Pimco increased exposure to Russian default swaps in run-up to invasion

Pimco is part of a panel of dealers and investors that's set to meet on Tuesday

Pacific Investment Management Co.’s largest fund increased its exposure to Russian default swaps in the run-up to the country’s invasion of Ukraine by selling more than $100 million of protection to banks including Barclays Plc and JPMorgan & Chase Co.

Pimco’s Income Fund already had almost $1 billion of bets on Russia via credit-default swaps coming into the year, and added a net $106 million to that in the first quarter of 2022, according to fund documents filed this month with the Securities and Exchange Commission. The bulk of the new swaps were sold in January, with some added in February