Deconstructing the market

High yield

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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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