PCN - PCN: Income Constant Premium Still Sky-High

September, 19 2021 01:05 AM Pimco Corporate & Income Strategy Fund

PIMCO CEFs made news recently, with distribution cuts to a number of funds. The pain was swift, and even those that did not see cuts got impacted.
PCN was not impacted by an income cut, although it did see some volatility on the news. Fortunately, investors may view PCN's distribution more favorably now, since it survived that latest round of cuts.
High yield credit continues to see underlying improvement, which bodes well for this particular CEF.
However, PCN still has a very high premium, which should give investors pause. Further, recent income metrics do not exactly put me at ease.

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Company Name:	Pimco Corporate & Income Strategy Fund
Stock Symbol:	PCN
Market:	NYSE