The official confirmation has arrived: lin Greece it collected 85,8% of subscriptions to the swap plan. Athens announces that the adhesions received concerned bonds for a total of 172 billion, of which 152 billion under Greek law. The swap operation on the 206 billion euro debt therefore closed successfully, exceeding the threshold which allows for the restructuring of the debt.
Now the ball goes toEurogroup today who has to decide what to do about the second aid program. However, it should be remembered that Athens can use collective action clauses at this level. Which could trigger the payment of the CDs. Indeed, the Greek government added in the note that "with the activation of the collective action clauses (CAC), membership can reach an acceptance rate of 95,7%".
Greece has informed its international partners of its willingness to trigger such bond clauses of Greek law in circulation not yet delivered to the swap. The deadline for joining the swap for non-Greek bonds and for those issued by state-owned companies is then extended to 23 March.
Meanwhile yesterday there ECB he communicated that he had resumed accepting Greek government bonds as collateral in bank financing operations, an operation which was suspended at the end of February.
In the wake of the successful outcome of the Greek swap, the lists closed yesterday with a marked increase. Despite the Enel ballast, which accounts for 12% of the list, the Ftse Mib closed at +1,62%. Frankfurt rose by +2,45%, Paris by 2,54% and London by 1,18%. Wall Street was also positive despite the data on claims for unemployment benefits which rose more than expected: the Dow Jones closed at +0,55% and the Nasdaq at +1,12%.
Yesterday there Boe , ECB they then kept the cost of money unchanged. L'Eurotower he raised his inflation estimates and reduced his growth forecasts, but Draghi is optimistic about a gradual recovery of the economy during 2012. Btp-bund spread yesterday it dropped to 292 points to then close at 300, confirming the overtaking of Spain. Today the Tokyo Stock Exchange also flew on the release of the bailout plan for Greece with a leap of 1,65%. The Nikkei index hit an intraday high above 10.000 for the first time since August 1,65. India also opens with a decisive rise with the Sensex at + 1.700%, Gold rises above XNUMX dollars an ounce.
IMPREGILO, TOWARDS THE SALINI-GAVIO CLASH
Impregile it yesterday it jumped on the stock market by 8,76%. The title is overheated by ongoing battle between Gavio and Salini for the control of the construction group. Yesterday market rumors gave Salini up by a further 4%. 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, thus increasing over 22% of the capital. But according to rumors, Salini is aiming to reach 29,9% by mid-March by throwing down the gauntlet at 29,9% held by Igli di Gavio. A legal and assembly battle is looming on the horizon.
PREMAFIN ON THE ROLLER ROLLER
PALLADIO AND SATOR EXTEND THE OFFERA
After the utlimatum a Premafin, last night came the extension of Harps and Meneguzzo, which the day before had urged the holding company to take a formal position on the offer. The two investors have extended their offer to the holding company until March 22 and are working on an industrial plan. The Fonsai meeting on the capital increase is on the agenda for the 19th. On the Stock Exchange, a day on the roller coaster for Premafin which closed at -1,31%. 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.
ENEL, S&P CUTS RATING TO BBB+
Difficult day for Enel yesterday on the stock exchange. the group led by Fulvio Conti leaves 5,66% in the field after one after presenting the 2011 accounts and business plan. Enel then announced a coupon of 0,26 euros 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", since which can only be traced back, commented the CEO Fulvio Conti. With the markets closed, S&P cut its rating to BBB+.
