HALISTER1: Greylock Says Favors Greece as Mkt Looks for Excuse to Sell It

Greylock Says Favors Greece as Mkt Looks for Excuse to Sell It

(Bloomberg) -- Greece is more attractive than other peripheral bonds which offer yields close to zero, Diego Ferro, co-chief investment officer at Greylock Capital Management, says in phone interview.
  • Sees value in short ends of Greek bonds; Greylock maintains Greek bond holdings and among others, favors bonds maturing 2017, Ferro says
  • Market selloff exaggerated and probably driven by technical reasons as Greek bonds are in large part held by hedge funds and that makes the move more pronounced
  • Greece is an easy target to sell and many investors are probably looking for an excuse to do it
  • Greek bonds are suffering the pressure coming from concerns over European banking system
  • ECB will probably make the quantitative easing program more aggressive at meeting in March
  • NOTE: BofAML said buy GGBs on dips as may be included in ECB QE this year
  • NOTE: Greylock has ~$1b of assets under management
Alert: HALISTER1
Source: BFW (Bloomberg First Word)

Tickers
2539Z GR (European Central Bank)
0447838D US (Greylock Capital Management LLC/USA)

People
Diego Ferro (Greylock Capital Management LLC/USA)

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