Bill Gross’s prediction that the Federal Reserve would unwind its unprecedented stimulus slowly at a time when bond traders were bracing for a quicker reduction is paying some of the biggest dividends south of the border.
Brazil’s local bonds are one of the top picks at Pacific Investment Management Co., manager of the world’s largest bond fund, as the country’s economic growth and higher interest rates offer “attractive” returns.
Pacific Investment Management Co.’s fund that specializes in emerging-market local currency bonds is lagging behind peers tracked by Bloomberg data while beating the index it uses to measure performance.
Pacific Investment Management Co., the world’s largest active bond manager, plans to open a fixed- income fund today that will allocate money across a range of emerging-market debt, according to a person briefed on the plan.
Erdem Basci , the frontrunner to take over as Turkey’s central bank chief this month, may be forced to start reversing a cheap-money policy he helped devise, with inflation set to accelerate from a four-decade low.