Investors bold enough to buy junk- rated Greek bonds in January have earned twenty times more than owners of top-rated German debt this year even after the biggest ever sovereign restructuring.
Greek government bonds returned 79 percent this year, compared with 3.7 percent for German bunds and 5.8 percent for Spanish securities, Bank of America Merrill Lynch indexes show. Itâ€™s the first year since 2009 that investors made money on Greek securities, with 2012 providing the biggest advance since Merrill began compiling the data in 1998, according to figures that donâ€™t reflect this monthâ€™s debt buyback by the government.
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