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VVR - CEF Report July 2020: Watch Out For NAV Declines
Invesco Senior Income Trust
Distribution stability has returned as leverage costs continue to decline. This is very helpful to closed-end fund ("CEF") earnings power. The greater the spread between the yield on the coupons that they invest in, and the cost of their leverage, the higher the coverage ratios of the funds- the higher the coverage ratios, the more distribution stability (and possibility of distribution increases!).
That is what we saw this month as distribution increases outpaced decreases for the second month in a row. The chart below illustrates this well. The blue line is 3-month libor, which is