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☆ Strategist on fair value for U.S. 10-year treasury yield
▼ + stars: | 2024-04-30 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStrategist on fair value for U.S. 10-year treasury yield given significant risk in budget deficitRon Temple of Lazard discusses his outlook for U.S Treasury yields and the structural challenges facing U.S. budget.

Persons: Ron Temple, Lazard Organizations: Treasury

☆ The Fed will be the main event in the week ahead that includes a jobs report, more tech earnings
▼ + stars: | 2024-04-26 | by ( Sarah Min | ) www.cnbc.com time to read: +6 min

On top of that, the latest U.S. jobs market scorecard will be released along with more mega-cap earnings. This week, the U.S. 10-year Treasury yield briefly climbed above 4.7% for the first time since November. That's down sharply from the six or seven rate cuts investors were anticipating coming into the year. April jobs Investors will also get an update on the labor picture next week, with the release of the April nonfarm payrolls report set for Friday. Corporate earnings season will also ramp up in the week ahead with a slew of consumer-facing companies set to report.

Persons: Stocks, Powell, David Alcaly, Jerome Powell's, we've, they're, Brian Nick, Matt Stucky, it's, Stucky, Dow Jones, Nick, Archer, Eli Lilly, Kraft, Estee, Ingersoll Rand, Stanley Black, Decker, Hershey Organizations: Nasdaq, Google, Microsoft, Treasury, Lazard Asset Management, Macro, Northwestern Mutual Wealth Management Company, Fed, Apple, Micro Computer, Dallas Fed, Paramount, ON Semiconductor, Chicago PMI, Prudential Financial, Devices, Storage, Diamondback Energy, Caesars Entertainment, Corning, Daniels, Midland, Molson Coors Beverage, Marathon Petroleum, GE Healthcare Technologies, PayPal, ADP, P Global, Manufacturing, Oil, MGM Resorts International, Allstate, Etsy, eBay, Qualcomm, MetLife, First, Devon Energy, Cruise Line Holdings, Brands, Marriott International, Kraft Heinz, Pfizer, Companies, CVS Health, Generac, Mastercard, Labor, Nation Entertainment, Booking Holdings, Natural Resources, Motorola Solutions, Expedia, EOG, Coterra Energy, Dominion Energy, Howmet Aerospace, ConocoPhillips, Moderna, PMI, Services PMI Locations: U.S, Chicago, McDonald's, Albemarle, EOG Resources

☆ Some Fed officials worry inflation remains stubbornly high, minutes show
▼ + stars: | 2024-04-10 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington CNN —Federal Reserve officials said during their March policymaking meeting that inflation will likely continue to slow this year, according to minutes released Wednesday, but some still fretted over the possibility that inflation could remain stubbornly high. While Fed officials “observed that significant progress had been made over the past year” despite disappointing inflation readings for January and February, some also “noted that the recent increases in inflation had been relatively broad based,” the minutes said. The Fed kept its key interest rate at a two-decade high for the fifth straight meeting last month, at a range of 5.25-5.5%. The odds that the first rate cut will come in June also dropped after CPI was released, according to futures. Goldman Sachs pushed back its call for the first rate cut to July from June and Bank of America is now projecting a June rate cut with “low confidence.”“The likelihood of a June Fed rate cut declined materially today,” Ronald Temple, chief market strategist at Lazard, said in a note Wednesday.

Persons: “, Jerome Powell, Goldman Sachs, ”, ” Ronald Temple, Powell Organizations: Washington CNN — Federal, Fed, CPI, Bank of America, Lazard, “

☆ Investors shouldn't be expecting 'exuberant' growth this year, says Lazard's Ron Temple
▼ + stars: | 2024-03-12 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInvestors shouldn't be expecting 'exuberant' growth this year, says Lazard's Ron TempleRon Temple, Lazard Financial Advisory and Asset Management chief market strategist, joins 'Squawk Box' to discuss the state of the economy, what to expect from February's CPI data, impact on the Fed's interest rate path, and more.

