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发表于 2010-4-21 09:20 AM
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Greek Bonds Yielding 8% Are ‘Too Cheap,’ Wien Says: Tom Keene (zt)
April 21 (Bloomberg) -- Greek bonds are “too cheap” even
with 10-year yields at 8 percent given the skepticism about the
country’s ability to close its budget deficit, according to
Blackstone Group LP senior managing director Byron Wien.
“You have the PIIGS -- Portugal, Ireland, Italy, Greece
and Spain -- in very difficult shape, enormous spread between
revenues and expenses, not much prospect of improving that any
time soon, so isn’t that similar to what would be a junk bond i
the U.S.?” Wien said in a Bloomberg Radio interview with Tom
Keene. “An 8 percent yield on Greek paper seems to me to be too
cheap.”
The yield on the Greek 10-year bond surpassed 8 percent
today, the highest in more than a decade and more than twice th
comparable German rate. The spread, or difference between the
security and bunds, Europe’s benchmark government securities,
climbed to an all-time high of 521 basis points.
Greece began talks on activating a 45 billion-euro ($61
billion) emergency aid package as the International Monetary
Fund called the country’s fiscal crisis a “wake-up call” on
sovereign-debt risks. Partnership between the euro-region
officials, the European Central Bank, governments and the
International Monetary Fund is key to resolving the issue,
according to Wien.
“I’d like to see an integrated plan where quasi-government
agencies like the IMF and the World Bank cooperate with private
sources to provide the $61 billion Greece needs to weather the
current storm,” Wien said. “I’d like to see Greece take steps
that are palatable to their population in terms of cutting
expenses.”
Blackstone, the world’s biggest private equity firm, hired
Wien in August as vice chairman of Blackstone Advisory Services.
He was chief market strategist at Pequot Capital Management Inc.
and senior market strategist at Morgan Stanley. |
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狗仔卡
发表于 2010-4-21 09:08 AM
Down day.
