PNI - PIMCO CEF Suite Update: December 2020

February, 11 2021 06:00 AM Pimco New York Municipal Income Fund II of Beneficial Interest

The taxable PIMCO CEFs are still trading below 100% coverage thanks to the falling dollar. That could improve in January as the dollar has rebounded some.
In this space, we continue to like RCS and PHK. PGP is a good S&P 500 proxy.
Muni CEF coverage continues to get healthier. We may see an increase in the distribution if that trend continues. We like PMF here.
Watch leverage of the taxables as a key indicator of net investment income production. In December, PIMCO did not add to borrowings, perhaps because they think the market is expensive.
Watch the NAVs of the PIMCO taxables more than coverage ratios. If they can continue to grow NAVs in excess of the distributions the funds pay, the distribution is safe.

For further details see:

Company Name:	Pimco New York Municipal Income Fund II of Beneficial Interest
Stock Symbol:	PNI
Market:	NYSE