In today’s report of Commerzbank, a recommendation to customers and investors to prefer the three bonds recently issued by Greece against the Portuguese, is made.

As noted by the recent turmoil it offers placement opportunities and is believed that these bonds will benefit significantly from the TLTRO ECB programs .

The German Bank’s strategist David Schnautz wrote:”Remain constructive to Greece. The recent turmoil in small yields and spreads have a short duration over the Portuguese”.

As he notes “the recent sell off will soon evolve into an opportunity for placements from investors” and emphasizes that “the three-year Greek bonds is just the right position for TLTRO ECB to exploit “.