Newport Beach-Calif-based Pacific Investment Management Co. (Pimco), a top bond-investment manager, is canvassing the distressed debt market for opportunities, according to a report from Bloomberg.

Pimco seeks to invest up to $5 billion through a fund dubbed The Distressed Senior Credit Opportunities Fund, or Disco, in distressed MBS, and more specifically senior and super-senior securities backed by residential and commercial mortgages.

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