PIMCO Update | April 2023 | Taxables Get Hit Again While Munis Are A Mystery

Summary

• Coverage ratios fell again thanks to a lower dollar- a trend that really hasn't abated in the last six months.

• Munis see similar coverage ratios for the last several months despite cutting their distributions substantially in January.  We can't make heads or tails of it.

• The NAVs have been in a downtrend for most of the last year-plus and continue …