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PYN - PNF: A Second Income Cut To Start The Year Outlook Still Neutral
PIMCO New York Municipal Income Fund III of Beneficial Interest
Main Thesis
The purpose of this article is to evaluate the PIMCO New York Municipal Income Fund (PNF) as an investment option at its current market price. While I remain bullish on muni debt in 2020, I believe investors need to be especially selective on how to play it. When looking at PNF, I forecast it will have some underlying price support due to its exclusive New York muni bond exposure. New York residents were disproportionately impacted by SALT deduction limits, and muni bonds continue to offer attractive yields, especially for wealthy tax