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High Yield Municipal Bonds: The Only Game In Town

Published Fri, 10 Aug 2018 07:34:27 -0400 on Seeking Alpha

The persistent clamor from investors seeking opportunity and direction this summer is set to become even louder. August is expected to bring with it an estimated (and significant) $51 billion in potential reinvestment demand from municipal bond holders. This means the supply/demand imbalance, in place for some time now, is likely in my view to continue to be favorable for municipal bond performance. We typically experience a larger disparity between supply and cash in June and July, but this year, August looks set to present the larger imbalance.
This may bode well for both investment grade and high-yield municipal bond performance for the remainder of the year. What's more, the reinvestment dollars that return to separate managed accounts (SMAs), banks, and insurance company portfolios from coupons, maturities, and calls may keep volatility in check.
Supportive Technicals Moreover, we believe market technicals to be especially supportive of the high yield market. As one of the few bright spots in fixed income globally, muni high-yield performance this year has been of particular note: the Bloomberg Barclays High Yield Municipal Bond Index had returned an impressive 4.03% in 2018, as of the end of July. We anticipate that investors chasing the few available bonds will be favorable for prices.
Year-to-Date Global Fixed Income Index Total Returns

The high-yield municipal bond market in particular has held up well so far this year, despite the refinancings that... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
MFS INTERMEDIATE HIGH INCOME FUND 2.50   0.0 0.00 0.00 9.71
CS HIGH YIELD BOND FUND 2.50   0.0 0.00 0.00 9.45
WELLS FARGO ADV INCOME OPP FUND 7.72   0.0 0.00 0.00 9.45
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND 3.09   0.0 0.00 0.27 9.14
PIONEER HIGH INCOME TRUST 8.87   0.0 0.00 0.00 8.77
WA HIGH INCOME FUND II 6.22   0.0 0.00 0.00 8.67
BLACKROCK CORPORATE HIGH YIELD FUND VI 10.17   0.0 0.00 0.00 8.50
ARES DYNAMIC CREDIT ALLOCATION FUND 15.46   0.0 0.00 0.00 8.32
MASSMUTUAL CORP INV 15.01   0.0 0.00 1.20 7.86
FIRST TRUST STRATEGIC HIGH INCOME FUND II 12.35   0.0 0.00 0.00 7.77
NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND 10.59   0.0 0.00 0.82 7.69
BLACKROCK DEBT STRATEGIES FUND 10.93   0.0 0.00 0.00 7.55
WESTERN ASSET MANAGED MUNICIPALS FUND 11.72   0.0 0.00 0.79 6.29
DREYFUS STRATEGIC MUNICIPALS 7.19   0.0 0.00 0.44 6.15
PIMCO MUNICIPAL INCOME FUND II 12.72   0.0 0.00 0.00 6.14
PIMCO MUNICIPAL INCOME FUND III 10.93   0.0 0.00 0.00 6.11
DREYFUS STRATEGIC MUNICIPAL BOND FUND 6.95   0.0 0.00 0.00 6.04
BLACKROCK MUNIYIELD INVESTMENT FUND 13.79   0.0 0.00 0.00 6.04
BLACKROCK MUNIENHANCED FUND 9.73   0.0 0.00 0.00 5.92
BLACKROCK MUNIYIELD INSURED INVESTMENT FUND 11.99   0.0 0.00 0.00 5.91
BLACKROCK MUNIVEST FUND II 12.85   0.0 0.00 0.00 5.88
BLACKROCK MUNIVEST FUND 8.39   0.0 0.00 0.00 5.84
BLACKROCK MUNICIPAL BOND TRUST 13.13   0.0 0.00 0.00 5.81
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST 12.54   0.0 0.00 0.00 5.77
PIMCO MUNICIPAL INCOME FUND 12.39   0.0 0.00 0.00 5.77
BLACKROCK MUNICIPAL INCOME TRUST 12.21   0.0 0.00 0.00 5.73
BLACKROCK MUNIHOLDINGS FUND 14.59   0.0 0.00 0.00 5.73
NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND 13.60   0.0 0.00 0.00 5.73
BLACKROCK STRATEGIC MUNICIPAL TRUST 11.97   0.0 0.00 0.00 5.72
BLACKROCK MUNIYIELD FUND 12.87   0.0 0.00 0.00 5.69
BLACKROCK MUNIHOLDINGS QUALITY FUND II 11.49   0.0 0.00 0.00 5.63
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST 12.55   0.0 0.00 0.00 5.60
DWS MUNICIPAL INCOME TRUST 10.18   0.0 0.00 0.00 5.60
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 35.37   0.0 0.00 1.98 5.55
BLACKROCK MUNICIPAL INCOME TRUST II 12.56   0.0 0.00 0.00 5.53
BLACKROCK MUNIHOLDINGS QUALITY FUND 11.15   0.0 0.00 0.00 5.43
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST 12.86   0.0 0.00 0.00 5.35
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST 7.37   0.0 0.00 0.00 5.30
BLACKROCK MUNIYIELD QUALITY FUND 11.67   0.0 0.00 0.00 5.24
BLACKROCK MUNIASSETS FUND 12.55   0.0 0.00 0.00 5.21
EATON VANCE MUNICIPAL INCOME TRUST 10.94   0.0 0.00 0.00 5.20
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 84.85   0.0 0.00 4.41 5.17
NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FUND 12.47   0.0 0.00 0.00 5.17
BLACKROCK INSURED MUNICIPAL INCOME TRUST 12.28   0.0 0.00 0.00 5.09
PUTNAM MANAGED MUNICIPAL INCOME TRUST 6.74   0.0 0.00 0.00 5.09
EATON VANCE MUNICIPAL BOND FUND 11.00   0.0 0.00 0.00 4.85
PUTNAM MUNICIPAL OPPORTUNITIES TRUST 11.08   0.0 0.00 0.00 4.63
NUVEEN MUNICIPAL VALUE FUND 9.13   0.0 0.00 0.37 4.08

MFS INTERMEDIATE HIGH INCOME FUND - CIF
MFS INTERMEDIATE HIGH INCOME FUND - CIF  


Older articles featuring Mfs Intermediate High Income Fund (CIF):
Weekly Review: High-Yield CEFs - Why Not Buy The Fund With The Lowest Effective Leverage?
Short-Term High Yield: The Road Less Traveled
Weekly Review: High-Yield CEFs - An 8.60% Yielder Buying Opportunity
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Weekly Review: High-Yield CEFs - This 7.76% Yielder Is Traded At 12.73% Discount
Weekly Review: High-Yield CEFs
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