stock, verso possibili azioni selettive durante il picco massimo dei rimborsi sul debito.
E' altrettanto vero che se lo swap ha successo, non penso neanche ad una forzatura, il prossimo anno, sul debito residuo a scadenza ravvicinata. Atene si giocherebbe il ritorno sui mercati finanziari per pochi soldi?

 

[tommy271]

Finland Proposes Luxembourg Agency To Control Greek Assets



Finland has proposed that Greek state assets be transferred to a Luxembourg-based holding company and held there as security for new loans to Athens, said Reuters.

According to an internal document seen by the news agency, the plan, drafted in June, remains a central plank of current Finnish demands for collateral in return for providing more aid. If it does not get its way, Finland may pull out of the Greek bailout, sparking renewed chaos on financial markets, while it have sparked requests from countries including Austria, the Netherlands, Slovenia and Slovakia for similar treatment.

Although small, Finland΄s support for Greece is important because its triple-A credit rating adds weight to the latest, €109 billion euro rescue drawn up by euro zone states on July 21, the second bailout package Athens has received.

In the document, Finnish officials outline how the Greece privatisation agency would authorise the transfer of assets to a holding company based in Luxembourg that would in turn be used to as security for states giving assistance, according to Reuters.

The privatisation agency would own all the shares in the asset holding company, although the shares would be held in custody by a third party. Since the holding company would be based in Luxembourg, it would operate under Luxembourg law.

Such a move would likely prove controversial in Greece, where the government has strongly rejected suggestions of offering land or company shares as collateral for future loans.

The Finnish proposal would hand over control of much Greece΄s state assets to a foreign agency, limiting Athens΄ autonomy in managing its finances and privatising state assets, an area where scant progress has frustrated euro zone partners.

(capital.gr)

***
La controversa questione finlandese. Le trattative continuano ...

 

[tommy271]

la parola obbligo esiste solo accompagnata dalla parola default

4a47 ha semplicemente migliorato con pochi spiccioli il suo ptf
se sara'default avra'speso pochi spiccioli in piu'
se default non sara' , in 2 anni fa +100%

Ad ogni modo, è indubitabile che se la situazione volge al meglio tutti i titoli entro il decennale otterrebbero dei sensibili miglioramenti... pure quelli lunghi.
Se gli spread dovessero poi iniziare a tornare verso livelli accettabili, come nel 2009, anche i nostri GGB li possiamo dimenticare nel cassetto.
Certamente la posizione più rischiosa è sui titoli corti che quotano tra i 70 e gli 80.

 

[tommy271]

Eurobank Records Net Operating Profit of €76m In 1H2011



Eurobank EFG said it recorded net operating profit at €3m in the second quarter of 2011 and €76m in the first half of the year (or €50m after the one-off tax).

According to a statement, profits from the operations abroad rose strongly by 53% to €20m in 2Q2011.

The Bank will participate in the Private Sector Involvement (PSI) Program with GGBs of €5bn nominal value, with estimated valuation reduction of 16.7% and impact on regulatory capital of €664m

Operating expenses declined by 3.4% qoq and 4.3% yoy, exceeding the target for 2011, while the remaining exposure of the Bank in GGBs is reduced significantly to a bit below €2bn.

Nicholas Nanopoulos, CEO, commented:

““Eurobank EFG, together with Alpha Bank, are jointly undertaking an important strategic initiative to merge the two banks, responsibly facing up to a challenging and extremely demanding Greek economic environment. We are confident that our initiative will contribute to the resumption of economic activity, through the strengthening of the role of the banking system as a major pillar of growth. Qatar’s strategic participation in the new entity demonstrates the trust of a leading international investor on the solid fundamentals and the tremendous potential of our initiative to create a strong regional banking player.

In the second quarter of 2011, amid a particularly adverse environment, our Group generated organic profits with a substantial contribution from our operations in Southeastern Europe, where our results show a strongly upward trend.

Following the decisions of the July 21st EU Council constitutes the only way for our country to exit the crisis. In this context, the participation of Greek banks in the private sector involvement plan is necessary and the impact on our Group is reflected in the second quarter financial results.”

(capital.gr)

 

[tommy271]

Alpha Bank: Net Profit Of €14 Million In 1st Semester



Alpha Bank reported net profits of Euro 14 million in the first half of 2011, after impairments for the Greek Government Bond portfolio amounted to Euro -524.8 million. The cost of credit rose to 209 bps for the six-month period.

According to an announcement, Net interest income reached Euro 879.4 million, a 4.1% decline y-o-y, affected by the yearly reduction of our loan book by Euro 2.8 billion. Net fee and commission income stood at Euro 144.3 million, a decrease of 16.1%, in line with the slow-down in new loan disbursements and network-related transactions. Income from financial operations reached Euro 56 million, while other income stood at Euro 36.4 million.

