Sunday, July 8, 2012

CEF premium snapshot for week beginning July 9, 2012

One for the treble, two for the bass. Welcome to the great incredible paper chase, keep your boots laced if you want to keep pace
Premiums across the board increased. Covered calls remain the least ugly duckling, Bond funds getting kraykray. CEF investors holding funds trading at a premium to NAV would probably be well served by considering switching to ETFs or open-ended MFs.

National Municipal
NY Municipal
CA Municipal

HY Corp

Senior Loan
Covered Call


  1. While levered muni CEF's are going through the roof of their own accord, note the recent consolidation of multiple invesco funds may be boosting premiums even higher... the funds being merged INTO the other invesco funds may make tax-free distributions of UNII upon the merger, making them even MORE attractive, despite the current high yields. We won't be surprised if for some period of time, all levered muni CEF's trade at a premia.

    We have similar interests, it seems.

    Regards - the Esnet Team

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Do the right thing.