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Pimco stands to lose billions if Russia defaults on its debt
Joe Rennison and Brooke Masters
Financial Times, London
Wednesday, March 9, 2022
Pimco has billions of dollars riding on the economic fallout from Vladimir Putin’s invasion of Ukraine, after amassing a wager worth at least $1 billion in derivatives markets that the country will not default while also holding $1.5 billion of its sovereign debt.
The California-based asset manager started off the year exposed to $1.1 billion of credit default swaps on Russian debt. The derivative contracts are intended to compensate the holders in the event that the underlying bond issuer, in this case Russia, fails to make its payments.
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At least five Pimco funds sold the CDS to investors, according to a Financial Times analysis of the asset manager’s holdings at the end of 2021.
Pimco also holds more than $1.5 billion of government bonds tied to the Russian Federation, according to aggregated holdings data from Bloomberg.
Pimco sold the CDS to investors wanting protection against a potential default and collects premiums on the insurance-like product. In doing so, it effectively wagered that Russia would pay its creditors. The positions mean it stands to lose twice over -- first on its own bondholdings and then on the CDS payouts -- should Russia default. ...
... For the remainder of the report:
https://www.ft.com/content/8d5bfe45-ebcb-4f75-8f4f-e0435ca87c1d
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