Persons: Ron Temple Ron Temple Organizations: Lazard Financial, Asset Management

☆ China faces serious structural issues, but its stocks offer some trading opportunities: Ron Temple
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailChina faces serious structural issues, but its stocks offer some trading opportunities: Ron TempleRon Temple from Lazard explains why he sees China market as a trading opportunity rather than an investment opportunity.

Persons: Ron Temple Ron Temple, Lazard Organizations: China Locations: China

☆ U.S.10-year treasury yield is trapped between 4% and 5% even with Fed rate cut: Ron Temple
▼ + stars: | 2024-02-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailU.S.10-year treasury yield is trapped between 4% and 5% even with Fed rate cut: Ron TempleRon Temple from Lazard says the debt and deficit issue facing the U.S. government is becoming "insurmountable".

Persons: Ron Temple Ron Temple, Lazard

☆ Early recruitment for investment-banking internships left students scrambling this year. Here are 15 ways to get ahead of the ultra-competitive process.
▼ + stars: | 2024-02-22 | by ( Emmalyse Brownstein | ) www.businessinsider.com time to read: +22 min

But never had one come this early — one year and eight months ahead of said internship’s start date. While it has always been competitive, the investment banking summer internship process has gotten increasingly premature. As a result, wannabe financiers may want to start getting ready for the process as early as their freshman year. The Internship movieNetwork with upperclassmen firstNetworking is one of the most important aspects of getting a competitive investment banking internship. “A lot of kids don't realize they don't want to do it until they’ve done it for 10 weeks after the internship,” Sibley said.

Persons: Steve Sibley, ” Sibley, Goldman Sachs, Sibley, ”, —, they’re, it’s, you’ll, “, ’ inboxes, You’ll, ‘, ’, Goldman, Don’t, Carlo Allegri, don’t, there's, might’ve, “ I’m, Sturti, you’re, It’s, you'll, would've Organizations: Indiana University’s Kelley School of Business, Business, “, Finance, Bank of America, Citi, BI, Investment, Excel, IB, LinkedIn, Goldman, Getty, Lazard, Reuters, I’m Locations: “, New York City, Manhattan, Chicago, Charlotte, Atlanta, Houston, New York

☆ See the pitch deck that helped former investment bankers raise a $7 million seed round for their generative 'AI consigliere' to bankers and analysts
▼ + stars: | 2024-02-15 | by ( Bianca Chan | ) www.businessinsider.com time to read: +3 min

It’s a reality that’s all too common among bankers on Wall Street — and one that venture-capital investors are hoping to capitalize on . "I was seeing how rote the work was, what a pain it was,” Stengel said, who would often work hundred-hour weeks . While at Princeton in 2019, Stengel researched how to use AI in chatbot form to analyze financial and economic data. Rogo is an AI platform built for investment bankers, hedge fund analysts, and private equity investors. Here's the 9-page pitch deck Rogo used to raise $7 million.

Persons: Gabriel Stengel, It’s, ” Stengel, Stengel, John Willett, Tumas Rackaitis, Gilder Gagnon Howe, ”, we've Organizations: Service, Lazard, Wall, Business, Princeton, JPMorgan, Co, AlleyCorp, Company Ventures, BoxGroup, ScOp Ventures, SEC

☆ Lazard CEO: Fed is now motivated to keep rates higher for longer
▼ + stars: | 2024-02-13 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailLazard CEO: Fed is now motivated to keep rates higher for longerPeter Orszag, Lazard CEO and former OMB director under President Obama, joins 'Money Movers' to discuss if the latest CPI print changes what the Federal Reserve does this year, whether looser financial conditions are making it harder to get inflation back to target, and more.

Persons: Peter Orszag, Obama Organizations: Lazard, Federal

☆ Nextracker CEO says 'solar is unstoppable' as market sees 'unprecedented demand growth'
▼ + stars: | 2024-02-02 | by ( Spencer Kimball | ) www.cnbc.com time to read: +3 min

Solar power is on a path to double every two to three years amid an "unprecedented period of demand growth" for new electricity generation, the CEO of Nextracker told CNBC. "Solar is unstoppable," Nextracker founder and CEO Dan Shugar said in an interview after the company's latest quarterly report. Nextracker manufactures systems for solar panels to track the direction of the sun. While the solar industry is fighting to emerge from the doldrums, Nextracker is significantly outperforming the sector. The company also raised its net income guidance for the year to $374 million to $429 million, compared to $237 million to $266 million previously.

