The book building for 10% of Ethniki finally developed into a “seeing and… doing” situation.
And it appeared, unfortunately, that the preparation was lacking.
I’m leaving out that it also coincided with tension in the Middle East, with risk-taking appetites curtailing rapidly, because no one could have predicted that.
The range was wide
As my source close to the process commented to me, the first negative of the placement had to do with the wide range it was given.
From 7.30 euros to 7.95 euros was a distance that plays an important role in large portfolios.
It was as if the underwriters didn’t know that even a 1% difference matters to the “big guys”… let alone when you give an 8% – 9% range.
JP Morgan, who will be paid handsomely, what does he have to say about this…
The Greeks of retail were prevented
At the same time, when the offers in the domestic book were given in the upper range, with the price on the board being lower, the participation of the Greek portfolios was reasonably prevented.
This created great turmoil in the domestic market, as while significant liquidity was “locked up” for participation in the placement, there were significant liquidations of positions to be allocated to orders for National on the board.
The final price
Eventually we had to get to the final hours of book building to reduce the range of bid prices, with many coming back into the system to change prices.
Because when the prices below 7.55 euros and above 7.65 euros are lifted, it automatically means that those who had entered were as if they never happened.
Reasonably, questions arose as to whether the contacts of the contractors had reached some guidance or moved to logic… by seeing and doing.
The last mission of the HFSF
However, the feeling left by the process in the market was that the last mission of the HFSF, like the penultimate one with Piraeus, could not be said to have been crowned with success.
That is, for a few million more, which in the final analysis do not make much difference (given that he would never get what he put in), some decisions were sacrificed on the altar of the political communication imperative.
And this was also seen in the participation of the most long-term investors.
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The “diligent” Peristeris and Siamisii
I have mentioned to you several times recently that various things are happening in the field of private education.
After various investments, from known and unknown in the Greek market, the Columbia Global Center will now operate in the country, under the internationally renowned Columbia University.
In fact, the relevant event took place, in the presence of the prime minister.
So far all known…
But what made an impression during the event was the “care” shown by Giorgos Peristeris of GEK TERNA and Andreas Siamisiis of Helleniq Energy.
The two strong men were at the forefront and noted everything. What they heard from the noteworthy speeches was also noted in their notebooks.
And not a few were heard. Everything from Artificial Intelligence, Energy, Environment, and other hot topics of international interest were said.
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DEPA Trade VS ELFE
One of the problems faced by the attempts to denationalize DEPA Emporia is the multi-year legal dispute with ELFE, the former Phosphoric Fertilizer Industry of Lavrentis Lavrentiadis interests.
The two companies have been at loggerheads over gas charges for years. ELFE, on the one hand, claims that DEPA in the period 2010-2015 charged it with an oil clause, while the public company claims unpaid bills.
Those more in the know will remember that although the case initially seemed to be closed with the vindication of DEPA Emporia in 2022 by a decision of the Three-member Court of Appeal of Athens, ELFE nevertheless resorted to the Areopagus and finally the supreme court returned the case for a retrial to the Court of Appeal of Athens…
The tangle…
So, the entanglement, as you understand, continues… And as I learn, the conflict between DEPA Emporias and ELFE will continue… The case regarding the pricing of the gas sold by the former to the latter in the period 2010-2015 will be heard on October 31.
In the meantime, DEPA Emporias is giving a boost to the industry, as as I am informed, it is claiming in the courts (Triple Court of Appeal of Athens) debts of 2018…
Denationalization that became nationalization….
With these and with these, DEPA Emporias overshadowed prospective investors every time it went up for sale, since this conflict with ELFE, if it ended in favor of Lavrentiadis’s interests, would open the dance of claims from other clients of the public company.
The legal dispute still haunts… DEPA Emporias and perhaps for this reason, I am told in the market, the Greek government accepted the nationalization of the 35% that the Helleniq Energy group wants to ardently pursue….
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How had we not thought of that?
Unfortunately, when the debt crisis broke out in Greece, we didn’t think about it.
In other words, what MEP Giorgos Avtias thought and put to the competent candidate for Defense Commissioner, Mr. Andrius Kubilius.
He asked that the sums given by Greece for defense expenses be deducted from the debt.
As he himself said, Mr. Kubilius listened carefully to his proposals and promised to include them…
And since Mr. Avtias has so many initiatives, I suggest that he immediately request that any pension expenses not be included in the debt…
It would be great for the Greek, and not only budget. All problems will be solved.
Urgently need a consultant…
The first member of the European Parliament of Greece, Mr. Autias, I dare say that he urgently needs some adviser to explain to him a little the procedure in the European Parliament.
Otherwise we won’t be able to manage his “daily victories”…
For those who are not satisfied with the defense spending proposal, on October 1st he had another success.
He achieved “quick and immediate compensation for natural disasters”, as he proclaimed.
Let someone explain to him that we are talking about a simple vote in the European Parliament…
It is clear that he still does not understand the procedure in Brussels.
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Struggles
Each professional category has its concerns and anxieties. Makes sense. Take confectioners for example.
For the “sweetest category” of the professional world, the Christmas season is the hottest time of the year. Justifiably!
But who is worried, not only at what prices it will “come out” on the Christmas market – that is perhaps the least!
But will she have enough butter to do her job and at what prices? The question is critical based on what is happening in the European milk market.
The catarrhal fever
In Northern Europe – Germany, Holland, Belgium and Northern France, a wave of bluetongue has broken out in cattle.
It is a virus, which is not transmitted from animals to humans and is treated with a vaccine. But it seems that this year the northern European breeders “lost the ball”.
While last year there were 23 cases and therefore there was no problem, this year the cases in the above countries are more than 4,000 cattle.
And in addition to the amounts of butter that have started to be limited, they are underweight – that is, they do not have the necessary amount of fat.
The producer price is already at 8 euros per kilo – and the retail price is around 14 euros per kilo!
As far as I know
As you understand, the pressure on the European market is “transferred” to the Greek market as well.
And in the “piatsa” they estimate that it won’t take long for the Greek consumer to suffer this pressure as well. They think it’s just a matter of time…
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