The bank’s cost efficiency has improved materially with its cost-to-income ratio down by 60bps to 49.8%. Staff costs decreased by 3.3% to Euro 270.5 million, mainly as a result of natural attrition and marginal replacement in Greece. General expenses decreased by 2.9% to Euro 239.6 million, compliant with the implementation of procurement initiatives. In Greece, operating costs were reduced by 3.7% to Euro 399.8 million, while in SEE cost base shrank by 0.1% to Euro 151.9 million.

Customer assets reached Euro 36.6 billion and total deposits stood at Euro 33.5 billion. In Greece, deposits amounted to Euro 26.9 billion. In SEE, deposits stood at Euro 6.3 billion, down Euro 220 million compared to the end of March 2011. Finally, Private Banking balances stood at Euro 2.5 billion and mutual fund balances declined to Euro 1.1 billion, both affected by the adverse market environment.

Loans and advances to customers (gross) decreased by 5.3%, reaching Euro 50.5 billion compared to Euro 53.3 billion at the end of June 2010. This development was driven primarily by a 3.8% volume decrease in Greece and a further 7.4% decrease in SEE portfolio. In the second quarter, the trend in deleveraging continued, with loan portfolio balances decreasing by a further Euro 0.3 billion.

Impairments on loans amounted to Euro 532.2 million, with the cost of credit rising to 209 bps for the six-month period, compared to 158 bps in H1 2010. NPL ratio, under IFRS 7, increased by 100 bps reaching 10.3% at the end of June 2011. NPLs reached 10.6% in Greece and 9.2% in SEE. Allowances for impairments were strengthened further to Euro 2.5 billion, representing 5% of loans compared to 3.7% at the end of June 2010. This translates to a coverage ratio of 48% of NPLs, or 126% inclusive of collaterals.

Commenting on the financial results, Yannis S. Costopoulos, Chairman, said:

“The agreement reached on July 21st at the EU summit on a new programme for Greece illustrates the commitment of our European partners to support our country’s reform efforts. This new financing programme is expected to improve materially the public sector’s fiscal and debt sustainability profile, while the implementation of the measures Greece has committed to, will help to bring the economy back to a sustainable growth path. Alpha Bank, as a key partner within the Greek economy, is among the major financial institutions to participate voluntary in the IIF’s financing offer to Greece, contributing in the most effective way to the country’s efforts to emerge from the recession.”

Demetrios P. Mantzounis, Managing Director – CEO, commented:

“Despite a tough economic environment, our operating performance in the second quarter of 2011 remained intact. Our franchise continued to deliver solid revenues from core banking activities while our disciplined cost management initiatives have improved further the Bank’s operational efficiency. We continued to build up our loan reserves, thus shielding the quality of our balance sheet from the ongoing recession. Our performance on the recent EBA stress tests confirmed once again our robust capital position, highlighted the resilience of our business model to the most adverse scenarios and reinforced further our brand’s reputation as the best private sector bank in Greece.”

(capital.gr)

 

[tommy271]

Marfin Popular Bank: Covered Bond Issue



MARFIN POPULAR BANK PUBLIC CO LTD announces that on 26.8.2011 it completed the issuance of 200 million euro Covered Bonds, with a maturity of two years, an extension period of one year, an annual interest rate of 3M Euribor plus 2.00% and in accordance with the rest of the terms of the Programme ("the Covered Bonds"). The Covered Bonds have been rated Baa3 by the international rating agency Moody΄s Investors Services.

This issue of Covered Bonds has been completed under a 5 billion euro Covered Bond Programme, in accordance with the Covered Bond Law of 2010 (130 (I)/2010) (the "Law"), which came into force on December 23, 2010, and the Central Bank of Cyprus Directive (526/2010) which was issued under the provisions of the above Law. The issue was completed following the approval of the Central Bank of Cyprus. The "cover" of the Covered Bonds, in the context of article 2 of the Law, is composed of residential loans, all of which are compliant with the terms and conditions of the legal framework in force. The Covered Bonds have been admitted for listing and trading on the Irish Stock Exchange.


(capital.gr)

 

[tommy271]

Greek Stocks Rally On Merger Agreement



The ASE General Index recorded the largest percentage increase in the last 21 years, as the deal between Alpha Bank and Eurobank caught short-sellers napping.

The domestic market welcomed the agreement with enthusiasm, while both Greek and foreign analysts described the merger as positive news.

However, the opening of long positions in heavy-weight shares, due to the temporary suspension of Alpha-Eurobank shares, provided a violent reaction in the market, after a dramatic downward streak in August, which caused losses of 26.9% for the General Index and 38.5% for the banks.

Greek traders explain that the temporary suspension forced large portfolios to proceed with opening of long positions in other securities in order to offset losses.

This development was a catalyst to accelerate the rise of Greek bourse, as the General Index posted intraday gains of 16.28% above 1,020 units, while all major bank securities had hit a limit up.
The General Index finally ended at 1,006.59 with profits of 14.37%, while banks’ profits reached 29.12% at 675.17 units.

