MARKET COMMENT
ATHEX headed north yesterday, underperforming however the European stock markets. In more detail, the General Index rose marginally by 0.03% at 1,546.03 units (FTSE Large Cap: +0.05%, FTSE Mid Cap: -0.07%, Banks Index: +0.05%) and the traded value was shaped at EUR 118.6m, down from Tuesday’s EUR 132.6m. We expect ATHEX to seek direction today.
Today’s Headlines
· Greece sells 3-month T-bills at 2.37%
· Banking System Loans | December 2024
· Banking System Deposits | December 2024
· Titan America IPO presentation Highlights
· Motor Oil transfers its 35% stake in Korinthos Power from MORE to NRG
· ELLAKTOR Concessions issues an EUR 275m bond loan
· National Bank of Greece Non-Executive member resigned for personal reasons
· Caius Capital reduced stake in Bank of Cyprus
· Galaxy Cosmos Mezz coupon receipts
HEADLINES
Macro Headlines
Greece sells 3-month T-bills at 2.37%
The Greek State raised EUR 600m yesterday from the issuance of 13-week T-bills. In more detail, the total amount auctioned was EUR 500m, while total bids reached EUR 1,125m (2.45x coverage ratio vs. 1.44x in the previous auction) for an interest rate of 2.37% (vs. 2.82% in the previous auction).
Sector Headlines
Banking System Loans | December 2024
|
(EUR m) |
Oct ’24 |
Nov ’24 |
Dec ’24 |
|
Total credit |
197,386 |
200,526 |
200,258 |
|
General Government |
75,735 |
76,937 |
77,166 |
|
Private sector |
121,651 |
123,589 |
123,092 |
|
Corporate |
81,379 |
83,285 |
83,732 |
|
Sole Proprietors |
4,331 |
4,344 |
4,067 |
|
Household |
35,942 |
35,960 |
35,293 |
|
Monthly net flow |
2,775 |
2,539 |
3,636 |
|
% y-o-y |
4.5% |
5.0% |
5.3% |
|
Private sector Monthly net flow |
1,882 |
1,931 |
3,048 |
|
% y-o-y |
9.1% |
10.0% |
8.9% |
source: BoG
Facts: According to BoG, total credit to the economy (incl. the general government) came in at EUR ca200.3bn in December 2024 (+5.3% y-o-y, positive monthly net flow by EUR 3,636m), on the back of positive monthly net flow by both the general government and the private sector. Loans to the private sector advanced by 8.9% y-o-y to EUR c123.1bn (positive monthly net flow of EUR 3,048m). Net credit expansion reached EUR 10.5bn in 2024.
Comment: Net credit expansion was positive for a 5th month in a row thanks to corporate loans that reached EUR 83.7bn (+14.0% y-o-y, positive monthly flow by EUR 2,891m). Loans to sole proprietors stood at EUR 4.07bn (+0.7% y-o-y, monthly net inflow of EUR 102m). Moreover, household lending was shaped at EUR ca35.3bn (-0.5% y-o-y, positive monthly net flow by EUR 55m). Housing loans came in at EUR 26.5bn (-2.6% y-o-y, positive monthly net flow of EUR 8m). Consumer credit reached EUR 8.6bn (+6.3% y-o-y, positive monthly net flow of EUR 48m). Corporate loans accounted for 68.0% of private sector loans, household loans for 28.7% and loans to sole proprietors for 3.3% respectively.
