The agreement likely struck by Greek political leaders today may be “analytically questionable,” according to Pacific Investment Management Co.’s Mohamed A. El- Erian.

El-Erian, chief executive and co-chief investment officer of the world’s biggest manager of bond funds, made the comments in a radio interview today on “Bloomberg Surveillance” with Tom Keene and Ken Prewitt.

Greek Prime Minister Lucas Papademos called European Central Bank President Mario Draghi to tell him “an agreement has been reached,” Draghi said at a press conference today in Frankfurt. An announcement from Papademos’s office is expected shortly, a Greek government official who declined to be identified said today by telephone.

Pimco’s $250 billion Total Return Fund, the world’s largest bond fund, has returned 7.35 percent in the past year, lagging behind 51 percent of its peers, according to data compiled by Bloomberg. It gained 2.13 percent over the past month, beating 97 percent of its competitors.