- S&P 500 Down — But Not By Much
- EU Finance Ministers Won't Get Fooled Again
- Why Is Market So 'Tired' With Good News?
- What Exactly Have Greeks Agreed To?
- A Greek Deal, but What Is the Deal?
- No Greek Debt Deal? No Problem! (Maybe)
- Irish Finance Minister Causes Draghi's Worst Nightmare
- Caesars' Wild Open
- Forget the Incredible Shrinking Greek Politicians—It’s Draghi Time!
- Trading Day Has Lots of Moving Parts
- Greece Austerity Deal Runs Into Trouble Once Again
- Obama Exempts Religious Employers on Birth Control
- Get Ready for $5 Gas This Year: Ex-Shell CEO
- Diamond Investing: Why It's Not for the Faint of Heart
- Israel Likely to Bomb Iran This Year: Political Analyst
- The World's Best Beers
- Users of Citibank Bill-Pay App Charged Twice
- Rep. Bachus Faces Insider Trading Probe: Report
- SEC Reaches Settlement in Bear Stearns Fraud Case
MOST SHARED
- How to Date a Wall Street Man
- Europe Shares End Lower, Hit by New Greek Concerns
- Unions Launch Strike in Greece
- 5 Hedge Funds’ Top Stocks Soar After 2011 Rout
- Bill Murray's View on the Economy
- The World's Best Beers
- Steelers' Antonio Brown Spends Super Bowl Week with Twitter Fan Turned BFF
- Spent Keurig K-Cups Filling Up U.S. Landfills
- Greece Austerity Deal Runs Into Trouble Once Again
- Jobs You Can Do Forever
MOST POPULAR
HOT ON FACEBOOK
Pimco Making Foray Into BP Bonds: Bill Gross
Text Size 
Bond giant Pimco has begun buying the high-yield debt of battered energy company BP, Pimco Chief Investment Officer Bill Gross told CNBC.
Gross said Pimco owns small amounts of BP [BP
Loading...
()
] debt and is attracted to the 12-month notes that are yielding 10 percent.
He later told Reuters that the firm owns $100 million of BP debt, and also bought six- to 12-month paper of Anadarko Petroleum [APC
Loading...
()
], which is 20 percent owner of BP.
"We think it's closer to double-A then triple-C," he said in evaluating the credit quality of the company has come under relentless criticism for its part in the Gulf of Mexico oil spill. "We think it's significant value and we've started to buy some."
In addition to the company's interest in BP's debt, Gross also discussed his firm's new foray into the equity markets.
The company, which has more than $1 trillion in assets under management, has expanded beyond the fixed-income markets and into stocks.
Gross said it's a long-term move for the company.
"There's an allocation diversification type of risk there," he said. "What we're suggesting is when Pimco moves into the equity filed that we'll be there for the next 10 to 20 to 30 years and ultimately this diversified menu will make a lot of sense for investors."
Data is a real-time snapshot *Data is delayed at least 15 minutes
