What do you think are the key factors behind PIMCO’s recognition as Portfolio Buyer of the Year?
PIMCO’s recognition as Portfolio Buyer of the Year reflects the scale, consistency and breadth of our participation across securitized markets, particularly in Europe. Over the past decade, our role has evolved from being a traditional bond investor to a fully integrated participant across public and private securitized credit, including whole loans, ABS and RMBS. Today, we remain active buyers of bonds, while also providing financing solutions across the capital structure. This breadth enables us to evaluate and execute portfolio transactions holistically rather than on an asset-by-asset basis.
Another key differentiator is our scale and execution capability. Sellers value certainty, speed, and flexibility, especially in complex or time-sensitive portfolio transactions, and our platform is designed to provide liquidity across market cycles. This is supported by long-standing relationships with banks and originators across major European jurisdictions, developed through market presence and repeat engagement.
Our investment process is underpinned by deep loan-level analytics and access to one of the largest consumer datasets among non-bank market participants, enabling rigorous portfolio-level underwriting and risk assessment. Combined with structuring and securitization expertise, this breadth of capability positions PIMCO as a trusted counterparty and repeat portfolio buyer, which we believe has been central to this recognition.
As a portfolio buyer, what are the key aspects you focus on when assessing opportunities in today’s securitization market?
When assessing portfolio opportunities in today’s securitization market, our focus begins with the quality of the underlying collateral and the strength of origination and servicing standards. We prioritize working with established counterparties that demonstrate consistent underwriting discipline, transparent data and operational robustness.
Structural resilience is equally critical. We assess opportunities through multiple downside and stress scenarios, focusing on credit enhancement, trigger mechanics and other features designed to protect value across different economic environments. This analysis is complemented by a rigorous legal and regulatory review, including representations, warranties and other seller and buyer protections.
Relative value is evaluated across global public and private markets and across the capital structure, rather than within a single product or tranche. This allows us to identify opportunities where potential risk-adjusted returns are most compelling. Complexity and scale can also create inefficiencies, and our analytical, structuring, and securitization capabilities enable us to engage where others may be constrained. Ultimately, our approach combines disciplined underwriting with flexibility and execution certainty, supported by a dedicated team and proprietary loan-level analytics that enable us to assess and execute complex portfolio transactions with confidence.
Have you seen any changes in relative value across asset classes and how has that influenced your allocation?
Relative value across securitized and broader credit markets has become increasingly differentiated, reinforcing the importance of selectivity and flexibility. Rather than broad, asset-class-level opportunities, value has tended to emerge in specific structures, jurisdictions or parts of the capital structure where pricing has not fully converged with fundamentals. In order to perform relative value analysis, it is extremely important to evaluate and consider optionality, loss adjustments as well as other structural nuances that can significantly change economics.
Within securitized markets, we believe certain opportunities continue to offer attractive compensation relative to traditional credit, particularly where collateral performance has remained resilient and structural protections are robust. This has supported a focus on risk- and option-adjusted returns rather than asset-class labels. We remain active in select European markets such as the UK, Ireland, Netherlands and Spain, focusing on areas with resilient asset performance and robust deal flow, while maintaining a cautious approach toward segments with looser underwriting or heightened regulatory risk.
Our ability to allocate dynamically across public and private markets, and to evaluate opportunities across the capital structure is central to this process. Allocation decisions are informed by ongoing relative value discussions across the platform and are guided by downside protection, liquidity considerations, and return potential. This flexibility has been especially important in an environment where technical factors and macro developments can affect pricing unevenly across markets, requiring a disciplined and adaptive approach to capital deployment.
Looking ahead, where do you anticipate portfolio-level opportunities arising and how do you expect the investor base to evolve?
Looking ahead, we expect portfolio-level opportunities to remain a significant feature of European securitized markets. Regulatory pressures, capital requirements, and balance sheet optimization continue to encourage banks and other institutions to transact on portfolios, while the growth of originate-to-distribute models supports ongoing deal flow in core markets.
These dynamics tend to favor scaled buyers with the ability to underwrite complex portfolios, provide liquidity and execute efficiently. As a result, sourcing capabilities, analytical depth, and structuring expertise, including securitization and financing, are likely to become increasingly important differentiators. We also expect continued emphasis on transparency, governance and robust risk management as transactions grow in size and complexity.
From an investor perspective, demand for securitized assets is likely to broaden further among institutional allocators seeking income, diversification and structural protection. As the investor base evolves, we believe well-structured portfolio opportunities with resilient downside characteristics will remain attractive, positioning experienced and integrated platforms to capitalize on these trends. Our global reach and longstanding relationships further support our ability to source and execute on these opportunities as the market continues to evolve.
Important Information:
Awards Process: The winners of the GlobalCapital European Securitization Awards are decided based on a two-stage poll of market participants. During the first stage, market participants are invited to put forward themselves, their colleagues, their clients or their peers forward to be shortlisted. Using these nominations, the GlobalCapital editorial team will compile a shortlist in each category. This is then opened to voting by the market to choose the winners.
