Pimco returns to sold index CDS growth

Counterparty Radar: Market for US retail funds sheds $5.2 billion in volume in Q1


Pimco increased its notional on index credit default swaps (CDSs) in the first quarter of 2023 – the first time it has done so since the beginning of 2022.

The fixed income giant is now responsible for nearly 40% of the volume in the market for mutual funds and exchange-traded funds, but despite growing its book by $2.3 billion the sector continued to contract. Managers shed $5.2 billion in aggregate notional in Q1, this time cutting mostly bought protection, versus last quarter when sold

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