一对冲基金押注希腊债券获益5亿美元

One of the world’s most prominent hedge funds is sitting on a $500m profit after making a bet that Greece would not be forced to leave the eurozone, bucking the trend in a difficult year for the industry.

在押注于希腊不会被迫离开欧元区之后，一家世界知名对冲基金已获利5亿美元，创下对冲基金在近一年暗淡景气中少有的佳绩。

Third Point, headed by the billionaire US investor Dan Loeb, tendered the majority of a $1bn position in Greek government bonds, built up only months earlier, as part of a landmark debt buyback deal by Athens on Monday, according to people familiar with the firm.

熟悉对冲基金Third Point的人士指出，在希腊政府周一的大规模债务回购交易中，由美国投资人、亿万富翁丹·洛布(Dan Loeb)领导的这家基金，将几个月前刚刚建立的10亿美元希腊政府债券头寸中的大部分用于投标。

The windfall marks out the New York-based firm as one of the few hedge fund managers to have profited from the eurozone crisis. Standard and Poor’s, the rating agency, raised its assessment of Greece’s sovereign debt by several notches yesterday, citing the eurozone’s “strong determination to keep the country inside the common currency area.

这笔“飞来横财，使得这家总部位于纽约的对冲基金成为从欧元区危机中获益的少数几家对冲基金之一。昨天，评级机构标普(Standard and Poor's)将希腊的主权债务上调了几级，援引欧元区不让希腊离开的“坚定决心为调级原因。

Mr Loeb is one of a handful of hedge fund titans to have made big returns this year. The $2tn hedge fund industry – made famous by investors such as George Soros, who bet against the British pound and “broke the Bank of England on Black Wednesday in 1992 – has struggled to find its confidence after two years of lacklustre returns.

洛布是今年为数不多几个获利丰厚的对冲基金巨头之一。规模达两万亿美元的全球对冲基金业连续两年收益不佳，如今正在努力找回信心。这个行业之所以变得广为人知，是因为有乔治·索罗斯(George Soros)这样的一些对冲基金投资人。1992年9月18日那个“黑色星期三，索罗斯狙击了英镑，“打垮了英国央行(BOE)。

John Paulson, the hedge fund manager who correctly called the US housing crash, has been among those wrongfooted. Mr Paulson has seen his bets on a US economic recovery and a deterioration in the health of Germany’s bonds both unravel. Since 2010 his flagship fund has lost more than 60 per cent of its value.

而曾经正确押注于美国房地产会崩溃的对冲基金经理人约翰·保尔森(John Paulson)，这次却被打乱了阵脚。保尔森押注于美国经济会复苏、德国债券质量会下降，然而这两种情况都没有发生。自2010年至今，他旗下的旗舰基金价值已累计损失逾60%。

Audacious bets on Greek bonds, which have made a handful of managers huge amounts this year, have been a rare exception to the industry’s record. Third Point is the largest hedge fund holder of Greek bonds, according to traders.

大胆押注于希腊债券，在对冲基金行业是个罕见的例外。这种押注令少数几家对冲基金今年获利丰厚。交易商们指出，Third Point是希腊债券最大的对冲基金持有者。

Athens swapped holdings of its debt for notes issued by a eurozone rescue facility at a value of 34 cents on the euro. Third Point had scooped holdings of Greek debt this year for just 17 cents on the euro. The firm has also retained a sizeable position in Greek debt. Firm analysts believe the bonds could rally by a further 40 per cent.

希腊政府以欧元区一家纾困机构发行的票据置换其债务，1欧元面值的债券换34欧分。而Third Point今年抢先购入希腊债务的价格是每1欧元面值债券17欧分。该公司还保留了不少希腊债务头寸。Third Point的分析师们认为，希腊债券还可能进一步上涨40%。

Third Point, which manages assets of $10bn, declined to comment on the trade. Third Point has made investors a 20 per cent return so far this year, compared with 4.9 per cent for the average hedge fund.

资产管理规模达100亿美元的Third Point拒绝对此次交易置评。今年截至目前为止，Third Point已为其投资者带来20%的收益，而对冲基金业同期的平均收益率为4.9%。