Pimco Is Buying Up Brazilian Bonds With Bolsonaro Eyeing Presidential Win

Pacific Investment Management Co. boosted debt holdings 172%
BlackRock and Goldman Sachs Asset Management have cut exposure

Jair Bolsonaro gives a thumbs up to members of the media before casting his ballot at a polling during the first round of presidential elections in Rio de Janeiro, Brazil on Oct. 7. — Jair Bolsonaro gives a thumbs up to members of the media before casting his ballot at a polling during the first round of presidential elections in Rio de Janeiro, Brazil on Oct. 7.
Photographer: Dado Galdieri/Bloomberg

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By Ben Bartenstein

October 18, 2018 at 11:55 AM UTC

Updated on

October 18, 2018 at 2:33 PM UTC

This article is for subscribers only.

Brazilian presidential hopeful Jair Bolsonaro’s political rise is bolstering the confidence of one of the world’s largest bond investors.

Pacific Investment Management Co. boosted its holdings of Brazil’s international debt by 172 percent over the past few months, data compiled by Bloomberg show. That coincides with the far-right candidate’s climb from a relatively obscure lawmaker promoting a tough-on-crime stance to the frontrunner in the Oct. 28 runoff to lead Latin America’s largest economy.