|Bid||0.0000 x 0|
|Ask||0.0000 x 0|
|Day's Range||2.9620 - 2.9620|
|52 Week Range||0.6700 - 3.6900|
|Beta (3Y Monthly)||0.23|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||N/A|
(Bloomberg) -- The election of a pro-business government in a snap vote in Greece this weekend is expected to extend an outstanding rally in the nation’s debt and equities, at least for now.Greek bond yields are hitting fresh record lows and the nation’s stock benchmark has gained more than 40% this year, the best return globally. Although the nation’s debt challenges are unlikely to disappear any time soon, asset managers anticipate the opposition leader Kyriakos Mitsotakis of the New Democracy party will improve the business environment and boost demand for Greek assets.“The hope is that the new government will make Greece more investable,” said Dimitri Dardanis, head of institutional equities at Piraeus Securities in Athens. “The continuation of the rally will depend on how strong of a majority New Democracy can win."Optimism aside, the new government faces plenty of challenges. Greece remains Europe’s most indebted state and the chief of the euro area’s crisis fund last month reiterated warnings that the nation risks missing its budget targets. Greek lenders are burdened by the highest ratio of bad loans in Europe, battling with the overhang of a crisis that left the country with the highest unemployment rate in the continent.Piraeus’s Dardanis said that retail and banking and stocks are in particular focus as investors await reforms. Still, the latter industry’s shares haven’t been held back. Attica Bank SA is up more than 340% this year and Piraeus Bank SA has gained more than 260%.Money managers across the globe are turning to riskier assets in search of returns after global central banks last month signaled openness to more stimulus and lower rates. At the same time, the ASE Index of Greek stocks is trading at 17 times earnings, an almost 20% premium to the Stoxx Europe 600 Index.Greek debt’s valuations may also be getting stretched. Pavilion Global Markets on Tuesday recommended taking profit on government bonds while remaining constructive on equities as strategists believe higher growth, efficiency and tax cuts are easier to promise than to deliver.Despite this, the nation’s manufacturing Purchasing Managers’ Index is the highest in the euro zone and five-year credit default swaps have dropped to a January 2010 low. The biggest exchange-traded fund focused on the country, Global MSCI Greece ETF, just posted the biggest monthly inflow since January 2018.“Greek risk assets have been largely overlooked in the past few years,” said George Lagarias, chief economist at Mazars Financial Planning Ltd. “An election could act as a catalyst to further reinvigorate interest in these overlooked assets.”The opposition party topped a poll two weeks before national elections, according to survey for To Vima newspaper.“Investors understand that we are about to see a major shift in policy with a win by New Democracy,” said Thomaz Malavazzi, managing partner at Helm Investment Partners in New York, which owns Greek stocks. “There is very little priced-in regarding the shift to a pro-growth policy mix. Greek equities still have a long way to go in terms of multiples expansion, but also and more importantly in the increase in earnings."To contact the reporters on this story: Ksenia Galouchko in London at email@example.com;Filipe Pacheco in Dubai at firstname.lastname@example.orgTo contact the editors responsible for this story: Blaise Robinson at email@example.com, Jon Menon, Namitha JagadeeshFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
A growing number of hedge funds are moving into shipping debt, an asset class few have invested in before, looking to buy up loans and bonds as banks cut their exposure to the troubled sector. The European Central Bank's banking supervisor has flagged troubled non-performing loans in 2019 as "a concern for a significant number of euro area institutions". Hedge funds clocked up hundreds of millions of dollars in losses from investments in mainly equities when the shipping industry first turned sour a decade ago – and have made limited forays for the most part since.
The high level of bad loans in Greece is still the biggest issue that the embattled economy needs to focus on, the head of Piraeus Bank told CNBC Monday.
ATHENS (Reuters) - Greece's Eurobank (EFGr.AT) said on Wednesday it had agreed to acquire Piraeus Bank Bulgaria for 75 million euros. The completion of the transaction was subject to regulatory and supervisory ...
Piraeus Bank (BOPr.AT) said plans to issue debt to bolster its capital were on track on Wednesday as Greece's largest lender by assets faced a near 30 percent share price fall. "The plan's aim is to strengthen the bank's balance sheet and enhance its capital base. The bank has made significant progress on all fronts with regards to the implementation of the plan," Piraeus Chief Executive Christos Megalou told Reuters.
Greece’s second-biggest lender has been told by the European Central Bank to increase its capital this year, a task complicated by the country’s limited access to bond markets. Piraeus Bank must raise about 500 million euros ($584 million) by selling tier 2 bonds under a plan agreed with the ECB’s Single Supervisory Mechanism, two people with knowledge of the matter said. Spokesmen for Piraeus, the SSM and the Bank of Greece declined to comment.
Credit risk is one of the biggest risk Piraeus Bank SA (ATH:TPEIR) faces as a small cap company operating in a heavily regulated financial services sector. Small banks are directlyRead More...