Pimco loses $400m on failed Russia CDS bets
Revised markdowns suggest bond giant has already crystallised losses on sold credit default swaps
Bond fund manager Pimco has lost more than $400 million on credit derivatives referencing Russia sovereign debt, recent regulatory filings indicate.
The loss represents one-third of a percent of the total $124 billion value of Pimco’s Income Fund, which holds nearly all the California manager’s Russia credit default swap positions.
Risk.net understands that the loss is largely offset by gains
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