PIMCO as a general matter provides services to qualified institutions, financial intermediaries and institutional investors. Individual investors should contact their own financial professional to determine the most appropriate investment options for their financial situation. This is not an offer to any person in any jurisdiction where unlawful or unauthorized. PIMCO Europe Ltd (Company No. 2604517, 11 Baker Street, London W1U 3AH, United Kingdom) is authorised and regulated by the Financial Conduct Authority (FCA) (12 Endeavour Square, London E20 1JN) in the UK. The services provided by PIMCO Europe Ltd are not available to retail investors, who should not rely on this communication but contact their financial adviser. Since PIMCO Europe Ltd services and products are provided exclusively to professional clients, the appropriateness of such is always affirmed. PIMCO Europe GmbH (Company No. 192083, Seidlstr. 24-24a, 80335 Munich, Germany) is authorized and regulated by the German Federal Financial Supervisory Authority (BaFin) (Marie- Curie-Str. 24-28, 60439 Frankfurt am Main) in Germany in accordance with Section 15 of the German Securities Institutions Act (WpIG). PIMCO Europe GmbH Italian Branch (Company No. 10005170963, Via Turati nn. 25/27 (angolo via Cavalieri n. 4) 20121 Milano, Italy), PIMCO Europe GmbH Irish Branch (Company No. 909462, 57B Harcourt Street Dublin D02 F721, Ireland), PIMCO Europe GmbH UK Branch (Company No. FC037712, 11 Baker Street, London W1U 3AH, UK), PIMCO Europe GmbH Spanish Branch (N.I.F. W2765338E, Paseo de la Castellana 43, Oficina 05-111, 28046 Madrid, Spain), PIMCO Europe GmbH French Branch (Company No. 918745621 R.C.S. Paris, 50–52 Boulevard Haussmann, 75009 Paris, France) and PIMCO Europe GmbH (DIFC Branch) (Company No. 9613, Index Tower Floor 10, unit 1001, Dubai International Financial Centre, Dubai, United Arab Emirates) are additionally supervised by: (1) Italian Branch: the Commissione Nazionale per le Società e la Borsa (CONSOB) (Giovanni Battista Martini, 3 — 00198 Rome) in accordance with Article 27 of the Italian Consolidated Financial Act; (2) Irish Branch: the Central Bank of Ireland (New Wapping Street, North Wall Quay, Dublin 1 D01 F7X3) in accordance with Regulation 43 of the European Union (Markets in Financial Instruments) Regulations 2017, as amended; (3) UK Branch: the Financial Conduct Authority (FCA) (12 Endeavour Square, London E20 1JN); (4) Spanish Branch: the Comisión Nacional del Mercado de Valores (CNMV) (Edison, 4, 28006 Madrid) in accordance with obligations stipulated in articles 168 and 203 to 224, as well as obligations contained in Title V, Section I of the Law on the Securities Market (LSM) and in articles 111, 114 and 117 of Royal Decree 217/2008, respectively, (5) French Branch: ACPR/Banque de France (4 Place de Budapest, CS 92459, 75436 Paris Cedex 09) in accordance with Art. 35 of Directive 2014/65/EU on markets in financial instruments and under the surveillance of ACPR and AMF and (6) DIFC Branch: Regulated by the Dubai Financial Services Authority (“DFSA”) (Level 13, West Wing, The Gate, DIFC) in accordance with Art. 48 of the Regulatory Law 2004. The services provided by PIMCO Europe GmbH are available only to professional clients as defined in Section 67 para. 2 German Securities Trading Act (WpHG). They are not available to individual investors, who should not rely on this communication. According to Art. 56 of Regulation (EU) 565/2017, an investment company is entitled to assume that professional clients possess the necessary knowledge and experience to understand the risks associated with the relevant investment services or transactions. Since PIMCO Europe GMBH services and products are provided exclusively to professional clients, the appropriateness of such is always affirmed. PIMCO (Schweiz) GmbH (registered in Switzerland, Company No. CH-020.4.038.582-2, Brandschenkestrasse 41 Zurich 8002, Switzerland). According to the Swiss Collective Investment Schemes Act of 23 June 2006 (“CISA”), an investment company is entitled to assume that professional clients possess the necessary knowledge and experience to understand the risks associated with the relevant investment services or transactions. Since PIMCO (Schweiz) GmbH services and products are provided exclusively to professional clients, the appropriateness of such is always affirmed. The services provided by PIMCO (Schweiz) GmbH are not available to retail investors, who should not rely on this communication but contact their financial adviser.
This material contains the current opinions of the manager and such opinions are subject to change without notice. This material has been distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy or investment product. Information contained herein has been obtained from sources believed to be reliable, but not guaranteed. No part of this material may be reproduced in any form, or referred to in any other publication, without express written permission. PIMCO is a trademark or registered trademark of Allianz Asset Management of America LLC in the United States and throughout the world. ©2026, PIMCO
CMR2026-0512-5450995