WORLD ECONOMIC & MARKET DEVELOPMENTS
GLOBAL MARKETS: By a margin of 51.9% to 48.1%, the British people voted in favor of their country leaving the EU. In FX markets, the GBP fell sharply across the board while both the CHF and the JPY were the main outperformers favored by their safe-haven appeal. Major bourses were under heavy pressure while major sovereign bonds gained sharply across maturities.
GREECE: Upon request by the Bank of Greece the Governing Council of the ECB set the ELA-ceiling for Greek banks at €65bn up to and including Wednesday June 29th 2016 and at €61.1bn from Thursday June 30th up to and including Wednesday July 6th. The overall reduction of €7bn in the ceiling comes in the wake of the reinstatement of the waiver for the use of GGBs as collateral for banks’ liquidity.
SOUTH EASTERN EUROPE
SERBIA: The Public Debt Administration sold on Thursday RSD 4.03bn (~€32.5mn) of 2-year amortizing bonds.
CESEE MARKETS: Emerging market assets fell sharply across the board earlier on Friday after initial results from the UK referendum held yesterday showed that Britain voted in favor of leaving the European Union.
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