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at MarketWatch.com (Jan 18, 2013)
at MarketWatch.com (Jan 27, 2012)
at MarketWatch.com (Jan 26, 2012)
GREK vs. ETF Alternatives
The Global X FTSE Greece 20 ETF seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the FTSE/ATHEX 20 Capped Index.
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Thursday, Apr 171:03 PM
Thursday, Apr 171:03 PM| 4 Comments
- "There is vivid interest already from both hedge funds and institutional investors," says Petros Christodoulou, deputy CEO of National Bank of Greece (NBG +4.4%). The €750M senior unsecured bond will be the first such issue by the bank in nearly 5 years, and it's expected to have a 5-year maturity and be priced to yield around 4.5% (the government just sold 5-year paper last week at 4.95%).
- The bond sale comes alongside an expected €2.5B equity offering aimed at filling the large capital hole in the bank.
- The moves comes as Piraeus Bank - the largest Greek lender - last month raised €500M in debt, followed by a €1.75B equity sale. Third-ranked lender Alpha Bank has also raised €1.2B in capital and #4 Eurobank has an investor group ready to anchor a €2.9B stock sale later in April.
- Greek ETF: GREK
Thursday, Apr 105:12 AM
Thursday, Apr 105:12 AM| 3 Comments
- Greece is reportedly raising €3B ($4.15B) in five-year bonds in the country's first auction of long-term paper since it was initially bailed out in 2010.
- Demand was for €20B ($27.7B) of notes, helping to push the yield down to just 4.95% from an initial pricing of 5-5.25%.
- The bond sale comes two years after Greece defaulted on its debt and suffered the biggest sovereign-debt restructuring in history.
- Back in the real world of the debilitated Greek economy, the country remains mired in deflation. CPI fell 1.3% on year in March after dropping 1.1% in February, with consensus -1.1%. Unemployment declined to 26.7% in January from 27.2% in December.
- ETF: GREK
Wednesday, Apr 911:18 AM
Wednesday, Apr 911:18 AM| 2 Comments
- Investors stand in line to get a piece of Greece's first longer-term debt offering since being bailed out (said bailout is still ongoing), placing more than €11B in orders for what's expected to be about a €2B offering of 5-year notes, reports the FT. Who's buying? Likely Greek banks, along with investors drawn to a yield with a 5-handle on it.
- The robust demand has bankers cutting their expected yield to just 5-5.25%. The last time Greece issued five-year paper - all the way back in January 2010 - it was priced to yield 6.1%.
- Earlier today, the yield on Greece's 10-year notes fell below 6% for the first time since the debt crisis.
- GREK unchanged on session
Tuesday, Apr 83:28 PM
Tuesday, Apr 83:28 PM| 1 Comment
- Still in the midst of relying on bailout money to get by, Greece is putting together its first long-term debt sale since being rescued - somewhere in the area of €2B in 5-year notes and set for tomorrow, reports the WSJ.
- The move comes amid continued demand for anything with a yield, and Greece's 10-year paper has done an incredible round-trip, now trading with a 6.1% yield. Earlier today, the Greek government sold €1.3B in 26-week bills priced to yield 3.01% - more than 50 bps lower than last month's sale.
- GREK +66% Y/Y
Wednesday, Apr 28:08 AM
Wednesday, Apr 28:08 AM| Comment!
- Only the timing remans to be resolved, reports Bloomberg, citing an unnamed Greek official, though any sale would certainly not take place until after the country is approved for its next tranche (€6.3B, then two more payments of €1B) of bailout money (EU finance ministers gave a thumbs-up yesterday).
- "With Greece still having an extremely high debt ratio and high outright yields, it’s easy to be skeptical,” says Rabobank's Lyn Graham-Taylor. “However, the 10-year yield is below the psychologically significant 7 percent hurdle. We would be cautiously optimistic that Greece will issue bonds in the first half.”
- GREK +9.6% YTD
Monday, Mar 315:00 AM
Monday, Mar 315:00 AM| Comment!
- Greece's parliament has passed a controversial economic reform bill and paved the way for the government to receive an €8.3B tranche in international aid, which will allow it to pay €9.3B in debt that is due next month.
- However, the vote has left the right-of-center government with just a majority of two after it expelled a rebellious legislator.
- The FTSE/ASE 20 (GREK) is +0.3%.
Thursday, Mar 63:33 PM
Thursday, Mar 63:33 PM| 25 Comments
- National Bank of Greece (NBG -2.8%) - the country's biggest lender - has a shortfall of €2.18B, according to the Bank of Greece, while the 2nd largest, Piraeus Bank (BPIRY, BPIRF), needs to raise just €425M. Alpha Bank (ALBKF, ALBKY) needs to raise €262M.
- Separately, Piraeus has plans to raise €1.75B to repay €750M of preferred shares and boost its ratios as non-performing loans stand at 36.6% of total loans.
- Related ETF: GREK
Sunday, Feb 163:44 AM
Sunday, Feb 163:44 AM| 10 Comments
- Greece achieved a primary budget surplus - which excludes interest payments - of over €1.5B ($2.1B) in 2013, well above an initial forecast of €344M that was made in October, Prime Minister Antonis Samaras has said.
- Greece also achieved the milestone one year ahead of the target set by the international community as a condition for additional debt relief.
- ETF: GREK
Monday, Feb 34:25 AM
Monday, Feb 34:25 AM| 12 Comments
- Eurozone manufacturing PMI increased to a 32-month high of 54 (flash 53.9) in January from 52.7 in December.
