First Trust Senior Floating Rate Income Fund II (FCT) - NYSE
  • Thu, Apr. 14, 2:55 PM
    • "Our fundamental outlook for leveraged credit remains constructive," says Global CIO Scott Minerd, noting spreads of more than 900 basis points in February are consistent with six-month default rates in the 9-10% range - an overestimation in his view.
    • Though spreads have narrowed since, Guggenheim is still finding bargains in both high-yield (HYG, JNK) and bank loans, and Minerd reminds bank loan borrowers in particular could benefit from the Fed's caution on rate hikes (bank loans tend to be floating rate).
    • Guggenheim's Floating Rate Strategies Fund (MUTF:GIFAX) is near the top of bank loan funds, with an average annual return of 2.84% over the last three years.
    • Bank loan ETFs: OXLC, BKLN, PPR, EFR, VVR, ECC, BGB, PHD, SRLN, NSL, BGX, FCT, BSL, AFT, EVF, SNLN, TSLF, FTSL, TLI, BHL
    | Thu, Apr. 14, 2:55 PM | 9 Comments
  • Wed, Mar. 2, 8:23 AM
    • The average bid of LCD News' flow-name loan composite has surged 82 basis points over the few sessions to 96.49% of par. Of the 15 names in the sample, 13 advanced, none declined, and two were unchanged.
    • By far the biggest mover was Scientific Games B-2 term loan due in 2021, which was a bid a full five points higher after better-than-expected Q4 results.
    • ETFs: OXLC, BKLN, PPR, EFR, VVR, PHD, SRLN, BGB, NSL, ECC, BGX, FCT, SNLN, EVF, AFT, BSL, TSLF, FTSL, TLI, BHL
    | Wed, Mar. 2, 8:23 AM | 8 Comments
  • Dec. 18, 2015, 8:27 AM
    | Dec. 18, 2015, 8:27 AM | 18 Comments
  • Oct. 21, 2015, 9:15 AM
    • You wouldn't know it by today's busy M&A headlines, but a sizable slump in the prices of recent buyout loans, could threaten the pace of future deals.
    • Nearly half of the $75B in buyout loans arranged in the U.S. and tracked by Bloomberg are trading below their issue price, and leveraged loans could be headed for their first loss since 2008.
    • Investors have pulled cash from leveraged loan mutual funds for 12 straight weeks, and just $5.8B of CLOs were created last month, 34% below 2015's monthly average.
    • The result is underwriters forced to sell debt at the steepest discounts to par in four years and investors pushing for higher interest rates to buffer against possible principle loss. It didn't scare Western Digital away from SanDisk, but Dell could need to raise nearly $50B for its purchase of EMC.
    • Previously: Western Digital to buy SanDisk in $19B deal (Oct. 21)
    • Previously: Lam Research to buy KLA-Tencor in $10.6B deal (Oct. 21)
    • Senior loan ETFs: BKLN, OXLC, PPR, EFR, VVR, PHD, SRLN, NSL, BGB, BGX, FCT, SNLN, EVF, ECC, AFT, BSL, TSLF, FTSL, TLI, BHL
    | Oct. 21, 2015, 9:15 AM | 5 Comments
  • May 13, 2015, 12:02 PM
    • Vanguard Group, Guggenheim Investments, and First Trust are among U.S. ETF providers lining up bank credit lines or expanding existing ones in order to meet a rash of redemptions in some future market panic, writes Ashley Lau and Michael Flaherty.
    • At issue are ETFs in less liquid corners of the fixed-income world - bank loans (also known as senior or leveraged loans) and high-yield come to mind.
    • State Street (NYSE:STT) and Invesco's (NYSE:IVZ) PowerShares have credit lines for their respective senior loan ETFs (SRLN, BKLN, VVR), with SRLN having exclusive access to $100M of the $300M total credit facility State Street has in place.
    • BlackRock (NYSE:BLK) hasn't opened any lines for its bond funds as it doesn't trade in these less liquid areas, but it has opened a line for some its emerging market stock ETFs.
