What PSI’s Dallara is looking for in Alpha Bank, the bonuses in Motor Oil and the whispers of a surprise placement – Economic Postman – 2024-05-03 10:25:07

• We all remember the famous PSI, the haircut of Greek bonds in 2012.
• A process that stigmatized Greece.
• Not only because it was the only developed country to cut bonds, but also because of the consequences this had on banks, insurance funds and many individuals.
• But few remember that the process was “run” by Charles Dallara.
• Then head of the Institute of International Finance.
• He also wrote a book about it, “Euroschock”.
• After this experience, Dallara returns to Greece.
• This time as an Advisory Partner at Partners Group.
• And he will guide Alpha Bank to strengthen its wealth management services.
• The agreement was made for Alpha Bank to be a member of a network of distribution partners maintained by Partners Group throughout the world.

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And the ‘8’s were… great at Motor Oil

• Motor Oil gave bonus shares to 8 executives.
• He gave a total of 182,120 shares of the same ones he is buying.
• Although the shares have been bought at lower levels, at the current price, the bonus of the 8 executives reaches 5 million euros.
• On average, each executive received a bonus of over 600,000 euros!
• Not bad for a year when inflation… gnawed away at workers’ salaries!!
• However, Motor Oil still owns a sufficient number of own shares, i.e. 2,503,598 or 2.26% of its share capital, to give more bonuses if needed!

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How did she see Jefferies the results of Piraeus and Ethniki

• Jefferies was positive about the results of Piraeus and Ethniki.
• He even maintained a buy recommendation for both, with target prices at 5.25 and 10.20 euros respectively, i.e. approximately 35% upside.
• For Piraeus, Jefferies pointed out that it had slightly outperformed its 2024 guidance.
• Interest income was lower than expected, but Jefferies sees this as more of a timing issue with 2024 guidance for interest income (NII).
• The cost of deposits, however, was lower than current guidance.
• Ethniki posted a net profit of 358 million, which was above analysts’ consensus.
• National Bank performed better than expected on key items such as NII and commissions, while costs were in line with estimates and impairments were lower than expected.

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Who… «fly» to placement

• His… placement is done in the market.
• We learn that another one is being “baked” by the 25-year-old’s management.
• We cannot go into details yet, as discussions are still ongoing.
• Discussions with foreigners, that is, as they want to enter the Greek market, but not buy from the board.
• The column has been writing for months, after all, that the “channels of interest” are full, but the pieces that one can buy from the board are few for the big ones.
• And these big ones have targeted, among others, the “heavy industry” of the country.
• Which is none other than tourism.
• Well… not many are benefiting from the rise of tourism.
• Especially on the 25th…