EUR/RSD (eop) 112.30 115.00 116 - Eurobank Dec9 2013.doc.pdfCurrent Account/GDP -10.5 -4.1 -3.2...

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Transcript of EUR/RSD (eop) 112.30 115.00 116 - Eurobank Dec9 2013.doc.pdfCurrent Account/GDP -10.5 -4.1 -3.2...

Page 1: EUR/RSD (eop) 112.30 115.00 116 - Eurobank Dec9 2013.doc.pdfCurrent Account/GDP -10.5 -4.1 -3.2 EUR/RSD (eop) 112.30 115.00 116.00 current 2013f 2014f Policy Rate (eop) 10.00 10.00

1

o

o

o

o

o

o

o

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1300

1500

1700

1900

De

c-1

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Fe

b-1

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Ap

r-13

Jun

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Au

g-1

3

Oct-

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SampP 500

250

270

290

310

330

Dec-1

2

Fe

b-1

3

Ap

r-13

Jun

-13

Au

g-1

3

Oct-

13

Dec-1

3

STOXX 600

600

800

1000

1200

1400

De

c-1

2

Fe

b-1

3

Ap

r-13

Jun

-13

Au

g-1

3

Oct-

13

Dec-1

3

ATHENS GEN INDEX

830

910

990

1070

1150

De

c-1

2

Fe

b-1

3

Ap

r-13

Jun

-13

Au

g-1

3

Oct-

13

MSCI

L-T ccy Moodys SampP Fitch

SERBIA B1 BB- BB-

ROMANIA Baa3 BB+ BBB-

BULGARIA Baa2 BBB BBB-

CYPRUS Caa3 B- B-

Credit Ratings

3

SERBIA Indicators 2012 2013f 2014f

Real GDP growth -17 20 10

CPI (pa yoy ) 73 84 55

Budget BalanceGDP -64 -56 -55

Current AccountGDP -105 -41 -32

EURRSD (eop) 11230 11500 11600

current 2013f 2014f

Policy Rate (eop) 1000 1000 950

Source EC Economic Forecasts Reuters Bloomberg

Eurobank Global Markets Research local authorities

ROMANIA Indicators 2012 2013f 2014f

Real GDP growth 07 22 22

CPI (pa yoy ) 50 18 30

Budget BalanceGDP -30 -25 -22

Current AccountGDP -40 -12 -15

EURRON (eop) 444 443 445

current 2013f 2014f

Policy Rate (eop) 400 400 400

Source EC Economic Forecasts Reuters Bloomberg

Eurobank Global Markets Research local authorities

BULGARIA Indicators 2012 2013f 2014f

Real GDP growth 08 05 15

HICP (pa yoy ) 24 05 14

Budget BalanceGDP -08 -20 -20

Current AccountGDP -13 03 00

EURBGN (eop)

current 2013f 2014f

Policy Rate (eop) NA NA NA

Source EC Economic Forecasts Reuters Bloomberg

Eurobank Global Markets Research local authorities

195583

4

Government Bonds Commodities

Last ΔD ΔYTD Last ΔD ΔYTD (yields) Last ΔDbps ΔYTD bps Last ΔD ΔYTD

SampP 500 180143 09 263 EURUSD 13689 02 38 UST - 10yr 285 -2 109 GOLD 1234 07 -264

Nikkei 225 1529986 08 472 GBPUSD 16376 03 08 Bund-10yr 184 -2 52 BRENT CRUDE 168 00 76

STOXX 600 31643 06 131 USDJPY 10264 -08 -155 JGB - 10yr 067 4 -12 LMEX 3045 -03 -118

GLOBAL MARKETSStock markets FOREX

BELIBOR Last ΔDbps ΔYTD bps ROBOR Last ΔDbps ΔYTD bps SOFIBOR Last ΔDbps ΔYTD bps

TN 854 -2 -132 ON 179 -35 -451 LEONIA 002 0 -2

1-week 876 -1 -169 1-month 205 -14 -399 1-month 031 0 -10

1-month 901 -2 -209 3-month 27 -7 -335 3-month 065 0 -28

3-month 930 -1 -245 6-month 313 -4 -314 6-month 116 0 -52

6-month 961 3 -260 12-month 332 -2 -298 12-month 223 1 -80

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps (yields) Last ΔDbps ΔYTD bps

