"It's a very difficult situation but investors will be wary of being short Greek debt or underweight just in case the ECB undertakes QE (quantitative easing)", says Gary Jenkins, Chief Credit Strategist at LNG Capital.
Monetary easing by the ECB would push up the price of Greek bonds, which moves inversely to yields.
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ECB President Mario Draghi announced last week that the bank would include Greek assets in its asset-backed security and covered bonds purchase program, despite the country's debt rating which is in junk territory, as long as there was a European program in place.
The European part of the bailout program comes to an end in a couple of months and Greece will continue to be funded only by the IMF until 2016. The IMF's chief Christine Lagarde said for the first time openly on Thursday that she would like to see Greece have some "precautionary support" moving forward. She was speaking at a press conference ahead of the IMF's annual meeting this weekend.
"Together with the rating situation of Greece and the ECB's guidance to only violate its rating requirements if countries are part of an adjustment program, Greek bonds could be left in the rain in case fully-fledged QE could be employed by the ECB. Otherwise, given their very limited 'free float', QE should be a massive boost for Greek bonds", says Schnautz.
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Thanos Vamvakidis, head of European G10 FX strategy, says current global market volatility does not favor Greek sovereigns, despite the country's fundamentals picking up. "The market is already long Greece government debt. Globally, the market is unwilling to increase its exposure to carry trades, part of which is also Greece, at a time that the Fed will soon start raising rates," he said.
In its 2015 draft budget released on Monday, the Greek finance ministry announced its plans to sell more debt in the form of a seven- and ten-year bond.
The Troika, which left Athens on Wednesday, is expected to be back in the country for further talks after the results from the Greek bank stress tests are released later this year.
Reuters contributed to this story