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Michael Bommarito » Comments » APX

  • Municipal Bond CEFs: Unexplainable Weakness Continues [View article]
    You might also be interested in a much larger piece I did about the whole muni CEF market - 221 funds, to be exact. I do use a PIMCO fund there as the correlation benchmark, and yes, it does seem as if there is a real issuer premium that Nuveen is lacking in the market's eyes.
    Jun 18 10:59 am |Rating: 0 0 |Link to Comment
  • Municipal Bond CEFs: Unexplainable Weakness Continues [View article]
    Your points about the premium and leverage issues are good ones, but I just wanted to note that these returns are calculated on adjusted prices, so these represent return including the value of the dividends.

    That we see such large losses even after discounting for the dividends is primarily why I just can't believe that this is all to do with rate sensitivity.
    Jun 18 10:57 am |Rating: 0 0 |Link to Comment
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