3Y RSD 1115 0 -77 3Y RON 415 -1 -195 3Y BGN 109 0 -7

5Y RSD 1323 2 280 5Y RON 484 -1 -126 5Y BGN 190 0 25

7Y RSD 1381 0 107 10Y RON 537 1 -88 10Y BGN 350 0 14

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps

USD Nov-17 520 -1 89 EUR Sep-20 408 -1 -59 USD Jan-15 071 0 -54

USD Nov-24 694 0 653 USD Aug-23 484 -3 43 EUR Jul-17 180 27 -28

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps

5-year 425 12 78 5-year 187 0 -28 5-year 124 0 25

10-year 469 13 71 10-year 245 0 -7 10-year 174 0 42

Last ΔD ΔYTD Last ΔD ΔYTD Last ΔD ΔYTD

BELEX15 5462 047 427 BET 63595 -005 2350 SOFIX 4736 015 3710

Last ΔD ΔYTD Last ΔD ΔYTD Last ΔD ΔYTD

EURRSD 1150 -028 -201 EURRON 44553 017 -026 USDBGN 14287 017 371

STOCKS STOCKS STOCKS

BULGARIA

Money Market Money Market Money Market

SEE MARKETSSERBIA ROMANIA

RS Local Bonds RO Local Bonds BG Local Bonds

RS Eurobonds RO Eurobonds BG Eurobonds

FOREX FOREX FOREX

CDS CDS CDS

400

450

500

550

600

Dec-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

BELEX15 Index

4000

5000

6000

7000

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

BET Index

300

350

400

450

500

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

SOFIX Index

108

110

112

114

116

Dec-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

EURRSD

425

435

445

455

465

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

EURRON

135

140

145

150

155

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

USDBGN

5

Page 2: EUR/RSD (eop) 112.30 115.00 116 - Eurobank Dec9 2013.doc.pdfCurrent Account/GDP -10.5 -4.1 -3.2 EUR/RSD (eop) 112.30 115.00 116.00 current 2013f 2014f Policy Rate (eop) 10.00 10.00

2

1300

1500

1700

1900

De

c-1

2

Fe

b-1

3

Ap

r-13

Jun

-13

Au

g-1

3

Oct-

13

SampP 500

250

270

290

310

330

Dec-1

2

Fe

b-1

3

Ap

r-13

Jun

-13

Au

g-1

3

Oct-

13

Dec-1

3

STOXX 600

600

800

1000

1200

1400

De

c-1

2

Fe

b-1

3

Ap

r-13

Jun

-13

Au

g-1

3

Oct-

13

Dec-1

3

ATHENS GEN INDEX

830

910

990

1070

1150

De

c-1

2

Fe

b-1

3

Ap

r-13

Jun

-13

Au

g-1

3

Oct-

13

MSCI

L-T ccy Moodys SampP Fitch

SERBIA B1 BB- BB-

ROMANIA Baa3 BB+ BBB-

BULGARIA Baa2 BBB BBB-

CYPRUS Caa3 B- B-

Credit Ratings

3

SERBIA Indicators 2012 2013f 2014f

Real GDP growth -17 20 10

CPI (pa yoy ) 73 84 55

Budget BalanceGDP -64 -56 -55

Current AccountGDP -105 -41 -32

EURRSD (eop) 11230 11500 11600

current 2013f 2014f

Policy Rate (eop) 1000 1000 950

Source EC Economic Forecasts Reuters Bloomberg

Eurobank Global Markets Research local authorities

ROMANIA Indicators 2012 2013f 2014f

Real GDP growth 07 22 22

CPI (pa yoy ) 50 18 30

Budget BalanceGDP -30 -25 -22

Current AccountGDP -40 -12 -15

EURRON (eop) 444 443 445

current 2013f 2014f

Policy Rate (eop) 400 400 400

Source EC Economic Forecasts Reuters Bloomberg

Eurobank Global Markets Research local authorities

BULGARIA Indicators 2012 2013f 2014f

Real GDP growth 08 05 15

HICP (pa yoy ) 24 05 14

Budget BalanceGDP -08 -20 -20

Current AccountGDP -13 03 00

EURBGN (eop)

