Trade with Greece
67
T
he Athens Exchange is currently the only
one that, despite having been relegated
to “emerging” market status, continues to
enjoy many “mature” market privileges, the most
important being the euro, a strong, stable and uni-
versally acceptable currency.
This is why daily activity at number 110 Athinon
Avenue is mostly conducted by short-term traders
placing small (and safe) overnight speculative
bets, while institutional investors bide their time,
unenthusiastically playing the market with as little
capital as possible.
As soon as the makeup of investments in the
Greek stock market changes, the real economy
will also have officially turned a new page.
In the past 6 years, the Greek stock market failed
to perform its primary developmental role: To act
as a springboard for investment initiatives, attract-
ing capital that could be used for the creation of
new productive capacity and —most important-
ly— new jobs.
In the six-years 2010-2016, the Stock Exchange
on Athinon Avenue was used for carrying out
some major privatisation deals (Greek
Organisation of Football Prognostics, Banks,
Piraeus Port Authority), but it was barely utilised
as a growth driver for the real economy.
A notable exception was in 2014, when the
ATHEX mostly financed bond issues and the sec-
ond recapitalisation of Greece’s systemic banks.
Back then, the Athens Exchange demonstrated
its capability to attract investments, which will be
surely realised under conditions of normality.
In the past few years, a lot of investors, savers,
and professional managers lost a lot of money in
the Athens Exchange.
Bond and rights issues in 2014
Bank Recap - (Equity)
Issuer
Amount (mn)
Strike Price
Public Placement (%
)
Alpha Bank
1,200
0.65
-
Piraeus Bank
1,750
1.70
10%
Eurobank
2,864
0.31
10%
National Bank
2,500
2.20
-
TOTAL
8,314
Government/Corporate Bonds
Issuer
Amount (mn)
Yield
Duration
Hellenic Republic
3,000
4.95%
5 yrs
Hellenic Republic
1,500
3.50%
3 yrs
Play (I)
600
5.25%
5 yrs
Play (II)
270
6.50%
5 yrs
Piraeus Bank
500
5.125%
3 yrs
NBG
750
4.50%
5 yrs
PPC I
200
4.75%
3 yrs
PPC II
500
5.50%
5 yrs
Intralot
250
6.125%
7 yrs
Motor oil
350
5.125%
5 yrs
Hellenic Petroleum ($)
288
4.625%
2 yrs
Alpha Bank
500
3.50%
3 yrs
Eurobank
500
4.375%
4 yrs
FF Group (convertible)
249.5
1.750%
5 yrs
Hellenic Petroleum
325
5.375%
5 yrs
Titan
300
4.250%
5 yrs
OTE (Refinancing 2015 - 2016) 700
3.635%
6 yrs
TOTAL
10,782
Other Issues
Issuer
Amount (mn)
Strike Price
New shares (mn)
Anemos (IPO)
35.1
1.70
20.7
Lamda Development (Equity) 150.0
4.25
35.3
TOTAL
185
