Summary
- “High-yield” tends to be associated with corporate credit in investor income portfolios. However, the high-yield/unrated municipal sector is also worth a look.
- We discuss some benefits of HY muni bond CEFs over their corporate analogues such as relative valuation, higher-quality fund portfolios, resilient leverage structures and more.
- We also highlight a number of funds that allocate to the space such as OIA, NMZ and NMCO.
Seeking Alpha
Nov. 21, 2020