Leaders with Joseph Cass Inside PIMCO: Andrew Balls on Managing Billions, AI Investing, and the Future of Credit
Feb 16, 2026
Andrew Balls, PIMCO’s CIO for Global Fixed Income, blends market strategy with calm decision-making under pressure. He discusses managing psychological stress in high-stakes investing. He predicts 2026 bond issuance trends and a surge in data‑centre and tech debt. He explains how AI boosts analyst productivity and the appeal of bespoke credit deals.
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Compartmentalise Work To Avoid Burnout
- Compartmentalise work and rest to avoid burnout when managing large portfolios.
- Prioritise sleep and balance so stress doesn't erode long-term decision-making.
Corporate Issuance To Surge On AI CapEx
- Net global government issuance should fall in 2026 while corporate issuance could jump substantially.
- Much of the corporate increase is driven by AI-related capex, pressuring spreads given already tight levels.
Tech May Become A Large Bond Market Sector
- Technology could grow to rival financials in corporate bond market size as data-center and AI issuance expands.
- Bond investors must remember upside is principal protection, not equity-like earnings upside.
