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Climate change is happening sooner rather than later at Pimco

A view of the Pacific Ocean at the Serra Colony in Malibu, California. A geographically desirable city, such as Malibu, which has strong credit factors and occupies prime ocean-front property, will likely show relative resilience after severe wildfires, with residents more willing to rebuild, said Pimco analysts.

San Francisco

THE typical municipal-bond analyst already wields an array of jargony acronyms befitting the niche market: GO, COP, POS. Now comes WUI.

That's Wildland Urban Interface, a term once confined to firefighters and academics. But since 2017, when some of the most...