current 2013f 2014f

Policy Rate (eop) NA NA NA

Source EC Economic Forecasts Reuters Bloomberg

Eurobank Global Markets Research local authorities

195583

4

Government Bonds Commodities

Last ΔD ΔYTD Last ΔD ΔYTD (yields) Last ΔDbps ΔYTD bps Last ΔD ΔYTD

SampP 500 180143 09 263 EURUSD 13689 02 38 UST - 10yr 285 -2 109 GOLD 1234 07 -264

Nikkei 225 1529986 08 472 GBPUSD 16376 03 08 Bund-10yr 184 -2 52 BRENT CRUDE 168 00 76

STOXX 600 31643 06 131 USDJPY 10264 -08 -155 JGB - 10yr 067 4 -12 LMEX 3045 -03 -118

GLOBAL MARKETSStock markets FOREX

BELIBOR Last ΔDbps ΔYTD bps ROBOR Last ΔDbps ΔYTD bps SOFIBOR Last ΔDbps ΔYTD bps

TN 854 -2 -132 ON 179 -35 -451 LEONIA 002 0 -2

1-week 876 -1 -169 1-month 205 -14 -399 1-month 031 0 -10

1-month 901 -2 -209 3-month 27 -7 -335 3-month 065 0 -28

3-month 930 -1 -245 6-month 313 -4 -314 6-month 116 0 -52

6-month 961 3 -260 12-month 332 -2 -298 12-month 223 1 -80

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps (yields) Last ΔDbps ΔYTD bps

3Y RSD 1115 0 -77 3Y RON 415 -1 -195 3Y BGN 109 0 -7

5Y RSD 1323 2 280 5Y RON 484 -1 -126 5Y BGN 190 0 25

7Y RSD 1381 0 107 10Y RON 537 1 -88 10Y BGN 350 0 14

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps

USD Nov-17 520 -1 89 EUR Sep-20 408 -1 -59 USD Jan-15 071 0 -54

USD Nov-24 694 0 653 USD Aug-23 484 -3 43 EUR Jul-17 180 27 -28

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps

5-year 425 12 78 5-year 187 0 -28 5-year 124 0 25

10-year 469 13 71 10-year 245 0 -7 10-year 174 0 42

Last ΔD ΔYTD Last ΔD ΔYTD Last ΔD ΔYTD

BELEX15 5462 047 427 BET 63595 -005 2350 SOFIX 4736 015 3710

Last ΔD ΔYTD Last ΔD ΔYTD Last ΔD ΔYTD

EURRSD 1150 -028 -201 EURRON 44553 017 -026 USDBGN 14287 017 371

STOCKS STOCKS STOCKS

BULGARIA

Money Market Money Market Money Market

SEE MARKETSSERBIA ROMANIA

RS Local Bonds RO Local Bonds BG Local Bonds

RS Eurobonds RO Eurobonds BG Eurobonds

FOREX FOREX FOREX

CDS CDS CDS

400

450

500

550

600

Dec-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

BELEX15 Index

4000

5000

6000

7000

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

BET Index

300

350

400

450

500

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

SOFIX Index

108

110

112

114

116

Dec-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

EURRSD

425

435

445

455

465

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

EURRON

135

140

145

150

155

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

USDBGN

5

Page 3: EUR/RSD (eop) 112.30 115.00 116 - Eurobank Dec9 2013.doc.pdfCurrent Account/GDP -10.5 -4.1 -3.2 EUR/RSD (eop) 112.30 115.00 116.00 current 2013f 2014f Policy Rate (eop) 10.00 10.00

