Deconstructing the market
In the current lean climate for fixed income, even the giants of the investment community are having to develop clever new strategies to squeeze maximum value out of defensive plays. Graham Field gains an insight into the workings of one of the largest players – Pimco
California-based Pimco, the world’s largest investor in fixed income, is almost certainly the most outspoken. And following Allianz’s acquisition in May 2000 of a 70% stake in the company, Pimco is now bringing its considerable influence to bear on both sides of the pond. So what future does it envisage for the high-yield market in both Europe and the US?
“There has to be the possibility that high yield could disappear as an asset class and that high-yield assets could be rolled into general
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