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Pimco Pulls Out Of Italy As JPMorgan Sees Risk of Autumn Vote

TedTed
in Fund Discussions
FYI: Pacific Investment Management Co. said that it has exited all its holdings of Italian bonds on the conviction that the yields were too low to compensate for the nation’s mounting political risks.

Pimco unwound its investments this year in a move that marks an about-turn for the $1.5 trillion fund, which had the securities among favored choices two years ago. It now maintains a neutral exposure to peripheral European assets. JPMorgan Chase & Co. and Barclays Plc say the odds of Italy facing snap elections as early as autumn have risen, with the U.S. bank predicting an increase in the nation’s bond yields in such a case.
Regards,
Ted
https://www.bloomberg.com//news/articles/2017-06-05/pimco-pulls-out-of-italy-as-jpmorgan-sees-risk-of-autumn-vote

Comments

  • PuddnheadPuddnhead
    Hi guys!
    Good move, Pimco! From what I read, the banks are really bad, also. But what worries me now is GLFOX. It had, the last time I looked, 20% in Italy....soooo, that might be a problem. Just saying....
    God bless
    the Pudd
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