Persons: Nextracker, Dan Shugar, Shugar Organizations: CNBC, Lazard Locations: U.S

☆ Small-cap stocks are the cheapest they've been since 2000 and are an under-the-radar way to profit from AI, a strategy chief predicts. Here are 5 ways to play their upcoming rally.
▼ + stars: | 2024-01-30 | by ( James Faris | ) www.businessinsider.com time to read: +9 min

A soft landing would greatly boost small caps since they're economically sensitive, meaning they tend to thrive in expansions and fall during contractions. Marcelli also made note of smaller companies' weaker balance sheets, though those are arguably accounted for in valuations. With that said, those positive forces appear to be intact, so small caps could finally break out. Instead of selling AI chips or products, smaller companies can enhance their productivity by using the technology, the strategy chief said. 5 sectors where small caps can thriveWithin small caps, Temple said he's less focused on what sector a company falls into and more concerned with whether that firm is financially healthy.

Persons: haven't, Russell, Marcelli, Ronald Temple, Temple, couldn't, there's, Jack Janasiewicz, Janasiewicz, he's, you've, I'd, they've Organizations: Business, Yahoo Finance, UBS Global Wealth Management, Lazard Asset Management, Temple, Reserve, Savings, Nvidia, Devices, Microsoft

☆ May is the most likely case for first Fed rate cut, says Lazard's Ron Temple
▼ + stars: | 2024-01-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMay is the most likely case for first Fed rate cut, says Lazard's Ron TempleRon Temple, Lazard chief market strategist, joins 'Money Movers' to discuss what to expect from the next Federal Reserve meeting, what the Fed's path looks like going forward, and more.

Persons: Ron Temple Ron Temple Organizations: Lazard, Reserve

☆ The S&P 500 just hit an all-time high – but many other US stocks are still in a bear market
▼ + stars: | 2024-01-22 | by ( George Glover | ) www.businessinsider.com time to read: +4 min

Read previewBlue-chip US stocks are trading at record levels – but small caps are still feeling the pain. That means the widely-followed gauge is technically still in a bear market, with high interest rates hammering lower-market-cap stocks even as AI powers the "Magnificent Seven" Big Tech titans to massive gains. "40% of Russell 2000 companies lose money, so these are companies that rely on credit to stay afloat." But the Russell 2000 is still in a bear market," he added. Economic bellwetherThe Russell 2000 isn't just a gauge of smaller-cap stock prices – it's also an economic bellwether.

Persons: —, Russell, they've, Ronald Temple, Lazard, Charles, Henry Monchau, That's, isn't, it's, JPMorgan Chase, Jamie Dimon, Steve Hanke, David Rosenberg, Hanke, Rosenberg, it'd Organizations: Service, Business, Big Tech titans, Federal Reserve, Facebook, Big Tech, Microsoft, Nvidia, Syz, LinkedIn, JPMorgan Locations: Swiss

☆ Job openings nudged down in November, down to lowest in more than two years
▼ + stars: | 2024-01-03 | by ( Jeff Cox | ) www.cnbc.com time to read: +3 min

A job seeker visits a Job News USA career fair in Louisville, Kentucky, on June 23, 2021. The department's Job Openings and Labor Turnover Survey showed employment listings nudged lower to 8.79 million, about in line with the Dow Jones estimate for 8.8 million and the lowest since March 2021. Openings fell by 62,000, though the rate of vacancies as a measure of employment was unchanged at 5.3%. The ratio of job openings to available workers fell to 1.4 to 1, still elevated but down sharply from the 2 to 1 level that had been prevalent in 2022. Job openings fell by 128,000 for transportation, warehousing and utilities and were off 97,000 in leisure and hospitality.

