Pacific Investment Management Co., which runs the world’s largest bond fund, said it is postponing two dividend payments to investors in a pair of closed-end municipal bond funds.
The Pimco Municipal Income Fund was to pay an 81 cent dividend, the company said. Its total return is down 42 percent year this year while its peers are off an average of 22.09 percent, according to Bloomberg data. The New York Municipal Income Fund II was to pay a 6 cent dividend. Its total return is down 45.92 percent this year, while the peer group has declined an average 22.05 percent, Bloomberg data shows.
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