This CEF offers high current income, the distribution is well-covered, and they have money saved for future use.
The fund managers have been able to secure cheap financing to spin off a 9% yield and should be shielded from rising borrowing costs.
The big risk here is total return; NAV performance hasn't been that great so you should hedge your bets with treasuries.
Macroeconomic research suggests that the credit cycle is maturing with widening credit spreads and a flattening yield curve.
With still low interest rates and fixed income volatility, high-yield bond funds can make sense. While there is more credit risk involved, the short duration of the underlying portfolio is less susceptible to interest rate