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HPI - Month-End Action In Preferred CEF Distributions
John Hancock Preferred Income Fund of Beneficial Interest
Along with distributions, month-end often brings interesting tidings to CEF investors. Distribution announcements are some of the most keenly watched pieces of information in the CEF space at the moment. The enormous volatility that we have seen in CEF space has hammered funds and put asset coverage ratios under pressure. Asset coverage breaches place CEFs between a rock and a hard place. No fund wants to suspend distributions since doing so would be a hit to the fund's reputation. However, the easiest way to avoid a suspension of distribution is a deleveraging which lowers the