Greek Bonds Climb for Fifth Day on Buyback Optimism

Greece’s 10-year bonds advanced for a fifth day, pushing the yield to the lowest since the country’s debt was restructured in March, after the nation said it has reached a deal to buy back some of its sovereign securities.

Ten-year bonds pared their gains on concern that optimism over the purchases had pushed prices too high. The buyback paves the way for European officials to disburse the next tranche of international aid for Greece. German bunds fell for a third day as demand for the safest assets declined. Austrian and French 10-year bonds also dropped. Italian securities climbed as borrowing costs at an auction of one-year bills fell to the lowest in nine months.