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Pimco, Long Shy Of Puerto Rico, Bought In. Then The Bonds Soared

TedTed
in Fund Discussions
FYI: The firm scooped up the bankrupt island’s debt after prices tumbled amid concern over the devastation caused by Hurricane Maria, leaving parent company Allianz SE with an almost $540 million stake, according to the most recent regulatory disclosures. That made it primed to benefit late last month, when the bonds rallied over two days after Governor Ricardo Rossello offered a more sanguine outlook for the recovery. The prices of some securities have doubled since December.
Regards,
Ted
https://www.bloomberg.com//news/articles/2018-04-13/pimco-long-shy-of-puerto-rico-bought-in-then-the-bonds-soared

Comments

  • PennyBonds
    The Oppenheimer Rochester funds are the real winners. Oppenheimer's high yield municipal bond fund ORNYX is up 4.23% YTD while PIMCO's PHMIX is up a paltry 0.21%. PIMCO was late to the party.
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