3

SERBIA Indicators 2012 2013f 2014f

Real GDP growth -17 20 10

CPI (pa yoy ) 73 84 55

Budget BalanceGDP -64 -56 -55

Current AccountGDP -105 -41 -32

EURRSD (eop) 11230 11500 11600

current 2013f 2014f

Policy Rate (eop) 1000 1000 950

Source EC Economic Forecasts Reuters Bloomberg

Eurobank Global Markets Research local authorities

ROMANIA Indicators 2012 2013f 2014f

Real GDP growth 07 22 22

CPI (pa yoy ) 50 18 30

Budget BalanceGDP -30 -25 -22

Current AccountGDP -40 -12 -15

EURRON (eop) 444 443 445

current 2013f 2014f

Policy Rate (eop) 400 400 400

Source EC Economic Forecasts Reuters Bloomberg

Eurobank Global Markets Research local authorities

BULGARIA Indicators 2012 2013f 2014f

Real GDP growth 08 05 15

HICP (pa yoy ) 24 05 14

Budget BalanceGDP -08 -20 -20

Current AccountGDP -13 03 00

EURBGN (eop)

current 2013f 2014f

Policy Rate (eop) NA NA NA

Source EC Economic Forecasts Reuters Bloomberg

Eurobank Global Markets Research local authorities

195583

4

Government Bonds Commodities

Last ΔD ΔYTD Last ΔD ΔYTD (yields) Last ΔDbps ΔYTD bps Last ΔD ΔYTD

SampP 500 180143 09 263 EURUSD 13689 02 38 UST - 10yr 285 -2 109 GOLD 1234 07 -264

Nikkei 225 1529986 08 472 GBPUSD 16376 03 08 Bund-10yr 184 -2 52 BRENT CRUDE 168 00 76

STOXX 600 31643 06 131 USDJPY 10264 -08 -155 JGB - 10yr 067 4 -12 LMEX 3045 -03 -118

GLOBAL MARKETSStock markets FOREX

BELIBOR Last ΔDbps ΔYTD bps ROBOR Last ΔDbps ΔYTD bps SOFIBOR Last ΔDbps ΔYTD bps

TN 854 -2 -132 ON 179 -35 -451 LEONIA 002 0 -2

1-week 876 -1 -169 1-month 205 -14 -399 1-month 031 0 -10

1-month 901 -2 -209 3-month 27 -7 -335 3-month 065 0 -28

3-month 930 -1 -245 6-month 313 -4 -314 6-month 116 0 -52

6-month 961 3 -260 12-month 332 -2 -298 12-month 223 1 -80

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps (yields) Last ΔDbps ΔYTD bps

3Y RSD 1115 0 -77 3Y RON 415 -1 -195 3Y BGN 109 0 -7

5Y RSD 1323 2 280 5Y RON 484 -1 -126 5Y BGN 190 0 25

7Y RSD 1381 0 107 10Y RON 537 1 -88 10Y BGN 350 0 14

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps

USD Nov-17 520 -1 89 EUR Sep-20 408 -1 -59 USD Jan-15 071 0 -54

USD Nov-24 694 0 653 USD Aug-23 484 -3 43 EUR Jul-17 180 27 -28

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps

5-year 425 12 78 5-year 187 0 -28 5-year 124 0 25

10-year 469 13 71 10-year 245 0 -7 10-year 174 0 42

Last ΔD ΔYTD Last ΔD ΔYTD Last ΔD ΔYTD

BELEX15 5462 047 427 BET 63595 -005 2350 SOFIX 4736 015 3710

Last ΔD ΔYTD Last ΔD ΔYTD Last ΔD ΔYTD

EURRSD 1150 -028 -201 EURRON 44553 017 -026 USDBGN 14287 017 371

STOCKS STOCKS STOCKS

BULGARIA

Money Market Money Market Money Market

SEE MARKETSSERBIA ROMANIA

RS Local Bonds RO Local Bonds BG Local Bonds

RS Eurobonds RO Eurobonds BG Eurobonds

FOREX FOREX FOREX

CDS CDS CDS

400

450

500

550

600

Dec-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

BELEX15 Index

4000

5000

6000

7000

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

BET Index

300

350

400

450

500

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

SOFIX Index

108

110

112

114

116

Dec-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

EURRSD

425

435

445

455

465

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

EURRON

135

140

145

150

155

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

USDBGN

5

Page 4: EUR/RSD (eop) 112.30 115.00 116 - Eurobank Dec9 2013.doc.pdfCurrent Account/GDP -10.5 -4.1 -3.2 EUR/RSD (eop) 112.30 115.00 116.00 current 2013f 2014f Policy Rate (eop) 10.00 10.00

