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Counterparty Radar: EUR/USD buying spree takes Pimco’s FX options book to $7 billion

Pimco has typically been a light user of foreign exchange options. But as the tariff turmoil raged in Q2 this year, the asset manager bought more than $6.5 billion notional of euro/US dollar puts – more than 24 times the size of its Q1 puts holdings.
The Newport Beach-based mutual fund manager traded the vanilla put option contracts across 27 tickets – the majority with Goldman Sachs.
The firm had no EUR/USD puts on its books at the end of Q1 and only $266 million of put contracts during the
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