BRW - CEF Weekly Review: Saba And Invesco Call Truce (For Now)

2024-06-30 01:07:10 ET

Summary

• We review CEF market valuation and performance through the third week of June and highlight recent market action.
• CEFs were mixed with widening discounts, but most sectors are up month-to-date, led by munis due to lower Treasury yields.
• Saba and Invesco reached a standstill agreement for two state Muni CEFs, with a tender offer for 25% of shares at 99% of NAV.

Welcome to another installment of our CEF Market Weekly Review, where we discuss closed-end fund ("CEF") market activity from both the bottom-up - highlighting individual fund news and events - as well as the top-down - providing an overview of the broader market. We also try to provide some historical context as well as the relevant themes that look to be driving markets or that investors ought to be mindful of....

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