Persons: Dow Jones, Ron Temple Organizations: USA, Labor Department, Labor, Companies, Federal Reserve, Lazard, Dow Jones, CNBC PRO Locations: Louisville , Kentucky, Kentucky

☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

FLORHAM PARK, N.J. (AP) — Aaron Rodgers' improbable comeback from a torn Achilles tendon has taken the next step. The New York Jets opened the 21-day practice window for the quarterback on Wednesday — exactly 11 weeks after he had surgery — with Rodgers cleared for some football activities. Rodgers tore his Achilles tendon four snaps into his debut with the Jets on Sept. 11 and had surgery two days later. Sure, but that's OK. That's his ‘why’ — that's why he's (doing it). “I promise Aaron is not going to do anything that puts himself in harm’s way if he's not healthy to play,” Saleh said.

Persons: — Aaron Rodgers, Rodgers, Robert Saleh, Saleh, there's, Aaron, ” Saleh, ”, “, He's, Mekhi Becton, Achilles, Pat McAfee, “ It’s, Tim Boyle, Zach Wilson, Cam Akers, Justin Hardee, Wes Schweitzer, Allen Lazard, ___ Organizations: New York Jets, Jets, Washington, ”, warmups, AFC, NFC, Atlanta Falcons, Los Angeles Rams, Super, Atlanta Locations: FLORHAM, N.J

In Hungary, central bank governor Gyorgy Matolcsy is under pressure from Viktor Orban's government to cut rates further ahead of local and European Parliament elections next year. Reuters GraphicsTANGIBLE BENEFITSA 2021 World Bank survey found that political meddling in central bank policy led to sustained periods of high inflation in emerging market economies such as Turkey and Argentina. "Attempts to bring the president of the NBP before the State Tribunal can be directly interpreted as an attack on the independence of the central bank," the spokesman said. How those premia evolve will depend partly on how politics in Poland and Hungary is perceived by investors to influence the central banks in the months to come. "Everything else being equal, the less independent the central bank, the more real yield you need to have to be compensated for the risk," said Arif Joshi at Lazard Asset Management.

Persons: Adam Glapinski, Gyorgy Matolcsy, Viktor Orban's, Donald Tusk's, Karen Vartapetov, Paul Gamble, Glapinski's, Glapinski, Marta Kightley, Orban, Peter Virovacz, Arif Joshi, Karol Badohal, Gergely, Mark John, Toby Chopra Organizations: WARSAW, Law and Justice, U.S . Federal Reserve, EU, Sovereign, Investor, Emerging, Fitch, Local, ING, Lazard Asset Management, Thomson Locations: Hungarian, Poland, Hungary, BUDAPEST, Europe, Turkey, Argentina, WARSAW

☆ Schaeffler’s token bump sets up bigger battle
▼ + stars: | 2023-11-27 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Staff Acquire Licensing RightsLONDON, Nov 27 (Reuters Breakingviews) - Schaeffler’s (SHA_p.DE) token bump for Vitesco Technologies (VTSCn.DE) may not ensure a smooth ride. The 3.4 billion euro German industrial group raised its tender price for shares in auto parts group Vitesco by 3% to 94 euros. On that basis the 94 euros tender price is only a 7% premium above fair value. Assuming enough shareholders now tender, the final merger price for any remaining shares will be set by a third-party valuer. Yet Vitesco’s board, backed by three banks including JPMorgan (JPM.N) and Lazard (LAZ.N), have now published fairness opinions saying the company is worth more than 94 euros.

Persons: Thomas Stierle, David Einhorn’s, Neil Unmack, Warren Buffett, George Hay, Streisand Neto Organizations: REUTERS, Staff, Reuters, Vitesco Technologies, JPMorgan, Lazard, X, Thomson Locations: Frankfurt, Germany, China, Rome

☆ Get ready for a 2024 election that could have an outsized impact on stocks and the world economy, Lazard's top strategist says
▼ + stars: | 2023-11-24 | by ( George Glover | ) www.businessinsider.com time to read: +6 min

But the 2024 presidential election could change that, according to Lazard's top strategist. "Whether the US continues to finance and support Ukraine is basically on the ballot," Ronald Temple told Business Insider. Advertisement"I typically try to convey to people that a presidential election is not a game-changer for stocks," he told BI. Geopolitical watershedTemple is highlighting the 2024 election as a potential watershed moment because of how the contest could affect the global geopolitical balance. AdvertisementInflation is still kingUkraine and the presidential election aren't the only two issues Temple is keeping an eye on.

