On the decisive day of the swap on Greek debt the lists confirm the trust and close higher. All the more so as sources from the Greek Executive ensure that participation in the swap has exceeded the 75% threshold necessary to avoid default. Wall Street also opened positive despite the data on jobless claims that rose more than expected. The Bofa and the ECB then kept the cost of money unchanged. The Eurotower has raised its inflation estimates and cut its growth forecasts, but Draghi is optimistic about a gradual recovery of the economy in 2012.
Despite the ballast Is in the, which accounts for 12% of the list, the Ftse Eb closes at +1,62%. Frankfurt rose by +2,45%, Paris by 2,54% and London by 1,18%. The Btp-Bund spread, which had fallen below 300 basis points during the day, has risen to 300 but the sharp downward trend continues on expectations of the resolution of the Greek front.
According to a government source it swap would have exceeded the minimum threshold of 75% but it is necessary to hit the 90% threshold to prevent the triggering of the collective action clauses (which in turn would trigger the payments of the CDS). Greek ministerial sources indicate that the result will be published on the official site of the operation (www.greekbonds.gr) tomorrow morning at 6 GMT (21 Italian time). But it is not excluded that the first government declarations will arrive this evening at XNUMX pm.
In any case, for Peter Bofinger, economic adviser to the German Chancellor, Angela Merkel, Athens' debt will remain "at very high levels" even after this restructuring, so it will be necessary to think about further intervention "in the next 6 months" and this could lead to "devaluations on Greek bonds held by official investors". While awaiting the outcome of joining the swap, there are other mind-boggling numbers that attract attention published by the Eu Observer site. In 2010, Greece spent over 1 billion euros to buy arms from other EU countries, in particular France, while the country was seen imposing major austerity measures in exchange for bailout loans.
of the decline in the spread below 300 and the greater optimism on Greece obviously benefits the banking sector. But the protagonists of the biggest increases on the Ftse Mib are various industrial stocks.
FINMECCANICA, NEW ORDERS FOR 173 MILLION EUROS
SALINI PUSHES IMPREGILO
After selling on fears for 2011 results, Finmeccanica attempts to get back on top thanks to the awarding of orders for a total value of approximately 173 million euro through the companies Drs Technologies, Ansaldo Energia, Ansaldo Sts and Selex Galileo. The stock closed up 3,36%. But to shine on the Ftse Mib is Impregilo which leaps by 8,76% on the hypothesis of growth in the capital of the builder Salini. Since the morning there has been talk of a further 4% share on the market which would raise his package to 24% against 29,9% of Igli, holding which today refers to the Gavio group after the release of Benetton and Ligresti. And in the afternoon, the Salini group announced that it had purchased a further 8.276.136 ordinary shares of Impregilo, equal to 2,056% of the ordinary share capital, through a reverse accelerated bookbuilding procedure from Italian and foreign institutional investors. The group thus rises to over 22% of the capital
FIAT, ITALIAN STRATEGIES IN THE SPOTLIGHT
PRYSMIAN RUNS ON RESULTS
On the Ftse Mib they run Fiat (+6,29) and Fiat Industrial (+4,48%). Sergio Marchionne does not rule out new industrial alliances in Asia, starting with Suzuki, while Jp Morgan has raised the target price of Fiat Industrial to 9,2 euros from 8,4 euros while maintaining a neutral opinion. Meanwhile, the Prime Minister's spokeswoman reports that Monti will receive the CEO of Fiat, John Elkann and Sergio Marchionne on March 16 at Palazzo Chigi. In Berlin, meanwhile, Volkswagen announces a production bonus of 7.500 euros for each of the over 100 employees of the collective agreement of the German factories for the "excellent services" provided in the record year 2011. A check that beats the bonus already paid in 2010 of 4 euros . Prysmian in the aftermath of the diffusion of the accounts it advances by 5,57%.
ENEL HAS REDUCED THE PAY OUT SINCE 2012
PREMAFIN ON THE ROLLER ROLLER
Enel it falls by 5,66% after a downward suspension at the start of trading. Today the group presented the 2011 accounts and business plan. He also announced a coupon of 0,26 euro and a change in the dividend policy: the payout drops to 40% from 60% already in 2012. The critical phase Enel has gone through is "the lowest moment", from which we can only go back up, commented the CEO Fulvio Conti. Premafin experienced a rollercoaster session before closing at -1,31% on the day the offer expired Palladio Sator. Yesterday Arpe and Meneguzzo sent a letter to the holding asking them to take a position on the offer. But Premafin seems determined to deal only with Unipol and the battle could move to the courtrooms.
