17 % Arbitrage Opportunity In Pimco Funds [Seeking Alpha]
PIMCO Municipal Income Fund (PMF)
US:NYSE Investor Relations:
pimco.com/en-us/investments/closed-end-funds/municipal-income-fund
Company Research
Source: Seeking Alpha
Summary It is no secret to any one that Pimco closed end funds are special. Their NAVs are constantly outperforming and the market likes that by paying the highest premiums for these funds. Recently many income investors got shocked by the distribution cuts in their best performing Muni Cefs. Pimco Municipal Income Fund (NYSE: PMF ) was among the funds with lowered distributions while Pimco CA Muni. Income Fund III (NYSE: PZC ) survived the storm. In this article I will try to explain how ridiculous the market behavior is in this situation and what large arbitrage opportunity exists. What are PMF and PZC The two funds represent two different strategies of investing in municipal bonds. PMF invests in a diversified portfolio of investment grade municipal bonds through out the USA while PZC is concentrated solely on Californian investment grade securities. The capital structure of the 2 funds is almost identical. The leverage consists of 41.5% and 42.70% mainly auction rate
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