One of the world's biggest bond investors, Pimco, has been cutting its Greek government debt holdings and is unlikely to be interested in any new bond issue from the country, the firm's head of portfolio management in Germany said.
Greece is eyeing its first sovereign bond issue in three years as early as July, but disagreements among its lenders over debt relief may delay its plans.
"We have some exposures in some funds but not generally across the firm ... As the prices have started rising again, we have been reducing those exposures," said Andrew Bosomworth.
Pimco is one of the largest holders of a five-year bond Greece sold in a brief return to markets in 2014, according to Thomson Reuters' data.
"By the time Greece comes to the market, it will probably be at levels where it's not that attractive," Bosomworth said.
Greece's last venture into international bond markets was with a five-year and a three-year bond in 2014, a year before it plunged into crisis in a tense standoff between lenders and Greece's newly elected left-wing government.
A Greek government official told Reuters on condition of anonymity that it was considering swapping the five-year bond issued in 2014 with a new five-year bond.
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