Capital Group leads charge in ballooning IR swaps market

Counterparty Radar: US mutual funds flock to G10 currency trades as macro conditions worsen

Federal-Reserve

Capital Group tripled the notional value of its interest rates swap positions over the first quarter of the year, reaching a total of roughly $200 billion, with US dollar rates driving the book’s expansion.

At $186 billion, the size of the firm’s notional portfolio in US dollar swaps surpassed Pimco’s for the first time since Q1 2020 as the largest among US mutual funds, although the latter’s portfolio remains larger when the notional value of swaps in other currencies is taken into account

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