OTE telecom wins over Europe’s bond market

Hellenic Telecommunications Organization (OTE) has gone from being the biggest loser in Europe?s bond market to the best performer as its debt reduction plan kicks in and concern Greece will exit the euro recedes.

The phone company?s 3.25 billion euros of bonds in the Bank of America Merrill Lynch Euro High Yield Index gained 13.15 percent in June, compared with an average return of 1.98 percent for the gauge.

That?s a reversal from May, when the Athens-based borrower lost 18.7 percent and debt of Tokyo Electric Power Co. and Edison SpA of Italy led gains of as much as 3.51 percent. [Bloomberg]

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