Pacific Investment Management Co is one of the investors embracing Danish mortga...
Ticker and trading information for Pacific Investment Management Co. are displayed on a screen at the New York Stock Exchange in New York, U.S., April 5, 2018. REUTERS/Brendan McDermid
NEW YORK - Pacific Investment Management Co is one of the investors embracing Danish mortgage-backed covered bonds, even as negative interest rates mean investors face built-in losses on some bonds, Bloomberg reported on Sunday. “We like the asset class,” said Peder Beck-Friis, a portfolio manager and economist at Pimco in London, referring to the $500 billion market. “We are overweight, as we have been for a long time. And that certainly hasn’t changed now that some of them have turned negative in terms of yield.”
Bloomberg also cited data from Danske Bank , Denmark’s largest lender, that showed mortgage-backed bond issuers are offering up to six times as many fixed-rate bonds a day as during a more normal cycle.“Given that profile, it actually offers a very good return,” he said. “So I don’t think there’s anything special about the zero. As an investor you are looking for the highest returns given risk profile.
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