Greek state bonds overshadow Italy’s

Down and out less than a decade ago, Greece is this year's top performing eurozone bond market, enjoying inflows from investors dismayed by shrinking yields elsewhere and elevated political risk in Italy, the bloc's other high-yielding credit.
Nine years after Greece went bust and led creditors through a protracted debt restructuring, painful reforms are starting to bear fruit, with its debt ratio seen improving from this year.
This month, Greece's five-year borrowing cost fell below that of Italy for the first time since 2008, remarkable given that Italy is an investment-grade credit, rated four notches above Greece at Baa3/BBB/BBB.
At B1/B+/BB-, Greece is classed as "speculative grade," meaning it is ineligible for various global indexes that investors track.
While that has left Greece the preserve of hedge funds and emerging market investors, it seems now to...

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