PIMCO CEF Update March 2022 | Valuations Are Cheap And Coverage Remains Strong

Summary

• Coverage ratios remain strong thanks to a higher dollar vs the pound and euro.

• However, NAVs remain weak thanks to lower emerging market debt, high yield, and interest rates.  The funds have curve steepeners on which hasn't helped in the first quarter.

• PDO remains the place to be given the larger discount and higher yield combination.   We would al…