Portfolio managers at Pimco, the $1.91tn bond giant, say the coronavirus crisis rocking global markets will give way to “significant” buying opportunities for investors, but have warned it is too soon to strike.

In a note published on 24 March, Nicola Mai, Pimco’s head of sovereign credit research in Europe, and fund managers Konstantin Veit and Peder Beck-Friis, said a deep recession in the EU stemming from the Covid-19 outbreak is “almost a certainty”.