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from inflation to interest rates. Today's ongoing disruptions present opportunities for investors. In this series, our portfolio managers explore how Pimco's deep expertise across public and private markets gives investors the flexibility to navigate the ever evolving landscape.

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Few entities around the globe can deploy multiple billion dollars at one time. If the analysis proves that there's an opportunity for our clients, the reason we are able to take that size is the integrated nature of our platform, right? Like such a large transaction, they will quickly go to the investment committee, where the investment committee, you know, can make that decision with the help of all the experts. If there's an opportunity that is pertinent for public side,

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uh, at or even private side, the fact that you know it can be discussed, uh, across multiple, larger strategies at those pools of assets can, uh, be be brought in together to take advantage of that opportunity, right? It goes to how the teams are constructed, right? The the the integrated analyst team, the integrated portfolio management team, in information, is not sort of segmented and compartmented in that way. Here it really is one team,

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and so when there's a scale trade, and the risk reward fits multiple vehicles. It's our job to find those homes as effectively as we can to serve our clients.

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One of the hung deal transactions that we worked on last year. We came up with an idea of trying to tackle this hung position for the bank syndicate. And it was one of those where if you couldn't solve the whole problem for the bank group that was saddled with this risk,

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then they weren't likely to engage. But if you could, then they might. And so the nature of being able to work across the firm and come up with a bid for the entire piece. We went with a very aggressive in our favour list of asks to that bank syndicate to actually change the documentation

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on the deal to make it more creditor friendly. And so it very quickly turned into a transaction a very large scale transaction for us over a billion dollars in market value, but came out of the nature of being able to work across public and private. And then I think the few things that come to mind are particularly during the post covid period So this is like March April, May 2020 when a certain sector of travel and transportation related was very heavily hit, had very high liquidity needs

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in the short term because there was no revenue generation, nobody was travelling, so they needed to be able to secure that financing. But the markets were not willing to provide them that financing, so we were able to creatively partner with them.

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Looking at what collateral can we have against the financing that we would provide? Structure many of the collateralized or secured deals secured by aircraft secured by ships secured by gates and slots as well as aircraft parts, and was able to and were able to acquire pretty sizable exposures. Working with the entirety of Pecos Credit Team,

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I'll use the Silicon Valley Bank as a recent example. It's a public issue or public market issue. This situation quickly unravelled in the span of a couple of days. So what we did was we went into that SWAT approach where we augmented our traditional analyst with a senior analyst from the Special Situations Team who worked to the two of them, worked together and came up with a with a revised assessment. Now, you know, during that

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few day period, it went from an investment company to a defaulted company as well. You know, in many of the traditional portfolios, what we saw was investors selling

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left, right and centre. We were seeing bonds being offered at 30 cents on the dollar, 25 cents on the dollar. And our analysis with this approach was that, you know, we think the recovery could be higher once we did the analysis and in for some of our flexible strategies using that partnered approach were able to acquire exposures that have since rallied from 30 to 60 cents

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instead of us having to sell in our traditional strategies at 30 cents in a situation like that, while it was unfolding. And while the team was analysing what we thought the value of the structure would be, we were also deeply engaged in trying to buy assets or provide financing to other partners parties who might be trying to buy assets. So we had kind of discussions going on on every front

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and then subsequent to the failure of the bank. We've been engaged again in trying to buy different blocks of assets using our private teams to do that. While we were continuously refining our analysis on the public securities, you could trade so a very fluid and integrated approach, respecting public private nature of information but being able to tie together as much as we could in real time and sharing the intelligence as it developed.