Greece Bonds Climb for First Time in Debt Crisis: Euro Credit

Greek bonds were the top performers in Europe last quarter, gaining for the first time since the sovereign debt crisis began, as investors bet that record high yields more than compensate for the possibility of a default.

Investors made money on Greek bonds for the first time since the third quarter of 2009, garnering a total return of 3.9 percent in the three months ended Sept. 29, indexes compiled by Bloomberg and the European Federation of Financial Analysts Societies show. The yield premium for 10-year Greek bonds was 818 basis points more than Germany, the most of any euro nation.