Bloomberg News

Short Covering Helps Drive ‘Incredible’ Irish Bonds, Glas Says

September 30, 2011

Sept. 30 (Bloomberg) -- The “incredible performance” of Irish bonds in recent days may be driven in part by investors covering shorts, according to Glas Securities, the Dublin-based fixed-income firm.

“We believe the move to be technical and largely driven by short covering and quarter-end dynamics as opposed to a sudden surge in investor appetite at these levels,” Glas said in a note today. “That being said, the market is now clearly of the view that Ireland has every possibility of being the exception to the euro-zone rule and until there is evidence to the contrary or the euro-zone situation deteriorates further, this sentiment is set to continue.”

To contact the editor responsible for this story: Dara Doyle at ddoyle1@bloomberg.net


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