Allianz Global Investors Fund Management has suspended dividend payouts on six municipal bond funds sub-advised by affiliate, PIMCO, reports P&I News. All six will begin paying and declaring dividends “as soon as possible.”

The move follows declines in the value of those funds’ portfolios, which left asset coverage below the 200% of outstanding auction-rate preferred shares required for making dividend payout.

For the complete story, click here.