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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 2.25   0.0 0.00 0.00 10.75
BLACKROCK MUNIVEST FUND II 13.51   0.0 0.00 0.00 10.62
CS HIGH YIELD BOND FUND 2.28   0.0 0.00 0.00 10.46
BLACKROCK MUNICIPAL BOND TRUST 13.52   0.0 0.00 0.00 9.74
WELLS FARGO ADV INCOME OPP FUND 7.57   0.0 0.00 0.00 9.65
CREDIT SUISSE ASSET MANAGEMENT INCOME FUND 2.87   0.0 0.00 0.27 9.40
PIONEER HIGH INCOME TRUST 8.32   0.0 0.00 0.00 9.35
BLACKROCK MUNIHOLDINGS FUND 15.07   0.0 0.00 0.00 9.31
WA HIGH INCOME FUND II 5.97   0.0 0.00 0.00 9.13
BLACKROCK CORPORATE HIGH YIELD FUND VI 9.64   0.0 0.00 0.00 9.00
ARES DYNAMIC CREDIT ALLOCATION FUND 14.53   0.0 0.00 0.00 8.89
BLACKROCK DEBT STRATEGIES FUND 10.30   0.0 0.00 0.00 7.97
NEUBERGER BERMAN HIGH YIELD STRATEGIES FUND 10.34   0.0 0.00 0.81 7.93
MASSMUTUAL CORP INV 15.09   0.0 0.00 1.20 7.88
FIRST TRUST STRATEGIC HIGH INCOME FUND II 12.35   0.0 0.00 0.00 7.77
BLACKROCK MUNIENHANCED FUND 9.84   0.0 0.00 0.00 6.43
BLACKROCK INSURED MUNICIPAL INCOME TRUST 12.71   0.0 0.00 0.00 6.09
DREYFUS STRATEGIC MUNICIPALS 7.23   0.0 0.00 0.43 5.93
PIMCO MUNICIPAL INCOME FUND II 13.08   0.0 0.00 0.00 5.86
DREYFUS STRATEGIC MUNICIPAL BOND FUND 7.08   0.0 0.00 0.00 5.83
PIMCO MUNICIPAL INCOME FUND III 11.28   0.0 0.00 0.00 5.83
BLACKROCK MUNIYIELD INSURED INVESTMENT FUND 12.18   0.0 0.00 0.00 5.82
WESTERN ASSET MANAGED MUNICIPALS FUND 12.66   0.0 0.00 0.78 5.78
BLACKROCK STRATEGIC MUNICIPAL TRUST 12.11   0.0 0.00 0.00 5.72
SPDR BARCLAYS CAPITAL HIGH YIELD BOND ETF 34.70   0.0 0.00 1.97 5.72
BLACKROCK MUNICIPAL INCOME INVESTMENT TRUST 12.29   0.0 0.00 0.00 5.65
BLACKROCK MUNICIPAL INCOME TRUST 12.41   0.0 0.00 0.00 5.62
NUVEEN AMT-FREE MUNICIPAL CREDIT INCOME FUND 14.21   0.0 0.00 0.00 5.59
PIMCO MUNICIPAL INCOME FUND 13.00   0.0 0.00 0.00 5.55
DWS MUNICIPAL INCOME TRUST 10.46   0.0 0.00 0.00 5.51
BLACKROCK MUNIVEST FUND 8.39   0.0 0.00 0.00 5.51
BLACKROCK MUNIYIELD INVESTMENT FUND 13.33   0.0 0.00 0.00 5.51
BLACKROCK MUNIYIELD FUND 13.00   0.0 0.00 0.00 5.50
INVESCO MUNICIPAL INCOME OPPORTUNITIES TRUST 7.11   0.0 0.00 0.00 5.50
BLACKROCK INVESTMENT QUALITY MUNICIPAL TRUST 13.23   0.0 0.00 0.00 5.42
BLACKROCK MUNICIPAL INCOME INVESTMENT QUALITY TRUST 12.98   0.0 0.00 0.00 5.40
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 83.31   0.0 0.00 4.47 5.39
BLACKROCK MUNICIPAL INCOME TRUST II 13.02   0.0 0.00 0.00 5.29
BLACKROCK MUNIASSETS FUND 13.11   0.0 0.00 0.00 5.29
BLACKROCK MUNIHOLDINGS QUALITY FUND 11.61   0.0 0.00 0.00 5.20
BLACKROCK MUNIHOLDINGS QUALITY FUND II 11.58   0.0 0.00 0.00 5.10
BLACKROCK MUNIYIELD QUALITY FUND 11.88   0.0 0.00 0.00 5.10
NUVEEN DIVIDEND ADVANTAGE MUNICIPAL FUND 12.53   0.0 0.00 0.00 5.08
EATON VANCE MUNICIPAL INCOME TRUST 11.31   0.0 0.00 0.00 4.98
PUTNAM MANAGED MUNICIPAL INCOME TRUST 7.00   0.0 0.00 0.00 4.95
EATON VANCE MUNICIPAL BOND FUND 11.18   0.0 0.00 0.00 4.58
PUTNAM MUNICIPAL OPPORTUNITIES TRUST 11.56   0.0 0.00 0.00 4.39
NUVEEN MUNICIPAL VALUE FUND 9.28   0.0 0.00 0.40 3.96

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 - 9% Yield Accompanied By One Of The Lowest Z-Scores
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Weekly Review: High-Yield CEFs - 9% Yielder Is Traded At 14% Discount
PM Perspectives: Our Positive Prognosis For High Yield
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Weekly Review: High-Yield CEFs - The Relative Analysis Makes Me Think This Fund Is Undervalued
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Weekly Review: High-Yield CEFs - Why Not Buy The Fund With The Lowest Effective Leverage?

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