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

[tommy271]

Gas Natural not preparing Depa offer -sources






MADRID, April 4 | Mon Apr 4, 2011 5:41am EDT



MADRID, April 4 (Reuters) - Spanish utility Gas Natural Fenosa (GAS.MC) denied it was preparing an offer for a stake in Greece's state-owned natural gas company DEPA, sources at the Barcelona-based firm said on Monday.
Spanish newspaper El Economista said earlier Gas Natural was working on a bid for the Greek government's stake in DEPA, valued at close to 1 billion euros ($1.42 billion). It did not cite its sources.
"We are not preparing any offer for DEPA. The Greek government has begun a privatisation process, but there is nothing on the table yet," sources at Gas Natural Fenosa said.
The Greek government said in December it was exploring the sale of whole or part of its 65 percent majority stake in DEPA to private investors to help the country expand its gas grid.
Greece has tried on more than one occasion to sell its DEPA stake. But a change of government in 2004 and the company's complicated shareholder structure have proved an obstacle.
"We did participate in an initial privatisation process some years ago, but in the end that was suspended," the Gas Natural Fenosa sources said.
At 0941, Gas Natural shares were up 0.2 percent to 13.35 broadly in line with the rise on the blue chip IBEX index .IBEX.
DEPA's chief executive, Harry Sachinis, told Reuters in an interview in December he expected the privatisation to be concluded in the second half of 2011.


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Corporate.

 

[tommy271]

Hellenic Telecom Returns to Bond Market in 1st Issue Since ’08

April 04, 2011, 8:15 AM EDT

By Ben Martin
April 4 (Bloomberg) -- Hellenic Telecommunications Organization SA is selling bonds in its first issue since 2008 and only the second offering by a Greek non-financial company in more than a year.
Greece’s largest phone company is issuing at least 500 million euros ($711 million) of notes through its special purpose company OTE Plc, according to a banker involved in the transaction. Coca-Cola Hellenic Bottling Co. is the only other Greece-based non-financial company to sell debt this year.
Sales of Greek corporate securities stalled and borrowing costs rose after the country was forced to accept a bailout last year to cover the European Union’s biggest budget deficit. Greece’s economy probably will shrink for a third year in 2011 amid cost-cutting measures that followed last year’s rescue, according to analysts surveyed by Bloomberg News.
“Hellenic Telecom will be viewed as the first real non- financial Greek issuer this year,” said Suki Mann, senior credit strategist at Societe Generale SA in London. “The Coca- Cola Hellenic Bottling tap wasn’t viewed by the market as being exposed to Greece risk and the notes weren’t priced that way.”
Coca Cola added 300 million euros to its 4.25 percent notes due 2016 in February, Bloomberg data show. Athens-based Hellenic Telecom sold 2.1 billion euros of three- and seven-year bonds in February 2008 to help finance its purchase of a stake in Cosmote Mobile Telecommunications SA.
Alpha Bank SA, BNP Paribas SA, EFG Eurobank Ergasias, HSBC Holdings Plc and Morgan Stanley are managing the sale of new Hellenic Telecom notes, said the banker, who declined to be identified before the terms are set.
The phone company is rated Baa3 at Moody’s Investors Service, the lowest investment-grade rating, and two levels lower at BB by Standard Poor’s.
The company didn’t respond immediately to an e-mail and telephone request for comment.


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Corporate, un timido ritorno alle emissioni.

 

[Pyrinos]

Questa è davvero carina Pyrinos. Hai perfettamente ragione. Le altre lingue occidentali hanno dato all'apocalissi un significato "apocalittico" . Il termine aletheia, invece, potrebbe essere visto come un "non nascondimento"? un a-lanthano?

Ciao lorixnt2

aletheia--- [FONT=&quot]ἀλήθει[/FONT][FONT=&quot]α[/FONT] = l esata corrispondenza con la realta. La verita.
[FONT=&quot] ἀν[/FONT][FONT=&quot]-[/FONT][FONT=&quot]αλήθεια[/FONT] = La bugia

a-lanthano non esiste come verbo. Esiste il verbo :

lanthano--- [FONT=&quot] λανθάνω[/FONT] = mi fugge l attenzione di conseguenza sbaglio.
Significato sbagliare

Esiste il sostantivo a-lanthastos--- [FONT=&quot]ἀ[/FONT][FONT=&quot]-[/FONT][FONT=&quot]λάνθαστος[/FONT] = colui che non sbaglia

Per la parola «aletheia» la prima lettera «a» non ha il significato di negazione
Solamente la parola inizia con «a»
Pero e vero che in molte parole la «a» al inizio nega il significato di quello che segue.

