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Investment Discipline Amid the AI Infrastructure Boom
by Bryan Tsu , Vineet Agrawal of PIMCO, 6/2/26

Businesses are racing to build the physical infrastructure that makes AI usable at scale – data centers, the graphics processing unit (GPU) hardware stack, power, and cooling.

An Active Manager’s Lens Into Private Investment Grade Credit
by Mohit Mittal, Benjamin Ensminger-Law, Bryan Tsu, Jason Mandinach of PIMCO, 9/10/25

The rise of private markets has brought new attention to private investment grade (IG) credit, which can offer investors a premium over public IG for giving borrowers customized terms – though that premium comes with certain risks.

Shelter From the Storm
by Jing Yang, Bryan Tsu, Dom Rinaldi of PIMCO, 7/8/22

Amid stormy markets, senior securitized credits hold potential for resilient returns.

U.S. Regulators to Leveraged Loan Issuers: Just Do It (Transition to SOFR)
by David Forgash, Libby Cantrill, Bryan Tsu of PIMCO, 6/30/21

Leveraged loan issuers have lagged other fixed income market issuers in moving to SOFR as a reference rate, posing potential risks to investors as the year-end deadline approaches.

Falling Angels? Credit Market Risks and Opportunities
by Jelle Brons, Lillian Lin, Bryan Tsu of PIMCO, 4/12/19

We believe the spotlight on the burgeoning BBB credit market has diverted attention from the risks in the smaller single-A market.

Falling Angels? Credit Market Risks and Opportunities
by Jelle Brons, Lillian Lin, Bryan Tsu of PIMCO, 4/11/19

We believe the spotlight on the burgeoning BBB credit market has diverted attention from the risks in the smaller single-A market.

Commercial Mortgage-Backed Securities: Approaching the Later Innings of a Recovery
by Bryan Tsu of PIMCO, 2/5/15
With the U.S. recovery as a supportive backdrop, PIMCO expects commercial real estate prices to rise 4%-6% in 2015. Commercial mortgage-backed securities issuance has increased for five years, and projections for 2015 are for growth of 20%-30%, driven largely by an increase in maturing loans on the supply side and the continued search for yield on the demand side. The growth in issuance does not come without concern: CMBS underwriting standards will likely continue to slip.

Credit Availability Underpins Recovery in Commercial Real Estate Prices, But Also Poses Risks to CMB
by Bryan Tsu of PIMCO, 4/15/14
Credit availability, low interest rates, limited new construction and improving economic conditions have contributed to the recovery in commercial real estate (CRE) prices. We expect a strong 2014 in the commercial mortgage-backed securities (CMBS) market, which has been a primary source of CRE credit expansion. Increasingly aggressive loan underwriting is a concern. CMBS investors need to speak with their wallets and push back on either valuations or underwriting standards if recent trends continue.
8 results found.