Since the conflict began on February 28, 2026, Pacific Investment Management Co. Has lent more than $10 billion to state-backed and government borrowers in the Gulf region through private placements, according to people familiar with the matter.

The $2.27 trillion asset manager has been a significant buyer of privately placed bonds issued by the governments of Abu Dhabi, Qatar and Kuwait, as well as by Qatar National Bank, the sources said, speaking on condition of anonymity due to the confidential nature of the transactions.

Pimco too participated alongside other investors in several placements that increased the size of existing Abu Dhabi bonds by a combined $2.5 billion, the individuals added.

In total, regional borrowers have raised more than $13 billion since February 28 in privately placed bonds denominated in hard currency, according to data compiled by Bloomberg — meaning Pimco accounted for a majority of that lending.

Private placements are a trade-off for issuers seeking faster access to capital without the disclosure requirements of public offerings.

Spokespeople for Pimco and Abu Dhabi’s Department of Finance declined to comment, as did the Kuwait Investment Authority, which handles the country’s debt transactions. Representatives for Qatar’s ministry of finance and QNB did not immediately respond to requests for comment.