PIMCO to raise new fund for distressed bonds | OSHedge Blog
That the company is raising another $1 billion to invest in assets that banks likely will sell to comply with Basel III and other capital requirements.
Apparently, PIMCO's new institutional fund will buy assets backed by debts from smaller lenders and community banks and will avoid consumer debt such as credit card debt. The move comes amid a flood of similar activity by other firms, as all agree that top banks will be forced to sell more assets. The valuation process is a bit tricky, as potential putbacks and other issues loom, but that plays to the advantage of PIMCO.
Firms like Blackrock, Morgan Stanley and Fortress are also actively seeking such credits. PennyMac, as well, has made a splash in this area. With all this vulture investing going on, you do have to wonder about the appetite for newer MBS deals, which seem to be creeping back.
For more: Hedge Fund Blog.
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PIMCO has fared well as a vulture. Since the onset of the credit crunch, it has raised more than $5 billion to invest in distressed MBSs. The PIMCO Distressed Mortgage Fund generated a 54 percent return so far this year. The PIMCO Distressed Senior Credit Opportunities Fund has risen 28 percent this year.
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