An emerging force in CDS

emerging markets

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Pimco’s head of emerging market debt, Mohammad El-Erian, recently revealed one way Pimco has stayed within the top 10 performing EM managers for the last three years: selling protection via credit default swaps. In his latest emerging markets letter, El-Erian says one of the most profitable trades for his fund has involved selling protection, via credit default swaps (CDS), on bonds that don’t exist.

His colleague, Curtis Mewbourne, vice-president of emerging market portfolio management, explain

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