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March 2019

27
Mar

Μηδενίστηκε ο ELA για το ελληνικό τραπεζικό σύστημα

27 Μάρτιου (ΑΠΕ-ΜΠΕ) — Μηδενίστηκε η εξάρτηση του ελληνικού τραπεζικού συστήματος από τον ELA – του μηχανισμού παροχής έκτακτης ενίσχυσης των τραπεζών σε ρευστότητα.

Η Attica Bank ήταν η τελευταία που είχε την ανάγκη κεφαλαίων από τον ELA και πλέον έχει απεξαρτηθεί και αυτή. Αξίζει να σημειωθεί, σύμφωνα με τραπεζικές πηγές, πως την 1η Ιανουαρίου 2012 η ανάγκη του συνόλου των ελληνικών τραπεζών από τα κεφάλαια του ELA ήταν ύψους 17,43 δισ. ευρώ, ενώ τον Αύγουστο του 2018, όταν η Ελλάδα εξήλθε του προγράμματος των δανειστών, ο ELA ήταν ύψους 4,49 δισ. ευρώ. Τραπεζικές πηγές μιλώντας στο ΑΠΕ – ΜΠΕ τόνιζαν πως ο μηδενισμός του ELA δείχνει ότι το ελληνικό τραπεζικό σύστημα επανέρχεται στην κανονικότητα τους.

Πηγή: ΑΠΕ-ΜΠΕ

10
Mar

Bloomberg: Η Ελλάδα τη βδομάδα που πέρασε κέρδισε τον τίτλο του καλύτερου ομολόγου σε πωλήσεις στην Ευρώπη

Bloomberg: Η θριαμβευτική επιστροφή της Ελλάδας στην πρωτογενή αγορά ομολόγων της Ευρώπης με την έκδοση του δεκαετούς ομολόγου, μόλις λίγες εβδομάδες μετά την έκδοση του πενταετούς ομολόγου, θέτει ορόσημο στην ανάκαμψη της χώρας από την οικονομική κρίση.

Η έκδοσή του ελληνικού δεκαετούς ομολόγου, προσέλκυσε το μεγαλύτερο βιβλίο εντολών της εβδομάδας τόσο από πλευράς όγκου όσο και από πλευράς υπερκάλυψης, επιτρέποντας στον ΟΔΔΗΧ να κόψει 22,5 μονάδες βάσης από την αρχική τιμή.

Δείτε τους παρακάτω πίνακες από τα διαθέσιμα εβδομαδιαία δεδομένα  στατιστικά των βιβλίων:

 

Corporates

Issuer Deal Size Orderbook Subscription Note
Medtronic EU7.00b EU30b 4.29 6-part
Vinci GBP400m GBP1.45b 3.63
Telefonica Emisiones EU1.00b EU3.50b 3.50
Heathrow Funding EU650m EU2.25b 3.46
Vinci GBP400m GBP1.35b 3.38
Nokia EU750m EU2.50b 3.33
Anglo American Capital EU500m EU1.60b 3.20
Anglo American Capital GBP300m GBP700m 2.33
Telefonica Europe (Hybrid) EU1.30b EU2.80b 2.15
Cie Saint Gobain EU1.50b EU2.90b 1.93 2-part

FIG

Issuer Deal Size Orderbook Subscription
CYBG (AT1) GBP250m GBP1.15b 4.60
Jyske Realkredit EU500m EU2.00b 4.00
Bank of China, Paris EU500m EU1.75b 3.50
BFCM (SNP) EU1.00b EU3.25b 3.25
Erste Group Bank (AT1) EU500m EU1.60b 3.20
Credit Mutuel Arkea (Tier 2) EU750m EU1.80b 2.40
AMP Group Finance Services $300m $600m 2.00
Mortgage Society Finland EU300m EU560m 1.87
Stadshypotek EU1.25b EU2.10b 1.68
Sagax EU300m EU500m 1.67
ASB Finance EU500m EU700m 1.40
Deutsche Pfandbriefbank (Sr Pref) EU250m EU300m 1.20

SSA

Issuer Deal Size Orderbook Subscription
Hellenic Republic EU2.50b EU11.80b 4.72
State of North Rhine Westphalia 15Y (Sustainable) EU2.25b EU7.80b 3.47
State of North Rhine Westphalia 7Y EU2.50b EU6.10bn 2.44
EIB (SONIA) GBP500m GBP1.20b 2.40
L-Bank $500m $600m 1.20
Asian Development Bank GBP700m GBP765m 1.09
FMS Wertmanagement EU500m EU500m 1.00
9
Mar

BOOKSTATS: Greece Sells Bestselling Bond in Europe This Week

Greece’s triumphant return to Europe’s publicly syndicated primary bond market with a 10Y deal, just weeks after it sold a long 5Y tranche, sets a milestone in its recovery from the financial crisis.

