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NPN - Weekly Review: Municipal Bond CEFs - Solid Performance From The Sector
Nuveen Pennsylvania Municipal Value Fund of Beneficial Interest
Introduction
The first full week of the year was very positive for the municipal bonds and the closed-end funds that invest in them. Just a year ago, the market environment was totally different and it was possible to find many interesting buying opportunities in the area. Currently, the closed-end funds are traded at relatively high annual Z-scores. So, we are very cautious when we select our long positions because the discounts have narrowed. Also, pay attention to the CEFs which have negative earnings/coverage ratio because of their potential dividend decrease. Very good examples were several