British bonds rest on “a bed of nitroglycerine”: Pimco chief

explosion

Investors should sidestep British sovereign debt in the same way they would Greek, Portuguese or Spanish bonds, Bill Gross, the managing director of Pimco, the world's biggest bond fund, said on Thursday.

Gross, who is also the firm's chief investment officer, placed Britain's gilts on the firm's "must avoid" list in his monthly Investment Outlook. Britain was not yet in crisis, but its current predicament resembled lying on "a bed of nitroglycerine", an active ingredient in the manufacture of e

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