BlackRock Municipal 2030 Target Term Trust

BlackRock Municipal 2030 Target Term Trust is a closed-end investment fund. It aims to provide current income exempt from regular federal income tax. The company was founded on August 30, 2011 and is headquartered in Wilmington, DE.

Saba Closed-End Funds ETF

Eaton Vance Municipal Bond Fund

Western Asset High Yield Defined Opportunity Fund Inc

Nuveen Municipal Credit Income Fund

Flaherty & Crumrine Preferred Income OpportunityFund Inc

RiverNorth Capital and Income Fund

PGIM Shrt Duratin Hgh Yld Opprtnts Fund

Volatility in the closed-end fund, or CEF, market has recently increased, while tight discounts create a point of vulnerability for the market. We discuss various strategies investors can use to make their CEF portfolios more resilient to take advantage of future draw-downs. These strategies include focusing on likely CEF distribution changes, seeking funds with wide discounts, considering term CEFs, and riding sidecar with CEF activists.

Ideas For Managing CEF Discount Volatility

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Nuveen Quality Municipal Income Fund

In this article, we take a fresh look at the tax-exempt Municipal CEF sector. Both Muni CEF discounts and yields are near their decade-high level, making the sector valuation attractive. We highlight a number of tailwinds and our picks.

Municipal CEF Update: Valuation In The Sweet Spot

BlackRock Taxable Municipal Bond Trust

Blackrock Municipal Income Trust

Blackrock California Muni Income Trust

BlackRock Virginia Municipal Bond Trust

Blackrock Investment Quality Municipal Trust

Blackrock Municipal Income Trust II

BlackRock 2037 Municipal Target Term Trust

Blackrock New York Municipal Income Trust

Blackrock Long-Term Municipal Advantage Trust

BlackRock Municipal Income Quality Trust

BlackRock MuniHoldings Fund

BlackRock MuniHoldings New York Quality Fund Inc

BlackRock MuniYield Michigan Quality Fund Inc

BlackRock MuniYield Pennsylvania Quality Fund

BlackRock MuniYield Quality Fund II Inc

BlackRock MuniAssets Fund

BlackRock MuniHoldings California Quality Fund Inc

BlackRock MuniHoldings Quality Fund II Inc

BlackRock Municipal Income Fund

BlackRock MuniHoldings New Jersey Quality Fund Inc

BlackRock MuniVest Fund Inc

BlackRock MuniVest Fund II Inc

BlackRock MuniYield Fund

BlackRock MuniYield Quality Fund III Inc

Municipal Closed-End Funds: Near-Term Pain, Long-Term Gain?.

Municipal Closed-End Funds: Near-Term Pain, Long-Term Gain?

Eaton Vance

Nuveen Municipal Credit Opportunities Fund

Tax-exempt municipal bonds have had a tough ride since 2022; however, the sector enjoys a number of current and upcoming tailwinds. These tailwinds include a stabilization and likely increase in net income once the Fed starts to reverse the policy rate, likely further gains in the NAV and historically wide discounts.

Municipal CEF Sector Update: A Trio Of Tailwinds

What a difference a year makes - a year ago Muni bond yields were barely above 1% while Muni CEF discounts were close to zero. This time around both bond yields and CEF discounts are at very attractive levels.

Muni CEF Update: Great Time To Buy But Not Without Challenges

Nuveen AMT-Free Quality Municipal Income Fund

Nuveen AMT-Free Municipal Credit Income Fund

End-of-year tax-loss selling widens discounts from net asset values, trims prices, and boosts yields.

These Overlooked Muni-Bond Funds Are On Sale at Deep Discounts

Dynex Capital

LTC Properties

Main Street Capital

Pembina Pipeline

Sabine Royalty Trust

STAG Industrial

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BNY Mellon Municipal Bond Infrastructure Fund, Inc. 

MainStay MacKay DefinedTerm Municipal Opportunities Fund

Nuveen Enhanced Municipal Value Fund

Nuveen Municipal High Income Opportunity Fund

The municipal CEF sector has outperformed the broader CEF space over the last month for a change, supported by stabilizing Treasury yields and a lower sensitivity to rising credit spreads. We discuss some of the ongoing themes in the sector such as leverage costs, valuations, duration, and sub-sector positioning.

