PML News and Press, Pimco Municipal Income Fund II of Beneficial Interest From 12/15/21

Right now is one of the best times to get into what is typically thought of as the best-in-breed of the CEF world. Most of the funds are trading cheap thanks to the cut to three of the funds back in September. Investors are extrapolating those cuts to the rest of the taxables. But...

Interest rate volatility prompted another month of negative total returns. Below-average issuance was counterbalanced by a slowdown in demand. November could provide opportunities ahead of seasonal strength in December and January. For further details see: Muni Seasonal ...

I’m guessing you heard about the plunge in Tesla (TSLA) stock spurred by founder Elon Musk’s recent tweet asking if he should sell 10% of his shares. (The tweet—a poll of Twitter users—garnered a positive response, by the way; Musk says he’ll abide...

Rising interest rates drove negative total returns. Supply and demand dynamics turned less seasonally favorable and acted as a headwind. More attractive valuations could provide near-term opportunity. For further details see: Munis Remained Tethered To Rates In September...

Interest in municipal closed-end funds (CEFs) vs. municipal bonds often stems from higher return potential - this is mostly due to the use of leverage in municipal closed-end funds. Leverage could potentially amplify both the fund's net asset value (NAV) and its distribution; however,...

Horizon Therapeutics (NASDAQ:HZNP) announces the publication of a post-hoc analysis from the N-MOmentum phase 2/3 trial of UPLIZNA, which highlights a sustained effect on attack risk with no new safety signals in people with Neuromyelitis Optica Spectrum Disorder (NMOSD) who received the trea...

Modestly negative performance in August capped a robust summer seasonal period. Issuance exceeded expectations, resulting in less of a supply/demand imbalance than is typical. We maintain a defensive posture into the historically less favorable month of September. For furthe...

The US House Ways and Means Committee released their new 881-page tax proposal –there's some tricky stuff in it. If passed, the new top Federal rate in the US will be 46.4 percent, while the top capital gains tax rate appears it will be 31.8 percent from my calculations. NY...

While they may have become more common over the last 10 years, municipal defaults and bankruptcies still remain rare overall. The five-year all-rated cumulative default rate of municipal bonds throughout the study period (1970-2020) was unchanged at 0.08% and still remains very low. ...

The option-adjusted-spread ((OAS)) on the investment grade or high-grade corporate bond index, is presently about 95-100 bps better than the equivalent Treasury. As of last Friday, August 27th, 2021, the BBB OAS was yielding about 104 bp’s over equivalent Treasuries, which shou...