US funds regain their nerve in index CDS market

Counterparty Radar: Pimco, Western AM push protection selling to new high, as buying dips


Mutual funds cut the amount of protection they buy via index credit default swaps (CDSs) and increased the amount they sell in their latest batch of quarterly filings. The result is the highest total – and biggest share – of sold positions reported in the six quarters of data available.

The twin behaviours suggest US fund managers, as a group, are becoming less concerned about default risk. That’s not the whole story, though. While some firms – notably Pimco, Western Asset Management and

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