ING: Wide Greek Bonds Spreads Difficult To Track
The very wide bid/offer spreads maker it difficult to track exactly where Greek bonds are trading, Padhraic Garvey, ING rates strategist tells Dow Jones Newswires.
He indicates that while the Greek 2- and 10-year bonds were around 45 bps and 25 bps wider, respectively, to German bunds yields on a mid point perspective Monday, these moves are mild given the spreads are at 1045 bps and 865 bps.
"Latest news from Greece was dominated yesterday by commentary coming out of Brussels along the lines that talk of a Greek debt restructuring was not justified and that the Greek budgetary situation was quite encouraging," he added.
The premium investors demand to hold 10yr GGB instead of German bunds shapes at 867 bps, 5.2 bps higher compared to Monday’s settlement.
10yr Greek bond spreads have soared month to date as they have jumped almost 120 bps.
(Capital.gr)