Pimco’s $19 billion Sonia swaptions trade
Counterparty Radar: Bond giant springs up as largest player in space among US mutual fund managers, with Guggenheim shadowing its move
Following years of relative inactivity in sterling swaptions, Pimco ramped up its holdings in the second half of 2024 to emerge as the leading US retail fund player in the trade.
The California-based asset manager ended 2023 with a swaptions book on the Sterling Overnight Index Average (Sonia) swap rate worth approximately $202 million in notional – a level Pimco’s positions had hovered over since the beginning of 2022. But in Q3 last year, the bond giant increased its total to $19.4 billion.
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