Pimco’s Kiesel Sees Next Wave of Credit Rally Boosting Airlines
- Money Manager says economic rebound to lift worst-hit sectors
- Liquidity war chests to help firms outlast slump, Kiesel says
Mark Kiesel
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Pacific Investment Management Co. is wagering that the next wave of the market rally is set to lift the sectors most beaten-down by the coronavirus pandemic, from airlines and hotels to gaming and leisure companies.
“The first wave of the rally was clearly housing and tech, but if we get an economic recovery, if this mobility data takes off, you are going to see the airlines take off, people start to travel over the next 6, 12, 18 months, and that’s the potential next wave of the rally,” Mark Kiesel, the $1.9 trillion money manager’s chief investment officer for global credit, said in a Bloomberg TV interview Friday.