Pimco risks losing billions if Russian debt defaults - reports

Pimco is at risk of losing billions in investment following Vladimir Putin's invasion of Ukraine, FT has reported. The US fund manager amassed a bet that Russia will not default worth at least $1bn in the derivatives market, while also holding $1.5bn of the country's sovereign debt. The $2.2trn investment firm began this year - when Russian troops were already gathering along Ukraine's border - exposed to $1.1bn of credit default swaps on Russian debt. The derivative contracts are meant to compensate holders in case the underlying bond issuer fails to make repayments. MSCI ESG R...