Per la parola [FONT=&quot] ἀν[/FONT][FONT=&quot]-[/FONT][FONT=&quot]αλήθεια si e messo una consonate [/FONT]«[FONT=&quot]ν[/FONT]» poiche la parola inizia
con vocale ed non suona bene una parola con due «a» al inizio

 

[Pyrinos]

Incontro con Soros ha avuto oggi Papandreou.
Presente anche il ministro per economia

 

[tommy271]

Ciao lorixnt2

aletheia--- [FONT=&quot]ἀλήθει[/FONT][FONT=&quot]α[/FONT] = l esata corrispondenza con la realta. La verita.
[FONT=&quot] ἀν[/FONT][FONT=&quot]-[/FONT][FONT=&quot]αλήθεια[/FONT] = La bugia

a-lanthano non esiste come verbo. Esiste il verbo :

lanthano--- [FONT=&quot] λανθάνω[/FONT] = mi fugge l attenzione di conseguenza sbaglio.
Significato sbagliare

Esiste il sostantivo a-lanthastos--- [FONT=&quot]ἀ[/FONT][FONT=&quot]-[/FONT][FONT=&quot]λάνθαστος[/FONT] = colui che non sbaglia

Per la parola «aletheia» la prima lettera «a» non ha il significato di negazione
Solamente la parola inizia con «a»
Pero e vero che in molte parole la «a» al inizio nega il significato di quello che segue.

Per la parola [FONT=&quot] ἀν[/FONT][FONT=&quot]-[/FONT][FONT=&quot]αλήθεια si e messo una consonate [/FONT]«[FONT=&quot]ν[/FONT]» poiche la parola inizia
con vocale ed non suona bene una parola con due «a» al inizio

Per l'esame di greco, passiamo da te ... .

 

[tommy271]

S&P Keeps Its ΄BB΄ Rating On OTE On CreditWatch Negative



Standard & Poor΄s Ratings Services said on Monday that its ΄BB΄ long-term corporate credit rating on Hellenic Telecommunications (OTE) remains on CreditWatch, where it was placed, with negative implications, on Dec. 6, 2010. The ΄B΄ short-term rating was affirmed.

At the same time, Standard & Poor΄s assigned its ΄BB΄ issue rating to OTE΄s proposed senior unsecured notes and placed it on CreditWatch negative.

"The rating actions reflect our view that OTE΄s operating prospects have not meaningfully deteriorated since we lowered the rating on March 8, 2011, despite the downgrade of Greece a few days ago," said Standard & Poor΄s credit analyst Matthias Raab.

"At this point, the one-notch differential between the long-term rating on OTE and that on the Greek sovereign reflects our opinion that OTE currently carries a lower debt restructuring risk than the sovereign", he added.

This is owing to OTE’s high, but not excessive, financial leverage and the expectation that OTE will generate modest free cash flow over the next 24 months. In addition, S&P believes that OTE΄s proposed notes could help it maintain its currently "adequate" liquidity profile.

(capital.gr)

***
Come d'uso, dopo il downgrade sovrano tocca al corporate ...

 

[tommy271]

S&P Downgrades Titan, PPC And MIG



Standard & Poor΄s Ratings Services said that it lowered the long-term corporate credit and issue ratings on Greek heavy materials manufacturer Titan Cement to ΄BB΄ from ΄BB+΄. The short-term rating is unchanged at ΄B΄. The long-term corporate credit and issue ratings remain on CreditWatch, where they were originally placed with negative implications on Dec. 7, 2010.

"The downgrade reflects our view that Titan΄s business risk profile, which we assess as fair, has been weakened by its exposure to the declining credit quality of its home market of Greece, while a number of its other core markets are weak or troubled", said S&P in a statement.