- Germany led the expansion and Greek PMI returned to growth for the first time since August 2009, while Spain hit a 45-month high and France showed signs of stabilization
- Improving new orders inflows and rising backlogs supported renewed job creation.
- The data is consistent with GDP growth of 0.4-0.5% in Q1.
- The euro is +0.1% vs the dollar. (PR)
- ETFs: FXE, VGK, EUO, FEZ, EWP, GREK, ERO, IEV, EPV, EZU, HEDJ, DRR, FEU, EUFX, UPV, ULE, FEP, ADRU, URR, FEEU, DBEU, EURZ, EURL, FIEU
Thursday, Jan 27:48 AM
Thursday, Jan 27:48 AM| 7 Comments
- For the first time since Socrates was a boy, quips Pawel Morski, the output component of Greece's PMI is above 50 for the 2nd consecutive month.
- The composite read climbed to 49.6 in December, the highest print in more than four years.
- Most of Europe is in the red, but stocks in Athens have their tails in the air, the General Index ahead by 3.5%.
- ETF: GREK
- National Bank of Greece (NBG) +1.4% premarket
Sunday, Dec 12013, 2:11 AM
Sunday, Dec 12013, 2:11 AM| Comment!
- Moody's has increased Greece's debt rating by two notches to Caa3 from C and said the country's outlook is stable, citing its progress in fiscal consolidation and a "cyclical recovery in the economy."
- Moody's expects Greece to "achieve (and possibly outperform) its target of a primary balance in 2013, and record a surplus (of 1.5%) in 2014."
- The ratings agency forecasts that GDP will fall 0.5% in 2014 but grow 1% in 2015.
- S&P and Fitch rate Greece at B-, six levels below investment grade. Moody's ranking is nine below the threshold.
- Moody's move comes as Greece and the Troika try to negotiate a deal that would provide the country with another €1B in rescue money.
- ETF: GREK (PR)
Monday, Nov 112013, 2:56 PM
Monday, Nov 112013, 2:56 PM| 3 Comments
- Up more than 20% YTD, the Global X FTSE Greece ETF (GREK -0.6%) remains maybe the cheapest ETF in the world, writes Paul Baiocchi, with a trailing P/E ratio of just 1x. To put this in perspective, the next cheapest single-country ETF is one for Russia at 5.6x earnings, still 5x more expensive (based on earnings) than Greece.
- Typically something is only this cheap ahead of an anticipated bankruptcy or massive earnings miss, but how much of Greece's troubles are in the rear-view mirror at this point? The only global value fund - the iShares' MSCI EAFE Value ETF (EFV) - gives Greece just an 8% weighting, but Greece has recently been reclassified as an emerging market. Might the country's shares soon show up in the MSCI Emerging Markets Value ETF (EVAL)?
- "If you’re a traditional value investor, [the 20% move] could prove to be just the beginning," says Biaiocchi.
Monday, Oct 212013, 3:52 PM
Monday, Oct 212013, 3:52 PM| 3 Comments
- "You can see finally that Greece is coming back with new ideas," says Mobius after putting his boots on the ground there. "The privatization program is going forward despite opposition from unions. Things aren’t easy but they are making progress."
- The downgrade of Greece to emerging market status is - in Mobius' mind - an upgrade to a club of high-growth countries.
- Mobius is particularly interested in the banks, but is looking at a wide range of sectors. Athens is up about 50% since July, but remains 75% below the 2008 peak. He expects to own shares in the country within the year, "provided prices don't go through the roof."
- Greece ETF: GREK.
- National Bank of Greece: NBG.
Saturday, Oct 122013, 9:03 PM
Saturday, Oct 122013, 9:03 PM| Comment!
- "All indicators are pointing to signs of life in the economy," Portugal's new Finance Minister Maria Luis Albuquerque said, in her first media interview.
- Portugal may seek to borrow more money in the next few months "through an existing bond program [or by swapping] an existing bond for another with a longer maturity."
- Albuquerque also said that although the country will likely not issue a new bond before the beginning of next year, Portugal is looking to regain full market access by mid-2014.
- The country is expected to be the second bailed-out nation to return to the debt market after Ireland, marking a major milestone in the eurozone periphery's attempt to dig itself out of a crippling debt crisis.
- Portugal is fully funded for 2013.
- Periphery ETFs - EWP, EWI, GREK, EIRL
Monday, Oct 72013, 12:32 PM
Monday, Oct 72013, 12:32 PM| 4 Comments
- Funds run by John Paulson have joined those of Baupost, Eaglevale, Falcon Edge, York Capital, and Och-Ziff in investing in the recapitalized Greek banking sector, reports the FT.
- "We think Piraeus (BPIRY.PK) and Alpha (ALBKY.PK +12.9%), two banks we have a position in, are now very well capitalized and poised to recover," says Paulson in a statement. Encouraged by rising exports and a rebounding tourist sector, Paulson expects the economy to bottom this year and begin recovery in 2014.
- Also among those recapitalized by the Hellenic Financial Stability Fund is National Bank of Greece (NBG +12.9%). The Greek ETF (GREK +3.3%).
Monday, Oct 72013, 6:54 AM
Monday, Oct 72013, 6:54 AM| 1 Comment
- Greece's government has forecast that the economy will rebound to grow by 0.6% in 2014 vs a contraction of 4% in 2013, boosted by a recovery in investment, exports and tourism.
- Athens also expects a small primary budget surplus this year and one of 1.6% of GDP next year. Greece even hopes it can return to bond markets in H2 2014.
- If the growth prediction is correct, Greece would emerge from six years of deep recession, if not depression. We'll believe it when we see it.
- ETF: GREK
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