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The loan CEF sector has been out of favor for the better part of the year, as the collapse in short-term rates led to the wave of distribution cuts. The discount differential between the two sectors is close to a 7-year high with high-yield CEFs enjoying a 5% tighter discount on average. In this article, we discuss some of the dynamics underlying this divergence.
Our main takeaway is that much of the discount divergence has to do with the income and yield dynamics of the two sectors. Although the two sectors are trading at broadly