JPMorgan: Greek bonds passed the convergence test – Investors are in a repositioning phase
In a market where the main issue is no longer risk-taking but yield management, JPMorgan is repositioning itself towards Greek government bonds, recognizing the convergence path that has already been traveled. In the latest Global Fixed Income Markets Weekly, the American house reflects a more cautious stance, recommending profit-taking in the overweight position in the 10-year Greek bond against Spain, as it estimates that the relative advantage has been largely built into prices.
- Written by E.Tsiliopoulos
