If you look at the price chart versus the NAV, it looks like PFN is trading ~13% discount to NAV. The dividend yield at 14.75 is 11.4%. The discount is as large as it has ever been, however, the shares could still go down on fear of the 38% non-investment exposure the fund has.
It would be nice if the fund would put out a clarifying statement to mitigate fear, however, PIMCO has a solid reputation in the bond arena and I tend to trust them...probably more than I should.
I'm a long time holder, mainly because of Bill Gross' leadership. This is a great entry point for folks looking to get in on a great dividend-paying investment. I bought higher but have been receiving dividends for some time, so I'll hold through this uncertain time. For now you have to consider that these ETFs are grouped with the financials and will remain down for another 6-8 months.