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HPI - Weekly Review Of Preferred Stock CEFs: The Spreads In The Sector Are Above Their Average Levels
John Hancock Preferred Income Fund of Beneficial Interest
Introduction
Over the past few months, most of you have noticed our increased activity in closed-end funds as the inflow of volatility finally shook them up and created various arbitrage, and directional, opportunities for active traders like us.
There were no important news that could affect the sector's performance. The leading benchmark finished negative during the past week, while the bond ETF finished with a gain. The statistical results are lower today than the previous article, and the NAV/Price spreads have tightened as well. But still they are trading above their annual levels. Interest rates