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Pimco plays emerging market via selling CDS

Jame DiBiasio
Although emerging-market debt is attractive, the bond house is wary of potentially illiquid exposures.

Pimco has become a major force in global emerging-market debt (EMD), but indirectly, as it seeks to profit from writing insurance on the bonds of sovereigns with large foreign-exchange reserves, says Emanuele Ravano, managing director in London.

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