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Three parity banks, Piraeus Bank, National Bank and Eurobank MSCI Standard Greece and lower their MSCI small cap The MSCI has decided to revise its own revisions After closing on November 30th, which confirms the worst scenarios. In addition, the MSCI Small Cap Elladador share has been deleted.
After the last change, MSCI Standard Greece there are only six shares: OTE, OPAP, Alpha Bank, Jumbo, Motor Oil, Titan.
According to experts, this development is threatened with removal of funds from Greek banks in large foreign portfolios, but solves only one "vitality" – a radical solution to the problem of redemption. banking sector and short-term funds.
This is typical Piraeus currently 3.73% of all other Greek banks and 18.3 million euros (Lansdowne Partners 2.74% and 0.98% of Marshall's overall shorts).
For three years, three UK hedge funds are in short positions Alpha Bank (Lansdowne 0.51%, Oceanwood 0.6%, Marshall Wace 0.59%), 1.7% of its shares, and two short (over 0.5%), Eurobank (Lansdowne is 1.33%, Marshall Wace is 0.52%, Oceanwood is lower than 0.5% in September).
And for him National Bank, Oceanwood has increased its short positions to 40% at the end of October – up to 0.7% – the fourth place in the 10 short positions of the fund – and Marshall Wace is constantly paying 0.58% to the Bank and its shares.
All in all, banking industry From the beginning of August, when the last wave of pressure began, lost 45% of its capitalization, The total market value of the four system banks is close to 5 billion, at the beginning of the year – more than 8.7 billion euros. We remind you that after the recapitalization in 2015 the market value of four system banks reached 9.8 billion euros, and in April 2013 after the initial recapitalization it reached 25.6 billion euros.
Societe Generale believes that, in addition to MSCI Emerging Markets, it would be appreciated that, apart from those Greek banking systems, the Eurobank index and the Piraeus and the National Bank index will decrease. depending on the level of capitalization.
SocGen posted a stream $ 52.73 million for Eurobank or $ 79.01 million in Piraeus. $ 17.59 million or $ 12.07 million per share. for the National Bank – 23.34 million shares. 39.87 million shares.
UBS and Wood predicted that conservative and only Piraeus would be debited, the Swiss bank predicts that the outbound market forecast for emerging markets will rise to $ 27.32 million or $ 19 million, with 79 million shares.
As internal experts noted, breaks of all indices will cause short-term fluctuations and the Greek pressure is expected to continue, given the Greek market intensity. For the industry, they say, achieving the redemptions and improving the quality of their debts. This will be one of the factors that causes investment interest in the medium and long term, any pressure that may result from such "technical" reasons.
The only way to prepare the Bank's plan to reduce the weight of the Greek banks in the news during the news was enough to send the bank index up to 5.35% yesterday to the rally. However, according to Cycle Securities investment manager Dimitris Tsanas, a press release on the creation of a special investment vehicle (SPV) for transferring a large amount of NPLs in the bank's portfolio is devoted to ATHEX's investment petrology. the banking market remains the same. However, they must be fully integrated into their equity capital, which should be welcomed from the market for their bonds and, of course, approved by the European authorities.
Eleftheria Kourtali, Alexandra Thombre