Pimco Reduced Its Holdings of Spanish, Italian Bonds, Balls Says
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Pacific Investment Management Co. cut its holdings of Spanish and Italian government debt starting last month after a rally in the securities, according to Andrew Balls, the London-based head of European portfolio management.
“We’ve been reducing credit risk in our portfolios and in recent weeks we’ve cut Italy and Spain,” Balls said today in a telephone interview. “It’s a function of levels and fundamentals. The spreads look reasonable but not as attractive as they were.”