Prudential Holds Short-Term Greek Bonds Through Selloff

Prudential Financial Inc. held on to its Greek government bonds that are due in five years or less even as the nation’s securities last week dropped the most in a year.

There’s a good chance the market has already priced in most of Greece’s bad news, according to Robert Tipp, the Newark, New-Jersey based chief investment strategist at Prudential’s fixed-income unit, which oversees $533 billion in bonds. Looking forward, the money manager may buy more Greek debt with longer maturities. The five-year bond jumped today, sending its yield down the most since the notes were sold in April, as 10-year debt also gained.