Pimco's Kiesel Says Japan, U.K. Debt World's Most Overvalued
- Money manager says he’s underweight in both debt markets
- Firm is neutral on U.S. interest-rate risk, favors Brazil
Kiesel Says Pimco Is De-Risking Credit Exposure
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Pacific Investment Management Co. is steering away from $10 trillion of government debt issued by Japan and the U.K. -- and it isn’t particularly enthused about Treasuries either.
“When we look at the bond markets around the world, the most overvalued markets are in Japan and also the U.K.,” Mark Kiesel, chief investment officer for global credit at Pimco, said in an interview Wednesday on Bloomberg Television. "We’re kind of neutral on U.S. interest-rate risk, while we’ve been underweight Japan, U.K. and European interest-rate risk.”