DUBLIN, Dec 14
(Reuters) - U.S. asset manager Franklin Templeton has said its accumulation of
a large holding in Irish bonds during the past year was not a primary driver of
a sharp fall in Irish bond yields.
The San Francisco-based investor has built
up nearly one tenth of the highly illiquid market in Irish bonds, much of it in
a year in which the yield on the benchmark 2020 bond fell to 4.5 percent from
8.5 percent.
Asked in an interview with the Irish Times
if the purchases had driven the market, Michael Hasenstab, co-director of
Franklin Templeton's international bond department, said he "would take
those comments with a grain of salt".
"We bought a lot of Irish securities at
very distressed prices [which] means someone was selling those bonds," he
said.
The fact that Franklin Templeton took part
in bond auctions held by the Irish debt agency also dispels this idea that the
holding is in some way a driver of the market, he said.
"You don't drive secondary prices if
you take part in primary issuance," he said. Hasenstab described the Irish recovery as
"probably one of the investments of the decade." - aztán ha meg mégsem, akkor is keresett rajta egy rakás pénzt, magának biztosan.:)))