Persons: Ronald Temple, —, hasn't, that's, Donald Trump –, –, Joe Biden, Wall, Temple, Biden, Ron DeSantis, Vivek Ramaswamy, Vladimir Putin, it's, Lazard, Russell Organizations: Business, Service, of Foreign Relations, Washington, Federal, Bureau of Labor Statistics, . Traders Locations: Ukraine, Kyiv, Russia, China

☆ Geopolitical instability and a packed election calendar have strategists wary of 2024
▼ + stars: | 2023-11-21 | by ( Elliot Smith | ) www.cnbc.com time to read: +5 min

In a global risk survey carried out among 130 businesses last month by Oxford Economics, almost two fifths of respondents viewed the Israel-Hamas war as a very significant risk to the global economy over the next two years. "Deglobalisation and persistently higher oil prices, both of which could be triggered by an intensification of geopolitical tensions, are also fairly prominent in the latest survey," Oxford Economics researchers said. "Rising geopolitical tensions could trigger more trade restrictions across the globe, resulting in further economic fragmentation. "Ongoing geopolitical conflicts and tensions are likely to depress growth further, while adding to inflationary pressures that are beyond the control of central banks." "Early 2024 Taiwan elections will set the stage for the rest of the year.

Persons: Gil Cohen, Deglobalisation, Goldman, Roland Temple, Lazard Organizations: Hamas, magen, AFP, Getty, Oxford Economics, NATO, Oxford, Monetary Fund, Asset Management, West, Democratic Progressive Party, Kuomintang, KMT Locations: Gaza, Israel, China, Taiwan, Russia, U.S, South Africa, India, Ukraine, Ukrainian, Iran, Hormuz, United States, Beijing

☆ Zambia's troubled debt restructuring efforts
▼ + stars: | 2023-11-21 | by ( ) www.reuters.com time to read: +3 min

REUTERS/Yuri Gripas/File Photo Acquire Licensing RightsLONDON, Nov 21 (Reuters) - Zambia's debt restructuring has been a complex, three-year process, which suffered a serious setback on Monday when bilateral creditors, including China, effectively ordered it secure more debt relief from international funds that hold its sovereign bonds. 2020: The country requests to have its debt payments frozen under the G20-led Debt Service Suspension Initiative (DSSI) due to COVID-19. In May, Zambian President Edgar Lungu’s government hires French firm Lazard to advise on restructuring the cash-strapped southern African nation’s $11 billion worth of foreign debts. 2022: Negotiations continue with bondholders for debt relief and restructuring deals. Angry bondholders say the OCC is demanding debt relief from them that is materially higher than either Zambia's government or the International Monetary Fund deem necessary.

Persons: Yuri Gripas, Edgar Lungu’s, Lazard, Lungu’s, Hakainde Hichilema, Marc Jones, Sharon Singleton Organizations: Monetary Fund, REUTERS, Zambian, China, Export, Import Bank of China, OCC, International, Fund, Thomson Locations: Washington , U.S, China, Zambia

☆ Barry Silbert's crypto empire continues to spiral as ex-NYSE president buys news site CoinDesk
▼ + stars: | 2023-11-20 | by ( Mackenzie Sigalos | ) www.cnbc.com time to read: +1 min

After months on the market, crypto news site CoinDesk has finally been acquired by a business that's run by the former president of the New York Stock Exchange. Bullish, a digital asset exchange led by ex-NYSE chief Tom Farley, has purchased CoinDesk from Barry Silbert's Digital Currency Group. It's the latest sign that Silbert's crypto empire, which had vaulted its founder into the billionaire ranks, continues to fall apart. In July, however, a $125 million purchase agreement from a consortium of investors fell through. In August, CoinDesk reportedly laid off around 16% of its staff.

