![]() ![]() Newport Beach, California-based asset manager Pimco is the largest holder of Credit Suisse’s AT1 bonds, holding around $807 million of the securities. Banks have been taking bids this week on claims against Credit Suisse from investors betting they can recover some value, potentially through litigation.ĭowding said he still saw a “very interesting” opportunity in Additional Tier 1 securities, adding that European banks are facing the best operating environment they’ve seen in more than a decade. ![]() ![]() Both funds held the so-called Additional Tier 1 bonds issued by the Swiss bank, data compiled by Bloomberg show.ĭuring an interview with Bloomberg Television on Tuesday, BlueBay’s chief investment officer Mark Dowding criticized the Swiss government’s actions around the assets, saying the “authorities made some wrong steps in what they were doing.”ĭowding declined to comment about whether his firm is pursuing litigation against Swiss regulators. The historic writedown of the notes has sent shockwaves through the market, with bondholders arguing that shareholders should have taken the first hit. are among the hardest hit after Swiss regulators wiped out 16 billion Swiss francs ($17.3 billion) of risky bonds issued by Credit Suisse Group AG.īlueBay’s $2 billion Financial Capital Bond fund and Pimco’s $1.3 billion Preferred and Capital Security fund both lost more than 8% each in the week through Monday, making them the two worst-performing open-ended bond funds globally managing over $1 billion, according to data compiled by Bloomberg. (Bloomberg) - Funds run by BlueBay Asset Management and Pacific Investment Management Co.
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