Justin Ayre
Executive Vice President
E: Justin.Ayre@pimco.com
T: 949-720-6755
Thomas Luciano
Executive Vice President
E: Thomas.Luciano@pimco.com
T: 949-720-6755
About PIMCO
PIMCO is a global leader in active fixed income with deep expertise across public and private markets. We invest our clients’ capital across a range of fixed income and credit opportunities, leveraging our decades of experience navigating complex debt markets. Our flexible capital base and deep relationships with issuers have helped us become one of the world’s largest providers of traditional and nontraditional solutions for companies that need financing and investors who seek strong risk-adjusted returns.
Cyclical Outlook: Diverging Markets, Diversified Portfolios
CYCLICAL OUTLOOK: Navigating the Descent
Opportunities in Private Credit: Stepping In as Banks Step Out
As banks pull back from many types of lending, demand for capital is outpacing supply, providing the best potential opportunities in private credit since the GFC.
Emerging Markets Investing for Insurers with Pramol Dhawan, Head of Emerging Markets Portfolio Management at PIMCO
Specialty Finance: The $20 Trillion Next Frontier of Private Credit
Bank retrenchment and the emergence of private lending has been a dominant theme for much of the post-GFC environment. During this period, private credit markets have grown dramatically, providing the potential for attractive diversification, enhanced income, and reduced volatility.Footnote[i] A confluence of tightening lending conditions, ongoing regulatory and accounting changes, and an unwinding of bank balance sheets has created a unique entry point for specialty finance investors and catapulted this asset class into focus. We believe the private credit market is set for its next phase of growth with specialty finance, as investors need to diversify their private credit allocations beyond middle market direct lending. Here, we sit down with Harin de Silva and Kris Kraus, who co-lead PIMCO’s specialty finance, and Jason Steiner, who leads PIMCO’s residential mortgage credit team, to unpack what the broader credit tightening means for investors, and how it is creating potentially compelling investment opportunities across these markets.
Cyclical Outlook: Post Peak
The Bank of England (BOE) is nearing the end of a long journey to raise interest rates. This tightening of monetary policy has fueled increased volatility in U.K. financial markets, and there are concerns that the British economy could soon stall or slip into a recession.
Bond Market Outlook: Valuations Suggest Potential for Equity-Like Returns With Less Risk
High-quality fixed income assets may offer the best return potential in more than a decade along with diversification benefits as a likely recession approaches.
Real Estate Reckoning
The foundations of the global commercial real estate market are shifting. Since 2020, a confluence of factors – a dramatic shift in how buildings are used, the fastest surge in interest rates in more than 40 years, bank failures in the U.S. and Europe, and now a looming recession – could prompt price declines not seen since the global financial crisis 15 years ago.
Secular Outlook: The Aftershock Economy
Markets will likely face more volatility as the global economy exits a period of massive fiscal and monetary support. In this post-policy era, attractive yields on high quality bonds encourage a more resilient approach to investing.
Opportunistic Credit: Weakening Credit and Tightening Lending Conditions Drive Compelling Value
Higher interest rates and tighter lending conditions are creating a very attractive environment for opportunistic credit managers with flexible capital to fill large liquidity gaps.
Unlocking Value in Corporate Special Situations with Jamie Weinstein, Portfolio Manager and Head of Corporate Special Situations at PIMCO
Today we're talking about the compelling opportunities in the corporate credit market and we're joined by Jamie Weinstein, managing director, portfolio manager, and head of corporate special situations at PIMCO.
Spotting Opportunities and Risks Across the EM Investment Universe
Emerging market valuations appear attractive, but country-specific risks can be critical to monitor amid global inflation and rising interest rates.
Commercial Real Estate Fundamentals After the COVID-19 Outbreak: Surprisingly Attractive
Unlike the aftermath of the global financial crisis, when U.S. real estate values plummeted across the board, the pandemic has had disparate effects: It dealt a blow to retail, office and hospitality sectors while industrial and multi-family sectors have remained relatively unscathed.
Commercial Real Estate: The Office Market in a Post‑COVID World
The pandemic accelerated the secular work-from-home trend, creating winners and losers in office real estate assets.
Taking Stock: Assessing Opportunities in Commercial Real Estate Public and Private Markets
Tackling climate change has become the number one priority for investors. But how is the asset management industry dealing with an issue that is both a threat and an opportunity? Are we ready for the biggest challenge facing humanity?
Insurance Outlook: Finding Attractive Opportunities in Challenging Credit Markets
Insurance companies stand poised to combat the challenges of persistently low interest rates, tight investment grade credit spreads, and economic uncertainty by taking advantage of opportunities in public and private credit markets. Mary Anne Guediguian, account manager in the financial institutions group, Chitrang Purani, portfolio manager in the financial institutions group, and Christian Stracke, global head of credit research, discuss trends identified by PIMCO’s Secular Outlook, “Escalating Disruption,” and their investment implications for insurance companies.
The Global Credit Outlook: Finding Opportunities in Public and Private Credit Amid an Uncertain Recovery
While valuations have risen from their March lows, dislocation has created compelling opportunities in both the public and private credit markets.
Exploring Alternative Credit for Insurance Companies
Investment opportunities in alternative credit are expanding. At the same time, private market allocations for insurance companies are growing as a way to enhance income, diversify investments, and seek to meet return goals. At PIMCO’s recent Financial Institutions Group (FIG) Summit in New York, Devin Chen, head of real estate strategy, Mary Anne Guediguian, account manager in the financial institutions group, Lalantika Medema, alternative credit strategist, and Jamie Weinstein, head of corporate special situations, discussed PIMCO’s outlook for alternative credit and how to position for opportunities.
Three Approaches For Insurance Companies Worried About Their BBB Credit Allocations
In the 10 years since the global financial crisis, low interest rates and declining credit spreads led many U.S. insurers to add more credit risk in their asset allocations in an effort to salvage yield. As a result, insurance portfolios are increasingly exposed to BBB rated securities – the lowest-quality investment grade credit segment.
Emerging Markets: Diversification & Yield Potential For Insurance Companies
Emerging markets have long taken a back seat to U.S. investment grade credit in insurance company portfolios. Insurance companies are in many ways the ideal investors for emerging market fixed income, but lower credit ratings, higher volatility and insurers’ limits on foreign exposure have deterred most from allocating dedicated capital to the sector.
Private Credit: A Broader Perspective
More and more insurers are turning to private credit as a tool to try to enhance income, reduce volatility or diversify return streams. Insurance companies, particularly life insurers, have long focused on private placements in corporate and commercial real estate lending.