March 5, 2019 / 11:47 AM / 3 months ago

Chances for a cooperative Brexit outcome have improved, gilt yields too low - PIMCO's Balls

LONDON, March 5 (Reuters) - The chances of a cooperative outcome on Britain's divorce talks with the European Union have improved in the last two weeks, said PIMCO's global fixed income CIO Andrew Balls, reinforcing his view that British Gilt yields look too low.

He added that British banks look attractive and that there is more upside potential for sterling. PIMCO, the biggest bond investor in the world with $1.66 trillion of assets under management, has some positions in sterling and has been adding UK banks to its portfolio.

"Our expectation has been for a cooperative outcome, avoiding the chaotic no-deal Brexit," he told Reuters. "In the last week or two, we are seeing now there seems to be further movement in that direction." (Reporting by Abhinav Ramnarayan; Editing by Dhara Ranasinghe)

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