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PIMCO Energy and Tactical Credit Opportunities Fund of Beneficial Interest
There was a lot of interesting new developments on the PIMCO front this month. The company had bought up nearly a third of the world's top-paying government bonds from Argentina - about 142 billion pesos- with a maturity date of next June. PIMCO clearly didn't expect the Argentinian peso to collapse - even though it has many times over the last 30 years.
The short term note fell from 4 cents over par to just 71 cents, a record low. All because the note pays a floating coupon that is tethered to the country's benchmark