PIMCO Update | Starting To Get Nervous And Take Action
Summary
The most recent UNII report showed continued deterioration in the coverage ratios and UNII values of the taxable funds.
Coverage ratios were weaker on the taxable side in part because of a weaker dollar relative to the pound. Muni CEF coverage remains very strong.
I am concerned about the combination of lower coverage, lower UNII, and weaker NAVs …
