Pimco's Gross says some bank debt holds long-term value

06/20/2008 | Reuters

Pacific Investment Management Co. Chief Investment Officer Bill Gross said that although many of the major banks continue to struggle with the global financial crisis, he is holding on to their corporate debt because they have long-term value. Gross said he continues to hold debt of Citigroup, Morgan Stanley, Goldman Sachs Group, Deutsche Bank and Banco Santander of Spain. Other managers of major bond funds are also holding on to corporate debt of the Wall Street banks.

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