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PYN - PIMCO Muni CEF Valuations Face Additional Risks
PIMCO New York Municipal Income Fund III of Beneficial Interest
The disparity among PIMCO tax-exempt muni CEFs remains large.
Apart from lower income yields, greater susceptibility to distribution cuts and larger drawdown potential, the ongoing consolidation wave in the sector presents another risk for high-premium funds.
In our view, investors should avoid PCQ, PYN and PML across each of the three PIMCO muni sub-sectors.