Dan Ivascyn said Pimco now sees the rapid expansion of complex credit structures as a risk worth monitoring, the first time since the financial crisis it has taken that view.
The warning centers on growth patterns that Ivascyn said resemble the buildup before the global financial crisis, reviving concerns about opaque and harder-to-price parts of credit markets.
Pimco had spent years largely unconcerned about the trend, making the shift notable as investors assess whether post-crisis safeguards are being tested by new structured-credit growth.