    • Senior loan ETFs: BKLN, OXLC, PPR, EFR, VVR, PHD, SRLN, NSL, BGB, BGX, FCT, SNLN, EVF, ECC, AFT, BSL, TSLF, FTSL, TLI, BHL
    | May 13, 2015, 12:02 PM | 10 Comments
  • Apr. 20, 2015, 5:06 PM
    • First Trust Senior Floating Rate Income Fund II (NYSE:FCT) declares $0.072/share monthly dividend, in line with previous.
    • Forward yield 6.21%
    • Payable May 15; for shareholders of record May 5; ex-div May 1.
    | Apr. 20, 2015, 5:06 PM
  • Feb. 19, 2015, 4:45 PM
    • First Trust Senior Floating Rate Income Fund II (NYSE:FCT) declares $0.072/share monthly dividend, in line with previous.
    • Forward yield 6.46%
    • Payable March 16; for shareholders of record March 4; ex-div March 2.
    | Feb. 19, 2015, 4:45 PM
  • Dec. 18, 2013, 6:43 AM
    • First Trust Senior Floating Rate Income Fund II (FCT) declares $0.075/share monthly dividend.
    • Payable Jan 15; for shareholders of record Jan 6; ex-div Jan 2.
    | Dec. 18, 2013, 6:43 AM
  • Nov. 4, 2013, 1:14 PM
    • Closed-end bond funds had a good October - up 1.89% on a per-share basis while NAV grew 1.96%. This means, however, the sizable discount to NAV for the group of 6.04% failed to budge from a month earlier.
    • "The materially large discounts represents an opportunity for investors to reduce risk," says Stifel's Alexander Reiss and Thomas Boyes. The boost an investor gets when buying a CEF at a discount is what they term the Discount Yield Benefit (DYB), and - among other things - it can make the net cost of owning a CEF cheaper than traditional lower-cost options like passively-managed index funds.
    • Current favorites of the team are: ERC, MCR, MMT, and FT, all of which trade at discounts to NAV of about 12%.
    • Senior loan funds have remained more popular (possibly a danger, according to this analysis) and trade at an average discount of just 3.61%. The team's favorites are FCT, PPR, and VVR.
    | Nov. 4, 2013, 1:14 PM | 1 Comment
  • Oct. 21, 2013, 5:37 PM
    • First Trust Senior Floating Rate Income Fund II (FCT) declares $0.08/share monthly dividend.
    • Payable Nov. 15; for shareholders of record Nov. 5; ex-div Nov. 1.
    | Oct. 21, 2013, 5:37 PM
  • Sep. 20, 2013, 12:13 AM
    • First Trust Senior Floating Rate Income Fund II (FCT) declares $0.08/share monthly dividend, in line with prior.
    • Forward yield 6.49%.
    • Payable Oct. 15; for shareholders of record Oct. 3; ex-div Oct. 1.
    | Sep. 20, 2013, 12:13 AM
  • Jul. 22, 2013, 5:17 PM
    First Trust Senior Floating Rate Income Fund II (FCT) declares Aug. monthly distribution of $0.0875/share. For shareholders of record Aug. 5. Payable Aug. 15. Ex-div Aug. 1. (PR)
    | Jul. 22, 2013, 5:17 PM
  • Nov. 20, 2012, 4:47 PM
    First Trust Senior Floating Rate Income Fund II (FCT) declares $0.0875/share monthly dividend, in line with previous. Forward yield 6.89%. For shareholders of record Dec 05. Payable Dec 10. Ex-div date Dec 03. (PR)
    | Nov. 20, 2012, 4:47 PM
Company Description
The Fund is a diversified investment management company that seeks a high level of current income with a secondary objective of capital preservation. It will pursue its investment objectives through investment in a portfolio of senior secured floating rate
Sector: Financial
Industry: Closed-End Fund - Debt
Country: United States