Titan is exposed to North African markets that are currently experiencing political upheaval or conflict, and south eastern European markets that remain depressed, while the CreditWatch negative placement continues to reflect S&P’s view that a further weakening of Greece΄s credit quality could have negative consequences for the rating on Titan.

Additionally, S&P lowered its long-term corporate credit rating on Greece’s utility Public Power Corp. to ΄BB-΄ from ΄BB+΄. It also maintained the rating on CreditWatch with negative implications.

As S&P considers PPC to be a government-related entity, it continues to cap PPC΄s ratings based on the sovereign΄s credit quality. This is because PPC generates all its earnings domestically and they are regulated, the company is 51% owned by the Greek state, and its liquidity position relies partly on Greek lenders.

Finally, S&P lowered its long-term corporate credit rating on investment-holding company Marfin Investment Group Holdings to ΄B+΄ from ΄BB΄. At the same time, it affirmed the short-term corporate rating on Marfin at ΄B΄. The outlook is negative.

“The rating actions follow our downgrade of Greece on March 29, 2011," said Standard & Poor΄s credit analyst Eric Tanguy. "We believe that the downgrade of the sovereign, together with a challenging economic and financial environment in Greece, will negatively effect MIG΄s underlying operations as well as the valuations of MIG΄s holdings”, he added.


(capital.gr)

 

[tommy271]

Oggi altra giornata "pesante" per la Borsa di Atene: ora segna 1489 punti con - 2,46%.

Sempre stabili i nostri spread che riescono a rosicchiare qualcosa, dopo una mattinata con diversi momenti di "pressione": ora intorno a 947 pb.

 

[tommy271]

Armstrong buys Greek bonds yielding 14.7%

04 Apr 2011 | 15:20
Emma Dunkley




Distinction Asset Management’s Ana Armstrong has bought one-year Greek bonds yielding 14.7%, after Moody’s downgraded the country’s debt last month.

The manager of the £23m IM Distinction Diversified Real Return fund says she does not think there will be a default scenario or debt restructuring haircuts in the short term, making the 14.7% yield look very attractive.
"We think European politicians are buying time - they have been talking for the last year but no real action has been taken to reduce the debt," she says.
"However, the financing facilities of the EFSF and IMF are in place for Greece until 2013, so we think they have a good chance to lean on those financing opportunities."
Armstrong bought Greek government bonds amounting to 1.5% of DRR on 7 March, the day Moody's downgraded the debt.
The manager also bought catastrophe bonds following a sell-off after the Japan disaster, opening a 1% position in DRR. The bonds have historically yielded 9.5% and Armstrong says a yield of 10%-12% can be expected.
High oil prices, with Brent Crude at over $119 a barrel, have led the Armstrong to play the commodity via futures.
However, unlike other fund managers who tend to buy futures at the front-end of the curve to play the spot price, Armstrong has bought futures five to six months along the curve to avoid the costs of contango. This is where the manager has to sell the expiring futures contract at a price lower than the second month contract, thereby losing money.
Consequently, Armstrong has a 2.5% position in futures further along the curve and is shorting front month futures contracts.




Read more: Armstrong buys Greek bonds yielding 14.7%

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C'è qualcuno che compra ...
http://reg.incisive.managemyaccount.co.uk/IW/page0.php

 

[tommy271]

Borsa Atene: Ase chiude di nuovo in ribasso a -2,6%


MILANO (MF-DJ)--La Borsa di Atene chiude le contrattazioni con l'indice Ase in ribasso del 2,6% a 1489,29 punti. Il sentiment negativo della scorsa settimana continua a permanere e il mercato accelera in ribasso per la sesta sessione consecutiva, in scia alle preoccupazioni riguardanti la possibilita' che il governo greco prosegua nella sua politica di austerita'.
"In assenza di novita' significative, il mercato si consolidera' probabilmente intorno ai livelli correnti ma con la possibilita' che ci siano ulteriori cadute", ha dichiarato Marfin Analysis.
Nel settore bancario National Bank e' in ribasso del 2,8%, Alfa del 3,6% ed Euro Bank del 5,5%. Opap perde il 3,9% e Ote il 2,2%

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Sempre stabili i nostri spreed a 946 pb.