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Hedge funds to reap rewards on Cyprus default bet

Reuters – The market price of a Cypriot sovereign bond due to mature in just over two months suggests a gamble by hedge funds that the country will avoid a default will pay off.

The EUR1.4bn 3.75% bond, due to be redeemed on June 3, is bid at 83% of its face value, signalling that the market expects creditors will be paid in full even though a EUR10bn bailout hangs in the balance.

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