On Monday, 46.53 million unites worth €86.77 million traded, while a total amount of 168 shares rose, 99 remained unchanged and 13 declined.
Alpha Bank and MIG posted profits of 30% at €2.47 and €0.39, while Hellenic Postbank and Eurobank rose by 29.52% and 29.48% respectively.

Bank of Cyprus moved up by 29.31%, while National Bank jumped by 29.14% at €3.59. Piraeus Bank and Marfin Popular Bank strengthened by 28.57% and 27.59% at €0.72 and 0.37 respectively.

Mytilineos, PPC and Ellaktor rose by 25.84%, 24.27% and 22.22% respectively, while Viohalco and Motor Oil gained 14.46% and 12.31% respectively.

(capital.gr)

***
Oggi grandi numeri alla Borsa di Atene: un balzo in avanti veramente incredibile con il suo + 14,37% si riporta a quota mille, esattamente 1007 punti.
Gli scambi sono rimasti però bassi a 87 MLN.

 

[tommy271]

Finlandia propone società per controllo asset greci

lunedì 29 agosto 2011 14:18



BRUXELLES (Reuters) - La Finlandia propone che gli asset pubblici greci siano trasferiti a una holding basata in Lussemburgo, che li dovrebbe detenere come garanzia dei nuovi prestiti che saranno versati ad Atene, secondo un documento interno consultato da Reuters.
Il piano, tracciato a giugno, rimane un punto fondamentale della richiesta finlandese di avere collatarali in cambio di ulteriori aiuti. In caso contrario, il paese nordico potrebbe fare un passo indietro riguardo il secondo bailout greco, creando ulteriori tensioni sui mercati finanziari.
Sebbene di scarsa entità il contributo della Finlandia alla Grecia è importante perchè la tripla A del credito finlandese dà sostanza al nuovo pacchetto di salvataggio da 109 miliardi di euro, varato lo scorso 21 luglio dai leader della zona euro.
La richiesta di Helsinki di un collaterale a garanzia dei prestiti versati ad Atene ha spinto Austria, Slovacchia, Slovenia e Paesi Bassi a chiedere parità di trattamento e messo a rischio il tentativo della zona euro di salvare Atene.
Nel documento, datato 23 giugno, i funzionari finlandesi spiegano che l'agenzia greca per le privatizzazioni potrebbe autorizzare il trasferimento di asset a una holding basata a Lussemburgo (Asset Holding Company), usata come garanzia per l'assistenza concessa dagli Stati.
L'agenzia greca per le privatizzazioni controllerebbe tutte le azioni della società, che tuttavia sarebbero sotto la custodia di una terza parte. Dal momento che la società avrebbe base a Lussemburgo, opererebbe sotto la normativa lussemburghese.
Agendo come deposito di garanzia nei confronti degli asset pubblici greci, come i porti e la quota pubblica dell'operatore di telefonia, il veicolo lussemburghese eviterebbe che gli asset possano venire utilizzati per contrarre altri debiti e che siano, invece, mantenuti come collaterale per quei Paesi che contribuiscono agli aiuti.
"Se il valore degli asset della holding Ahc non corrisponde ai parametri dei collaterali o la Repubblica greca ripudia il suo debito nei confronti dell'Efsf, la proprietà delle azioni in custodia passa autoamticamente algi Stati mebri corrispondenti" si legge nel documento.
La proposta contenuta nel documento è tra quelle discusse dai funzionari della zona euro, tramite conference call, negli ultimi giorni, nel tentativo di raggiungere un accordo su come si possa concedere una garanzia aggiuntiva alla Finlandia, e potenzialmente anche ad altri Paesi, in cambio di nuovi prestiti.

 

[russiabond]

In linea di massima sono d'accordo anch'io con i ragionamenti di AAA47.
La scorsa settimana avevo provato uno switch sulla 17/18 verso la 14 ... ma a costo zero (senza includere i ratei). Non ci sono riuscito.

L'unico dubbio che mi ronza in testa è unicamente è quello, come accennava Stock, verso possibili azioni selettive durante il picco massimo dei rimborsi sul debito.
E' altrettanto vero che se lo swap ha successo, non penso neanche ad una forzatura, il prossimo anno, sul debito residuo a scadenza ravvicinata. Atene si giocherebbe il ritorno sui mercati finanziari per pochi soldi?

Ad ogni modo, è indubitabile che se la situazione volge al meglio tutti i titoli entro il decennale otterrebbero dei sensibili miglioramenti... pure quelli lunghi.
Se gli spread dovessero poi iniziare a tornare verso livelli accettabili, come nel 2009, anche i nostri GGB li possiamo dimenticare nel cassetto.
Certamente la posizione più rischiosa è sui titoli corti che quotano tra i 70 e gli 80.

Il mistero è tutto lì...se riesce quello ...non vedo problemi ...altrimenti