By Shannon D. Harrington and Betty Liu
Pacific Investment Management Co., manager of the world’s biggest bond fund, invested in the finance arm of Toyota Motor Corp. (7203) after the earthquake in Japan and is finding “select” investment opportunities in the country.
“Over time, they’re going to be building back the economy, so there are good selective investments there,” Kiesel said today in an interview today on Bloomberg Television’s “In the Loop.”
Kiesel, who helps oversee $400 billion of credit assets at Pimco in Newport Beach, California, also said the investment manager is buying the debt of “rising stars” in Russia, Brazil and other developing economies, including OAO Gazprom, Russia’s gas export monopoly and Brazil’s Vale SA (VALE3) , the world’s biggest iron-ore producer, Kiesel said in the interview.
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Reuters (9 March 11)