Municipal CEF Sector Update: Outperforming The Market For A Change

ClearBridge Energy MLP Fund Inc

ClearBridge Energy MLP Opportunity Fund Inc

First Trust Dynamic Europe Equity Income Fund

Gabelli Dividend & Income Trust

Nuveen Credit Strategies Income Fund

Nuveen Real Estate Income Fund

MFS Municipal Income Trust

Tortoise Essential Assets Income Term Fund

Invesco Senior Income Trust

These high-yielding CEFs won't just significantly boost your portfolio income. They'll also allow you to buy their underlying stocks and bonds at a discount.

The 10 Best Closed-End Funds (CEFs) for 2022

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Tax-exempt municipal yields have trended down since the start of the year on the back of strong demand from investors and lower Treasury yields.

Municipal CEF Sector Update: Under Pressure

BNY Mellon Strategic Municipal Bond Fund, Inc.

Eaton Vance Municipal Income 2028 Term Trust

Federated Premier Municipal Income Fund

Pioneer Municipal High Income Advantage Trust

Western Asset Municipal High Income Fund

BlackRock MuniYield New York Quality Fund Inc

Neuberger Berman Intermediate Municipal Fund Inc

Nuveen Georgia Quality Municipal Income Fund

Nuveen Municipal Value Fund Inc

Nuveen New Jersey Quality Municipal Income Fund

Nuveen Select Tax-Free Income Portfolio 3

Invesco Municipal Income Opportunities Trust

Pimco Municipal Income Fund

Pimco Municipal Income Fund II

Pimco New York Municipal Income Fund II

Invesco Pennsylvania Value Municipal Income Trust

The muni CEF space is largely buy-and-hold (or long-term rental agreements). But right now, there's a lot of dislocation in the sector. Some funds are extremely expensive while others are relatively cheap. Making swaps makes sense to rotate into the better opportunities and see more discount closing tailwinds.

More Relative Value Trades And Opportunities: Munis

MFS Investment Grade Municipal Trust

The municipal sector has remained resilient this year despite a rise in Treasury yields.

Municipal CEF Sector Update

Apollo Senior Floating Rate Fund

Apollo Tactical Income Fund, Inc.

Blackstone Strategic Credit Fund

Barings Global Short Duration High Yield Fund

Doubleline Opportunistic Credit Fund

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund Inc

DoubleLine Income Solutions Fund

Stone Harbor Emerging Markets Total Income Fund

Western Asset Global High Income Fund

Eaton Vance High Income 2021 Target Term Trust

First Trust Intermediate Duration Preferred & Income Fund

New American High Income Fund

Ivy High Income Opportunities Fund

Nuveen Credit Opportunities 2022 Target Term Fund

Nuveen Preferred & Income Opportunities Fund

Nuveen Preferred & Income Securities Fund

KKR Income Opportunities Fund

BNY Mellon Strategic Municipals, Inc.  

Neuberger Berman New York Municipal Fund

Neuberger Berman California Intermediate Municipal Fund Inc

Nuveen Ohio Quality Municipal Income Fund

Only funds with coverage >100% are considered. Top lists of discount, yield, DxY and DxYxZ are given. Muni CEFs feature in the top list of widest discount.

The Quality Closed-End Fund Report: May 2021

Ares Dynamic Credit Allocation Fund

Credit Suisse Asset Management Income Fund

Eagle Point Income Company Inc

Western Asset Global Corp Defined Opportunity Fund Inc

Virtus AllianzGI Convertible & Income Fund

Virtus AllianzGI Convertible & Income Fund II

As Q1 comes to an end, we take a look at the performance of the CEF market year-to-date. We also take a look at the key drivers of CEF discounts going forward.

CEF Market Update

MFS High Yield Municipal Trust

The tax-exempt CEF sector has proven to be relatively resilient over the past year, generating attractive absolute and risk-adjusted returns.

Tax-Exempt Municipal CEF Sector Review

I have recently covered several Municipal Bond CEFs as their risk-reward profiles looked good, especially when tax rates appear to be going up. BTT is not one of them. My understanding is any CEF using the verbiage 'Target Term' means most assets held mature near the termination date. Again, BBT is not one of them.

BTT: Too Much Risk For Little Current Income

Allocating to municipal bonds can be a fraught proposition of having to choose duration, credit quality, investment vehicle and other investment characteristics.

News for BlackRock Municipal 2030 Target Term Trust ETF (BTT)