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Bond King Bill Gross dumping Treasuries; mortgage debt
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Monday, May 11, 2009
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By Daily Crux Editor Sean Goldsmith:

PIMCO's Bill Gross reduced his U.S. government-related debt holdings for the first time since January... Gross's holdings are now 26% of the fund down from 28% in March - the most he's owned since April 2007. In addition to Treasuries, the government debt category can include agency debt, inflation-linked Treasuries, bank debt backed by the FDIC, and interest-rate derivatives.

Gross also lowered his mortgage holdings to 64% from 66%.

He may buy senior bank debt now that the stress tests are complete. He expressed interest in the securities during a May 8 interview with CNBC... "The banking system is enduring," Gross said. "These types of spreads on the senior debt level are historic and quite attractive."

Read full article...

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Topics: Bill Gross | Bonds | Income Investing
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