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 the firm has made on ruble currency trades. The Russian currency has appreciated against the US dollar

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