Closed-End Fund Discounts May Have Gotten Too Deep
CEFA Holds Election of Officers for 2013-2014
The CEFA Board Of Directors are currently in the process of electing the 2013-2014 Executive Committee.
CEFA Welcomes New Members
CEFA is happy to announce the additions of BlackRock and Legg Mason to the Association. We look forward to the impact these industry leaders will have on the association’s main goal of educating investors and advisors. Learn More
Brigade LCSF & Brigade CM Disclosure
Brigade Leveraged Capital Structures Fund Ltd. (“Brigade LCSF”), with Brigade Capital Management, LLC (“Brigade CM”) and Donald E. Morgan, III, disclosed, as holders of Auction-Rate Preferred Shares (ARPS) of PIMCO Income Strategy Fund II, that: “on May 3, 2013, Brigade CM and Brigade LCSF sent a notice to the secretary of the Issuer, in accordance with the requirements set forth in the Issuer’s fourth amended and restated bylaws, of their decision to nominate Alan Bruce Miller as a Preferred Shares Trustee of the Issuer at the Issuer’s Annual Meeting.” Learn More
Taxable Closed-End Fund Leverage Ratios Evolve with Capital Structures
Most taxable leveraged CEFs utilized auction rate preferred stock (ARPS) pre-crisis. Since then, these CEFs have refinanced into traditional senior debt at lower leverage levels. According to a Fitch Ratings study, these CEFs may increase leverage by up to $4.2 billion in the aggregate by issuing preferred stock and diversifying their funding structure in the future. This trend has already been observed in the MLP CEF sector. View full report
AVK and AGC Announce At-Par Redemptions
The Advent Claymore Convertible Securities and Income Fund (AVK) and Advent Claymore Convertible Securities and Income Fund II (AGC) announced at-par redemptions of all of their remaining outstanding auction market preferred shares (AMPS). AVK will redeem $1.6 million of outstanding AMPS and AGC some $600,000 of outstanding AMPS. Learn More
Strong Performance Driving Investment in MLP Closed-End Funds
Closed- end funds (CEFs) investing in master limited partnerships (MLPs) have posted strong returns over the last several years, prompting an inflow of new capital to the sector as investors seek higher-yielding and tax-advantaged assets. View full report
FINRA Puts Return of Capital on 2013 “Priority List”
On January 11, 2013, the Financial Industry Regulatory Authority (FINRA) Released its annual list of Regulatory and Examination Priorities for 2013. Learn More