As Greece readies for its next foray into international bond markets, it will be...
LONDON/ATHENS - As Greece readies for its next foray into international bond markets, it will be hoping to draw more big-name, mainstream asset managers rather than the hedge funds who have been its main clients in recent years.
“We have been investing in Greece for about a year now, and see value in Greek government bonds as well as covered bonds issued by Greek banks,” said Iain Stealey, international CIO for JP Morgan Asset Management, which manages $369 billion worth of assets. Real-money investors comprised less than 30 percent of the buyers when Greece tested markets with a new issue in 2014. Hedge funds bought almost 50 percent, according to the Greek debt management agency.
First, while the economy is recovering, the nine-year crisis shrank it by a quarter. Unemployment is still almost 20 percent and debt, at 181 percent of gross domestic product, is the highest in the euro zone. “Greece is one of those countries which, relative to three years ago, has made a lot of progress,” said Michael Krautzberger, head of BlackRock’s pan-European fixed income team.
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