The private credit market has roughly tripled in size since 2015 to $1.5 trillion.
Pimco is the largest holder of the Swiss lender's AT1 bonds.
The European high-yield credit market has been roiled by volatile geopolitics this year.
The purchases are part of a broader strategy at the firm to capitalize on depressed prices.
The company said U.S. pension funds would face losses if fund managers are forced to write down their Russian holdings.
The bet involving Adler Group shows how trading strategies and client relationships within a bank can be at odds with each other.
Bond investors have been cutting down on broad-brush bullish bets lately.
Demand has reduced yields to record lows, pushing investors into the chancier parts of a company's capital structure.
The trend of linking borrowers’ debt repayments to ESG criteria remains relatively new.
About $2.41 billion of triple C-rated debt has launched so far this year.
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