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吴家琦
2022-06-27

A $2.2 Trillion Asset Manager's Failed Big Bet on Russia.

It was reported on the 10th of March that asset manager PIMCO had $1bn in credit default swap exposure (CDS) - essentially betting that Russia will not default. Not only that, they doubled down and also had $1.5bn in Russian sovereign debt exposure.

What does that mean?

Going long a CDS product provides investors with insurance against default. Whereas selling a CDS (as PIMCO did) is effectively them going long credit risk and would have allowed them to collect a premium if Russia didn't default.

Did it pay off?

No, Pimco lost a reported $400m on the trade. Russia defaulted last night on its sovereign debt for the first since 1998. This loss represents one-third of a percent of the total $124bn value of Pimco’s Income Fund where the EM bets were concentrated.

Painful.

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This loss represents one-third of a percent of the total $124bn value of Pimco’s Income Fund where the EM bets were concentrated.Painful.<img src=\"https://static.tigerbbs.com/28533857c25f5e9d66acb7276e10c004\" tg-width=\"1284\" tg-height=\"602\"></body></html>","htmlText":"<html><head></head><body>A $2.2 Trillion Asset Manager's Failed Big Bet on Russia.It was reported on the 10th of March that asset manager&nbsp;PIMCO&nbsp;had $1bn in credit default swap exposure (CDS) - essentially betting that Russia will not default. Not only that, they doubled down and also had $1.5bn in Russian sovereign debt exposure.What does that mean?Going long a CDS product provides investors with insurance against default. Whereas selling a CDS (as PIMCO did) is effectively them going long credit risk and would have allowed them to collect a premium if Russia didn't default.Did it pay off?No, Pimco lost a reported $400m on the trade. 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