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Credit Where Credit Is Due: Four Common Misconceptions in Public and Private Credit Markets
by Mark Kiesel, Mohit Mittal, Christian Stracke of PIMCO, 5/11/22

Heightened market volatility has led to misconceptions about credit, in our view. We dispel four of them here.

New Bond Issuance: The Active Management Advantage
by Christian Stracke, Jeff Helsing of PIMCO, 6/13/17

New equity offerings can garner media buzz. Think of recent initial public offerings (IPOs) by Snapchat, Alibaba and Visa. Business media enthuse, investors clamor, and share prices often rise, at least initially.

In Credit Research, Indexes Equal Opportunity
by Christian Stracke of PIMCO, 3/14/17

Changes in index composition represent a source of potential return for active bond managers.

Disruptive Regulation: A Secular Investment Opportunity
by Christian Stracke, Tom Collier of PIMCO, 8/31/16
It’s been nearly a decade since the global financial crisis prompted an onslaught of regulations intended to abolish excessive risk-taking and make the financial system safer. Yet the implementation of reforms – and their disruptive effect on financial business models – will peak only over the next few years.

Five Things Your Credit Manager Shouldnt Be Doing (But Probably Is)
by Christian Stracke of PIMCO, 5/15/14
Questionable behavior among credit managers is back, but the good news is that we believe the credit markets still offer plenty of opportunities to potentially generate attractive returns. Smart, rational credit investing that avoids some managers nave reach for yield, and sticks instead to a deep focus on the long-term sustainability of companies balance sheets, may still reap rewards.

Pension Liabilities Time to Get Real
by Christian Stracke of PIMCO, 1/25/13
Creeping pension liabilities are an increasing concern for credit investors. Companies should provide more granular information on both sides of their pension balance sheets, as well as use more realistic assumptions. A few companies have improved their disclosures in recent years, but in general the information available to investors is still far from what we need.

Muni Market Bargains? A Closer Look at Municipal Debt, Deficits and Pensions
by Christian Stracke and Joseph A. Narens of PIMCO, 2/8/11
Although real, pension problems will not lead to an immediate debt crisis this year or the next five years. A default by Detroit, for example, would not precipitate bankruptcy filings by large cities across the nation. The municipal market will continue to migrate from being a low-risk asset class to a credit asset class.
7 results found.