{"id":18963,"date":"2019-01-30T22:13:33","date_gmt":"2019-01-30T20:13:33","guid":{"rendered":"https:\/\/bestinsurance.gr\/a1\/?p=18963"},"modified":"2019-01-30T22:13:33","modified_gmt":"2019-01-30T20:13:33","slug":"real-money-trumps-speculators-in-greeces-euro-bond-sale-return","status":"publish","type":"post","link":"https:\/\/bestinsurance.gr\/a1\/archives\/18963","title":{"rendered":"Real Money Trumps Speculators in Greece’s Euro Bond Sale Return"},"content":{"rendered":"
(Bloomberg) —<\/span><\/section>\n
Traditional sovereign-bond buyers are returning to Greece<\/a>.<\/p>\n

Fund managers snapped up more than two-thirds of the notes<\/a> sold in a 2.5 billion-euro ($2.9 billion) sovereign sale on Tuesday, compared with just 37 percent in the country\u2019s return<\/a> to the primary market about a year ago. The share allocated to hedge funds tumbled to 11 percent, according to a person with knowledge of the matter, who asked to not be identified as they aren\u2019t authorized to speak publicly<\/p>\n

\u201cA lot of the big hands were all over it,\u201d said Mark Nash<\/a>, head of fixed income at Merian Global Investors Ltd., who bought about 5 million euros of the five-year notes at syndication as a long-term investment. \u201cThere\u2019s a lot of cash out there to go to work.\u201d<\/p>\n

The rebounding appetite for Greek debt among fund managers — major buyers of developed-market sovereign bonds — may help the nation pare borrowing costs as it\u2019s no longer so reliant on hedge funds demanding high payments for high risks. The country has had few alternatives because ratings<\/a> downgrades<\/a> into junk territory nearly a decade ago cut it off from the trillions of dollars overseen by high-grade only investors.<\/p>\n

The nation, rated six steps below investment grade at Moody\u2019s Investors Service, isn\u2019t out of the woods just yet. It priced its five-year notes to yield 3.6 percent, nearly double the 1.978 percent Portugal<\/a> — which has the lowest investment-grade rating — paid to sell 10-year notes earlier this month.<\/p>\n

\u201cWe think it is highly likely Greece will be excluded from benchmarks and will not have a \u201cnatural\u201d buyer base,\u201d said Kaspar Hense<\/a>, a portfolio manager at BlueBay Asset Management. He doesn\u2019t expect the country to become a regular issuer of new bonds over the next couple of years.<\/p>\n<\/section>\n

<\/section>\n","protected":false},"excerpt":{"rendered":"

(Bloomberg) — Traditional sovereign-bond buyers are returning to Greece. Fund managers snapped up more than two-thirds of the notes sold in a 2.5 billion-euro ($2.9 billion) sovereign sale on Tuesday, compared with just 37 percent in the country\u2019s return to the primary market about a year ago. The share allocated to hedge funds tumbled to<\/p>\n","protected":false},"author":1,"featured_media":18861,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[2],"tags":[],"class_list":["post-18963","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-2"],"jetpack_publicize_connections":[],"_links":{"self":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/18963","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/comments?post=18963"}],"version-history":[{"count":1,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/18963\/revisions"}],"predecessor-version":[{"id":18964,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/posts\/18963\/revisions\/18964"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media\/18861"}],"wp:attachment":[{"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/media?parent=18963"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/categories?post=18963"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bestinsurance.gr\/a1\/wp-json\/wp\/v2\/tags?post=18963"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}