Wednesday , April 14 2021

Except MSCI Greece Piraeus, National, Eurobank



LAST DATE: 00:20

Deletion of bank lists from the list, Piraeus Bank, National Bank and Eurobank MSCI Standard Greece and lowering them to MSCI Small Cap MSCI decided to check its indicators, which will come into effect after closure of 30 November, which confirms the worst possible scenarios. At the same time, MSCI Small Cap Elladador's share is removed.

After the last changes, MSCI Standard Greece only six are left stock: OTE, OPAP, Alpha Bank, Jumbo, Engine Oil, Titan.

According to analysts, this development threatens to increase the holdings of Greek system banks for the study of large foreign portfolios, and the only "life jacket" is to contribute to a dramatic solution to the problem of red loans. the banking sector and which has nurtured short-term assets.

It's typical Piraeus At present, the largest short-term investments in all other Greek banks and shares are 3.73 percent of its shares or 18.3 million euros (Lansdowne Partners 2.74 percent and Marshall Wace 0.99 percent of all shorts).

All three major British hedge funds, which have "settled" for a long time, are long short positions Alpha Bank (Lansdowne 0.51%, Oceanwood 0.6%, Marshall Wace 0.59%), a total of 1.7% of the shares and two short-term (over 0.5% Eurobank (Lansdowne 1.33%, Marshall Wace 0.52%, while Oceanwood dropped by less than 0.5% in September).

What for him The national Bank, Oceanwood raised short positions by 40 percent to 0.7 percent of its shares at the end of October – this is the fourth largest of the ten short positions held by the fund – and Marshall Wace has consistently retained a short bank and 0.58 percent of its shares.

It is typical that in general, the banking sector from the beginning of August, when the latest pressure wave began, has lost 45% the market value of the four system banks was almost EUR 5 billion and EUR 8.7 billion at the beginning of the year. It is recalled that after the 2005 recapitalization, the market value of four system banks was EUR 9.8 billion, while the first capital injection in April 2013 was EUR 25.6 billion.

It should be noted that Societe Generale in its recent analysis has correctly estimated that, in addition to the three Greek system banks in place of MSCI Emerging Markets, Eurobank withdraws due to the industry index and Pius and the National Bank due to the level of capitalization.

SocGen is placed in outflows $ 52.73 million to Europe or $ 79.01 to Piraeus $ 17.59 million or 12.07 million shares and $ 23.34 million for the National Bank or 39.87 million shares.

UBS and Wood were more conservative and only evaluated by Piraeus. According to Swiss bank forecasts, MSCI Emerging Markets outflows would receive $ 27.32 million or 19, 79 million shares.

As national analysts point out, all index breaks cause short-term volatility and given the slowness of the Greek market, it is expected that the Greek stock situation will continue. As they point out, the industry continues to fulfill the objectives of the red loans and improve the quality of the balance sheets. This is one of the factors that pose a medium to long term investment objective and which absorbs the pressure from such "technical" reasons.

It is typical that in listening to news the only way to prepare a bank plan to reduce the weight of Greek banks' NPLs was to send a bank index yesterday to a 5.35 percent rally. As Dimitris Tzanas, for example, Cycle Securities Investment Manager, has stated that the creation of a specialist shipping company (SPV) for a press release for a significant number of NPLs from bank portfolios contributes to investment psychology ATHEX. still in the banking market. However, they must be fully integrated into the composition of their own capital in order to obtain a positive approval from the market which is required to finance their bonds and which, of course, is accepted by the European authorities.

Eleftheria Kourtali, Alexandra Tombra


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