Persons: CoinDesk, Tom Farley, Barry, Farley, Bullish, Silbert, Michael Casey Organizations: New York Stock Exchange, ex, NYSE, Barry Silbert's Digital Currency, Wall Street Journal, Lazard, CNBC

Target's bright outlook lifted shares of other retailers including Macy's (M.N), which rose 7.5%, and Kohl's (KSS.N), which closed up almost 9%. The S&P 500 consumer staples index (.SPLRCS), which includes Target, was the top sector gainer, adding 0.7%. "Those two data points reaffirmed the message from Tuesday that the Fed seems to be navigating the soft landing quite well," said Ronald Temple, chief market strategist at Lazard. Among individual stocks, retailer TJX's (TJX.N) shares fell 3.3% after it forecast current-quarter profit below Wall Street expectations, signaling spiraling costs weighing on margins. The S&P 500 posted 42 new 52-week highs and no new lows; the Nasdaq Composite recorded 106 new highs and 89 new lows.

Persons: ValueAct, Stocks, Ronald Temple, Wall, Temple, Brendan McDermid, Walt Disney, Russell, Joe Biden, Xi Jinping, Biden, Warren Buffett's Berkshire Hathaway, decliners, Sinéad Carew, Sruthi Shankar, Amruta, Shinjini Ganguli, Maju Samuel, Pooja Desai, Richard Chang Organizations: Dow, Nasdaq, Federal, Target, Reuters, Lazard, Dow Jones, New York Stock Exchange, REUTERS, Walt, ValueAct Capital, Money, U.S . House, Senate, Republican, TJX's, Sirius XM, NYSE, Thomson Locations: New York City, U.S, New York, Bengaluru

☆ National Bank stake sale oversubscribed - source
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

The logo of National Bank is seen outside a branch in Athens March 23, 2015. REUTERS/Alkis Konstantinidis/File Photo Acquire Licensing RightsATHENS, Nov 16 (Reuters) - The sale of a 22% stake in National Bank of Greece (NBG) by the country's HFSF bank bailout fund was oversubscribed by more than eight times on Thursday, a source close to the process told Reuters. The sale via a book-building process and a public offering concluded earlier on Thursday at 5.30 euros per share, the source said. Fidelity, Blackrock, Norgest, Lazard, RWC and Alliance were among the investors who bought shares in Greece's second largest bank by market value. Lefteris PapadimasOur Standards: The Thomson Reuters Trust Principles.

Persons: Alkis, Lazard Organizations: National Bank, REUTERS, Rights, National Bank of Greece, Reuters, Fidelity, RWC, Thomson Locations: Athens, Blackrock, Norgest, Greece's

☆ Greece's National Bank stake sale oversubscribed -source
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: +2 min

The logo of National Bank is seen outside a branch in Athens March 23, 2015. REUTERS/Alkis Konstantinidis/File Photo Acquire Licensing RightsATHENS, Nov 16 (Reuters) - Greece on Thursday sold a 22% stake in National Bank (NBG), its second-biggest lender by market value, with the sale oversubscribed by more than eight times, a source close to the process told Reuters. On Monday, HFSF concluded the sale of a 9% stake in Alpha Bank to UniCredit and announced plans to sell a 20% stake in NBG. A book-building process and a public offering for the sale of the NBG stake which started on Nov. 14 concluded on Thursday, with the final offer price set at 5.30 euros a share, the source said. HFSF, which owns 40% in NBG, sold a total of 201,237,334 shares, raising more than 1 billion euros, according to Reuters calculations.

Persons: Alkis, HFSF, Lefteris Papadimas, Toby Chopra Organizations: National Bank, REUTERS, Rights, Reuters, P Global, Alpha Bank, Fidelity, Norges, Lazard, RWC, Allianz, Thomson Locations: Athens, Greece, UniCredit, NBG, Blackrock

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