Friday, 22 August 2014
Last updated 10 hours ago
Dec 19 2012 | 11:29am ET
Third Point's Dan Loeb was so sure that Greece wouldn't be dumped from the eurozone that he bought up US$1 billion in Greek sovereign bonds. And in the wake of Monday's debt buyback deal, which paid 34 cents on the euro, he's got 500 million reasons to smile.
Loeb reportedly started buying up Greek debt some months ago at just half that level, according to the Daily Telegraph. And with the debt buyback complete and Greece's debt rating improved by a full six notches, Third Point has turned a $500 million profit on the bet.
Third Point tendered most of its bonds on Monday. But Loeb isn't giving up on Greece, holding on to some of the bonds in the belief that they could rally next year, the Financial Times reports.
New York-based Third Point, which has $10 billion in assets under management, was already up 17% this year through November, a number sure to rise substantially on the Greek win.
Aug 4 2014 | 7:42am ET
By now, U.S. and international subscribers have received their home or office delivery of the special 500th issue of Futures magazine. You can too!—a very special offer follows. The issue is the largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders. Read more…
The July/August 2014 issue is our largest in years—filled with the best trading strategies and stories from 43 years of being the primary publication for commodity, stock, options and forex traders.
The Alpha Pages Editor's Note