Azernews.Az

By Bloomberg

Investors in euro-zone government bonds have started making money for the first time since early June as the European Central Bank’s asset-purchase plan drives prices in the calm following Greece’s bailout accord.

The region’s debt returned 0.1 percent this year through Monday, according to Bloomberg World Bond Indexes. While little changed on Tuesday, Italy’s 10-year securities climbed for the previous 10 days, the longest winning streak in a year.

“People are moving beyond Greece,” said Owen Callan, a fixed-income strategist at Cantor Fitzgerald LP in Dublin. Investors are “looking at the European picture both fundamentally and also more tactically on the impact QE will have over the course of the summer,” when there’s less new bond issuance, he said.

Italy’s 10-year yield was little changed at 1.91 percent as of 12:24 p.m. London time. The price of the 1.5 percent bond due June 2025 was at 96.39 percent of face value.

Since starting their bond-purchase program in March, ECB officials have met or exceeded the target of 60 billion euros ($65 billion) of securities during each full month. The program is due to run until at least September next year.