Bonds backed by Australian home loans offer value as returns outweigh the risk on notes that are “close to bullet-proof” triple-A, according to Pacific Investment Management Co. (PIMCO), manager of the world’s biggest debt fund. Pimco’s Australian unit, which manages about A$28bn (US$23.4bn) of assets, is buying the securities in its second-largest credit-market bet behind bank debt guaranteed by Australia’s government, head of portfolio management Robert Mead said in an interview in Sydney.