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Weekly Review: High-Yield CEFs - Currently, DHF Is Traded At -5.00 Z-Score

Published Thu, 27 Dec 2018 15:39:30 -0500 on Seeking Alpha

Introduction
The opportunities in closed-end funds over the last few months caught the eye of many investors. Most of these products are designed to provide a steady stream of income, usually on a monthly or quarterly basis, as opposed to the biannual payments provided by individual bonds. And this feature continues to attract market participants even when the overall market looks unstable.
In spite of CEFs being mostly of interest to income investors, we have found our path to approach them as active traders, and we are constantly monitoring them. As a testament to this, you will be kept up to date with Weekly Reviews such as the one below.
The Benchmark
Оne of the worst weeks for the sector for the year. Over the past week, we saw a sharp decline in the price of the iShares iBoxx $ High Yield Corporate Bond ETF (HYG). The price of the benchmark fell by $2.93 and finished at $80.23. We have not seen so low levels since February 2016.

Source: Barchart, iBoxx $ High Yield Corp Bond iShares
Statistical Comparison And Spread Review Of The Sector
The spread is simply the compensation a bond investor receives over the risk-free rate, which in this case is the U.S. Treasury rate. On a weekly basis, we notice an increase of 0.72 bps. As we can see, the current levels are significantly lower compared to the ones of the financial crisis.
US High Yield Master II Option-Adjusted Spread data by YCharts
Source: YCharts, US High Yield Master II... Read more

Stock name Last trade   P/E Earnings/Share Dividend/Share Dividend yield
DREYFUS HIGH YIELD STRATEGIES 3.07   0.0 0.00 0.27 9.63
MFS INTERMEDIATE HIGH INCOME FUND 2.68   0.0 0.00 0.00 9.08
FIRST TRUST HIGHOME LONG/SHORT FUND 14.97   0.0 0.00 0.00 8.82
PIONEER HIGH INCOME TRUST 9.29   0.0 0.00 0.00 8.72
ALLIANCEBERNSTEIN GLOBAL HIGH INCOME FUND 11.78   0.0 0.00 0.00 6.68
ISHARES IBOXX $ HIGH YIELD CORPORATE BOND FUND 87.32   0.0 0.00 4.60 5.27
SPDR S&P 500 ETF 301.29   0.0 0.00 5.42 1.82

DREYFUS HIGH YIELD STRATEGIES - DHF
DREYFUS HIGH YIELD STRATEGIES - DHF  


Older articles featuring Dreyfus High Yield Strategies (DHF):
BNY Mellon High Yield Strategies Fund Declares Dividend
BNY Mellon High Yield Strategies Fund Declares Dividend
BNY Mellon High Yield Strategies Fund Declares Dividend
BNY Mellon High Yield Strategies Fund Declares Dividend
BNY Mellon High Yield Strategies Fund Declares Dividend
BNY Mellon High Yield Strategies Fund Declares Dividend
BNY Mellon High Yield Strategies Fund Declares Dividend
BNY Mellon High Yield Strategies Fund Declares Dividend
BNY Mellon High Yield Strategies Fund Declares Dividend
BNY Mellon High Yield Strategies Fund Declares Dividend

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