4

Government Bonds Commodities

Last ΔD ΔYTD Last ΔD ΔYTD (yields) Last ΔDbps ΔYTD bps Last ΔD ΔYTD

SampP 500 180143 09 263 EURUSD 13689 02 38 UST - 10yr 285 -2 109 GOLD 1234 07 -264

Nikkei 225 1529986 08 472 GBPUSD 16376 03 08 Bund-10yr 184 -2 52 BRENT CRUDE 168 00 76

STOXX 600 31643 06 131 USDJPY 10264 -08 -155 JGB - 10yr 067 4 -12 LMEX 3045 -03 -118

GLOBAL MARKETSStock markets FOREX

BELIBOR Last ΔDbps ΔYTD bps ROBOR Last ΔDbps ΔYTD bps SOFIBOR Last ΔDbps ΔYTD bps

TN 854 -2 -132 ON 179 -35 -451 LEONIA 002 0 -2

1-week 876 -1 -169 1-month 205 -14 -399 1-month 031 0 -10

1-month 901 -2 -209 3-month 27 -7 -335 3-month 065 0 -28

3-month 930 -1 -245 6-month 313 -4 -314 6-month 116 0 -52

6-month 961 3 -260 12-month 332 -2 -298 12-month 223 1 -80

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps (yields) Last ΔDbps ΔYTD bps

3Y RSD 1115 0 -77 3Y RON 415 -1 -195 3Y BGN 109 0 -7

5Y RSD 1323 2 280 5Y RON 484 -1 -126 5Y BGN 190 0 25

7Y RSD 1381 0 107 10Y RON 537 1 -88 10Y BGN 350 0 14

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps

USD Nov-17 520 -1 89 EUR Sep-20 408 -1 -59 USD Jan-15 071 0 -54

USD Nov-24 694 0 653 USD Aug-23 484 -3 43 EUR Jul-17 180 27 -28

Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps Last ΔDbps ΔYTD bps

5-year 425 12 78 5-year 187 0 -28 5-year 124 0 25

10-year 469 13 71 10-year 245 0 -7 10-year 174 0 42

Last ΔD ΔYTD Last ΔD ΔYTD Last ΔD ΔYTD

BELEX15 5462 047 427 BET 63595 -005 2350 SOFIX 4736 015 3710

Last ΔD ΔYTD Last ΔD ΔYTD Last ΔD ΔYTD

EURRSD 1150 -028 -201 EURRON 44553 017 -026 USDBGN 14287 017 371

STOCKS STOCKS STOCKS

BULGARIA

Money Market Money Market Money Market

SEE MARKETSSERBIA ROMANIA

RS Local Bonds RO Local Bonds BG Local Bonds

RS Eurobonds RO Eurobonds BG Eurobonds

FOREX FOREX FOREX

CDS CDS CDS

400

450

500

550

600

Dec-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

BELEX15 Index

4000

5000

6000

7000

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

BET Index

300

350

400

450

500

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

SOFIX Index

108

110

112

114

116

Dec-1

2

Ja

n-1

3

Fe

b-1

3

Ma

r-13

Ap

r-13

Ma

y-1

3

Ju

n-1

3

Ju

l-1

3

Au

g-1

3

Se

p-1

3

Oct-

13

Nov-1

3

Dec-1

3

EURRSD

425

435

445

455

465

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

EURRON

135

140

145

150

155

Dec-1

2

Fe

b-1

3

Ap

r-13

Ju

n-1

3

Au

g-1

3

Oct-

13

Dec-1

3

USDBGN

5

Page 5: EUR/RSD (eop) 112.30 115.00 116 - Eurobank Dec9 2013.doc.pdfCurrent Account/GDP -10.5 -4.1 -3.2 EUR/RSD (eop) 112.30 115.00 116.00 current 2013f 2014f Policy Rate (eop) 10.00 10.00

5