  • The deal attracted the week’s largest orderbook by both volume and subscription level, allowing the sovereign to cut 22.5bps from the initial price talk
  • See tables below for available weekly bookstats data

Corporates

Issuer Deal Size Orderbook Subscription Note
Medtronic EU7.00b EU30b 4.29 6-part
Vinci GBP400m GBP1.45b 3.63
Telefonica Emisiones EU1.00b EU3.50b 3.50
Heathrow Funding EU650m EU2.25b 3.46
Vinci GBP400m GBP1.35b 3.38
Nokia EU750m EU2.50b 3.33
Anglo American Capital EU500m EU1.60b 3.20
Anglo American Capital GBP300m GBP700m 2.33
Telefonica Europe (Hybrid) EU1.30b EU2.80b 2.15
Cie Saint Gobain EU1.50b EU2.90b 1.93 2-part

FIG

Issuer Deal Size Orderbook Subscription
CYBG (AT1) GBP250m GBP1.15b 4.60
Jyske Realkredit EU500m EU2.00b 4.00
Bank of China, Paris EU500m EU1.75b 3.50
BFCM (SNP) EU1.00b EU3.25b 3.25
Erste Group Bank (AT1) EU500m EU1.60b 3.20
Credit Mutuel Arkea (Tier 2) EU750m EU1.80b 2.40
AMP Group Finance Services $300m $600m 2.00
Mortgage Society Finland EU300m EU560m 1.87
Stadshypotek EU1.25b EU2.10b 1.68
Sagax EU300m EU500m 1.67
ASB Finance EU500m EU700m 1.40
Deutsche Pfandbriefbank (Sr Pref) EU250m EU300m 1.20

SSA

Issuer Deal Size Orderbook Subscription
Hellenic Republic EU2.50b EU11.80b 4.72
State of North Rhine Westphalia 15Y (Sustainable) EU2.25b EU7.80b 3.47
State of North Rhine Westphalia 7Y EU2.50b EU6.10bn 2.44
EIB (SONIA) GBP500m GBP1.20b 2.40
L-Bank $500m $600m 1.20
Asian Development Bank GBP700m GBP765m 1.09
FMS Wertmanagement EU500m EU500m 1.00
5
Mar

Greece to Sell 10-Year Bonds for First Time Since Before Bailout

Greece on Tuesday plans to mark a milestone in its recovery from a bruising financial crisis when it sells 10-year debt for the first time in nine years.

The country plans to open the books on a syndicated offering of at least 2 billion euros ($2.3 billion) of bonds after announcing Monday it hired banks for the sale, according to a person familiar with the matter, who asked not to be named because the details aren’t final yet.

Prime Minister Alexis Tsipras, facing a general election this year that polls show he’s set to lose, has pointed to bond sales as proof the country has turned a corner after its economy shrank by a quarter during the crisis.

After ending its bailout program last summer, Greece tapped the market for 2.5 billion euros of five-year bonds in January. The success of that sale, the country’s first in almost a year, paved the way for the 10-year issue.

Following the Tuesday sale, Greece will be almost two-thirds of the way to meeting its 2019 goal of raising as much as 7 billion euros this year.

Greek stocks and bonds have rallied this year, with the Athens Stock Exchange up more than 15 percent and the yield on benchmark 10-year government bonds down below 3.7 percent. The yield peaked at about 37 percent at the height of the debt crisis in 2012, just before Greece defaulted on its debt to private-sector creditors.

The country last sold 10-year bonds in March 2010, with a 6.25 percent coupon, as the country was in the eye of a storm after a new government revealed that its predecessor had hidden the true size of its budget deficit.

While it issued similar maturity debt in 2017, that was part of an exchange for bonds that were part of its debt restructuring.

Greece’s travails opened a new chapter in the global financial crisis, and two months later it entered the first of three bailouts from the euro area and International Monetary Fund.

For other euro-area countries like Ireland and Portugal that followed Greece in having to take bailouts, issuing 10-year debt was seen as a key staging post in the journey to regaining economic sovereignty.

Moody’s Investors Service on Friday raisedGreece’s sovereign credit rating two steps to B1 from B3. Although that’s still four levels below investment grade, it gave a fresh boost to the government’s bond-selling plan following European Commission criticism that the government was dragging its feet on key economic reforms.

2
Mar

Greece Wins Moody’s Upgrade as Reforms Starting to Bear Fruit

Greece’s sovereign credit rating was raised two levels by Moody’s Investors Service, helping the government’s plan to sell new debt as soon as this month.

The country’s long-term foreign currencydebt was upgraded to B1 with a stable outlook from B3, Moody’s said in a statement on Friday. The new ranking remains four levels below investment grade.

“The ongoing reform effort is slowly starting to bear fruit in the economy,” Moody’s said. “While progress has been halting at times, with targets delayed or missed, the reform momentum appears to be increasingly entrenched, with good prospects for further progress and low risk of reversal.”

Greece exited its international bailout last summer, though foot-dragging on some key economic reforms is raising creditor concern and putting at risk a planned debt relief measure this month. The government is planning to tap the markets once again, after a successful sale of five-year bonds in January, most probably with a new 10-year bond this month, given that appetite for Greek risk among investors remains strong.

The country’s stocks and bonds have risen this year, with the Athens Stock Exchange index up about 16 percent since the start of 2019. The yield on benchmark 10-year bonds is now below 3.7 percent, compared with a peak of about 37 percent at the height of the debt crisis in 2012, when Greece defaulted on its debt to private-sector creditors.

“The most politically painful measures have already been enacted, with the economy finally showing signs of recovery, reducing the incentives for any future government to jeopardize the hard-won gains,” the rating company said. “The stable outlook balances the relatively low risk of policy or fiscal reversal against the limited upside to Greece’s credit profile.”

The upgrade is the first time in more than a year that Moody’s has changed Greece’s rating. Fitch Ratings upgraded the country to BB- in August, while S&P Global Ratings rates the country B+. Each is below the junk threshold.

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