Banking System Deposits | December 2024
|
(EUR m) |
Oct ’24 |
Nov ’24 |
Dec ’24 |
|
System Deposits |
202,549 |
205,819 |
211,157 |
|
General Government |
7,037 |
7,807 |
7,397 |
|
Private sector |
195,512 |
198,012 |
203,760 |
|
Corporate |
48,453 |
50,227 |
53,409 |
|
Household |
147,059 |
147,785 |
150,351 |
|
Private Sector Monthly net flow |
-2,258 |
2,269 |
5,654 |
|
Private Sector % y-o-y |
3.3% |
5.0% |
4.5% |
|
Private Sector % y-t-d |
0.4% |
1.7% |
4.6% |
source: BoG
Facts: BoG announced that system deposits came in at EUR ca211.2bn (+4.6% y-o-y, positive monthly net flow of EUR 5,243m) in December 2024. General Government deposits reached EUR 7.4bn (+7.5% y-o-y, negative monthly net flow by EUR 411m) and private sector deposits amounted to EUR 203.8bn (+4.5% y-o-y, positive monthly net flow of EUR 5,654m). Corporate deposits came in at EUR 53.4bn (+10.8% y-o-y, positive monthly net flow by EUR 3,161m) and household deposits reached EUR 150.4bn (+2.4% y-o-y, positive monthly net flow by EUR 2,493m). Household deposits accounted for 73.8% of private sector deposits and corporate for the remaining 26.2%.
Comment: The monthly increase in private sector deposits (EUR 5,654m) in December is attributed to both corporate (EUR 3,161m) and household deposits (EUR 2,493m). Time deposits recorded a monthly net ouflow of EUR -514m and accounted for 17.6% of system depos vs. 18.3% in November. Liquidity remained ample, with the LDR at 60.4% vs. 62.4% in November and the commercial surplus widened to EUR 80.7bn from 74.4bn in November.
Company Headlines
Titan America IPO presentation Highlights
During yesterday’s presentations of the IPO of its US subsidiary, Titan America, the management said that it expects revenue CAGR of 6%-8% in the medium term for the US operations, EBITDA margin at 23% (from 21% currently), Free cash flow conversion at 82%, return on capital employed at 23% and DPS at $ 0.01/quarter (DY:1%). Additionally, the $350-400m cash proceeds from the IPO will be used for expansion of cement capacity and potential acquisition in the USA, as the management expects local demand to accelerate under the new administration.
Motor Oil transfers its 35% stake in Korinthos Power from MORE to NRG
Motor Oil announced that it transferred its 35% stake in Korinthos Power, a natural gas thermal plant in which METLEN controls the remaining 65%, from MORE, its Renewables subsidiary to NRG, its electricity supply arm.
ELLAKTOR Concessions issues an EUR 275m bond loan
ELLAKTOR announced that its wholly owned subsidiary AKTOR CONCESSIONS has proceeded with the issuance of Common Secured Bond Loan amounting to EUR 275m to refinance the Issuer’s existing borrowings and to cover general corporate purposes.
National Bank of Greece Non-Executive member resigned for personal reasons
NBG announced the resignation of Mr. Athanasios Zarkalis from the position of Independent Non- Executive Board Member due to personal reasons.
Caius Capital reduced stake in Bank of Cyprus
Bank of Cyprus announced that Caius Capital reduced its stake to 4.98% from 5.65% previously.
Galaxy Cosmos Mezz coupon receipts
The company announced that it received coupon payments of EUR 1.2m in January from the mezzanine notes issued by Galaxy IV Funding DAC.
Calendar of Events
Macros
31/01/25 | Turnover Index in Retail Trade NOV (ELSTAT)
Market
11/02/25 | MSCI Index Review announcement (Effective date: March 03, 2025)
4Q/FY24 Results Release
13/02/25 | Coca-Cola HBC (7:00 am GMT)
18/02/25 | Bank of Cyprus (Bef-mkt)
20/02/25 | METLEN (Bef-mkt)
24/02/25 | Piraeus Financial Holdings (Bef-mkt), Athens International Airport (Bef-mkt)
26/02/25 | OTE (Bef-mkt)
27/02/25 | HELLENiQ ENERGY (Aft-mkt), Eurobank Holdings, IDEAL Holdings (Bef-mkt)
28/02/25 | Alpha Services & Holdings
10/03/25 | Attica Bank (Aft-mkt)
26/03/25 | PPC (Aft-mkt)
27/03/25 | Titan Cement International
31/03/25 | Hellenic Exchanges (Aft-mkt)
EGM / AGM
03/02/25 | IDEAL Holdings (EGM)
Ex-Capital Return
24/03/25 | ELLAKTOR (EUR 0.85/share), IDEAL Holdings (EUR 0.10/share)
Initiation of trading of new shares
04/02/25 | AKTOR Group (from SCI)
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