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With the global economy in the midst of a profound transformation in the wake of Europe’s debt crisis, investors are finding both challenges and opportunities across the credit markets. In the following interview, portfolio manager Eve Tournier discusses PIMCO’s Diversified Income Strategy, a comprehensive global credit strategy. By combining investment grade, high yield and emerging market debt, Diversified Income is designed to uncover the most attractive opportunities across global credit markets. Q: Some experts believe that in the fixed income universe, a paradigm shift has occurred and government bonds issued by the developed countries are not perceived as “safe havens” anymore. Do you agree? Tournier: Historically, government bonds issued by developed countries were viewed primarily as instruments with interest rate risk and very little credit risk relative to emerging market or corporate bonds. In recent years, however, we have witnessed a paradigm shift in which some developed market sovereign debt has begun to include credit risk as well as interest rate risk.
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