Steven Walsh, CIO of Western Asset, manager of $433 billion, said in a CNBC interview that he believes French bonds are a good value. He did, however, complain about the lack of liquidity of the bond market, something he hasn’t seen since 2008.
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frozen markets are coming soon, but i think they may just pull off the IMF deal soon.
oh and $100 mil is chump change… surprised they could not get the trade off.
He’s complaining about no sellers, but the real story probably was no sellers at the price he wanted to pay.
A little badmouthing on CNBC about how illiquid the bonds are and maybe he scares a bondholder into contacting him and selling at the price Walsh wants.
makes sense
I used to work at Western Asset. Mediocre firm that has almost no original research at all. They rode a long-term secular cycle in corporate credit and were exposed in 2008 for their lack of depth. Assets are in the mid $300B’s now and will prob keep dropping. Walsh personally was like a little child – I think he has ADD. Nice enough guy, but couldn’t stand still for a second and was quite annoying in person. Don’t know how they can put him in front of investors and the media.