PIMCO August 2023 Report | Valuations Come Back Down But Still Not Compelling

Summary

• PIMCO taxables have stagnant coverage levels and face potential distribution cuts, making them risky investments.

• PDI and PAXS have seen a decline in price, bringing them closer to fair value, but NAV downtrends and low coverage pose additional risks.

• PIMCO muni CEF coverage remains weak and UNII levels are falling, indicating potential distributio…