Bill Gross overhauled the Pimco Unconstrained Bond Fund after replacing Chris Dialynas as manager, taking control of Pacific Investment Management Co.’s best-selling alternative to traditional fixed income.
Chicago’s credit rating on $7.8 billion of general-obligation debt was cut one level to Baa1 by Moody’s Investors Service, which cited “massive” pension liabilities for the third-most populous U.S. city.
Bank of Tokyo-Mitsubishi UFJ Ltd. sold $1.85 billion of three-year bonds yesterday, as investors in Asia demand more shorter-dated debt amid speculation the Federal Reserve may raise interest rates in coming years.
Erste Group Bank AG, Austria’s biggest bank, expects operating profit to miss estimates this year as it sets aside provisions for bad loans amid a European Central Bank asset review. The shares slumped the most in seven months.