Nuveen Preferred & Income Term Fund

Nuveen Preferred & Income Term Fund operates as a closed-end investment fund. It seeks to provide high level current income and total return. The company was founded in 2003 and is headquartered in Chicago, IL.

Nuveen Preferred Securities & Income Opportunities Fund operates as a closed-end investment fund. It seeks to provide high level current income and total return. The company was founded in 2003 and is headquartered in Chicago, IL.

John Hancock Preferred Income Fund II

SPDR Bloomberg High Yield Bond ETF

Nuveen Preferred & Income Securities Fund

Cohen & Steers Ltd. Duration Preferred & Income Fund, Inc.

iShares Preferred and Income Securities ETF 

VanEck Preferred Securities ex Financials ETF

Bank securities and preferred CEFs have been some of the livelier parts of the income market in the last few months. In some of the hysteria, however, it's easy to lose sight of the facts and misinterpret the relationship between regional banks and preferred CEFs.

The Seven Deadly Sins Of Regional Banks And Preferred CEF Investing

Cohen & Steers Tax-Adv Pref Secs and Inc Fund

We review CEF market valuation and performance through the third week of April and highlight recent market action. The CEF market was mostly down as interest rates and credit spreads rose over the week.

CEF Weekly Review: Bank Wobble Drives Deleveraging In Some Preferreds CEFs

Flaherty & Crumrine Total Return Fund Inc

First Trust Intermediate Duration Preferred & Income Fund

Preferreds Opportunity: Assessing The Carnage, What's Been Thrown Out With The Bathwater

Credit Suisse

Flaherty & Crumrine Dynamic Preferred & Income Fund

Flaherty & Crumrine Preferred Securities Income Fund Inc

John Hancock Preferred Income Fund

Nuveen Preferred & Income Opportunities Fund

Nuveen Preferred & Income 2022 Term Fund

Nuveen Variable Rate Preferred & Income Fund

Flaherty & Crumrine Preferred Income Fund Inc

Flaherty & Crumrine Preferred Income OpportunityFund Inc

Cohen & Steers Select Preferred and Income Fund

UBS Group AG

Today, I wanted to take a broader look at the preferred closed-end fund space. After struggling for most of the last year due to rapidly-rising interest rates, the latest banking failures sent preferred CEFs spiraling.

Preferred Closed-End Funds: Out Of The Frying Pan Into The Fire

Bank failures in the U.S. and elsewhere have caused air pockets in parts of the preferreds market. We take a look at the impact of recent developments on the sector, including the price action in AT1s.

Preferred CEF Update: Global Bank Crisis Takes A Toll On The Sector

Nuveen Preferred & Income Term Fund is a bank preferred equity CEF. The vehicle runs a high leverage ratio of 40% and has been negatively affected by the regional banks crisis.

JPI: The Storm Has Passed For This Bank Preferred Equity CEF

Mere “common stocks” fell 18% in last year. But these preferred shares are set to do better.

Secure 8% Dividends From These Mostly Ignored Funds

Preferreds closed-end funds continue to hold appeal for income investors due to their relatively high credit quality, modest duration, and high yields. Term CEFs add another attractive feature due to the potential anchoring of the discount on the expected termination date of the fund as well as a return tailwind.

JPI: Highlighting Misconceptions About This 7.9%-Yielding Preferreds Term CEF

The Nuveen Preferred and Income Term Fund holds a mixture of Preferreds and bonds with a planned termination on/before 8/31/2024. With a set termination date and a majority of the assets long maturity dates, where interest rates stand in mid-2024 becomes critical to what today's investor will earn.

JPI: Its 2024 Termination Date Exposes Investors To High Interest Rate Risk

BlackRock Taxable Municipal Bond Trust

We review CEF market valuation and performance through the third week of November and highlight recent market action. The CEF market was fairly flat this week after a volatile few months with Muni sectors outperforming.

CEF Weekly Review: Gauging Portfolio Yields Remains Tricky At Best

Western Asset Mortgage Opportunity Fund

Angel Oak Financial Strategies Income Term Trust

Invesco Senior Income Trust

We review CEF market valuation and performance through the last week of September and highlight recent market action. September was the worst month for CEFs since March of 2020, with a double-digit drop for the broader CEF space.

CEF Weekly Review: Rising Leverage Costs Remain A Headwind For Some Funds

Ares Dynamic Credit Allocation Fund

Western Asset High Yield Defined Opportunity Fund Inc

Nuveen Select Maturity Municipal Fund

XAI Octagon Floating Rate & Alternative Income Term Trust

The market environment of high volatility and rising short-term rates has lowered the income-generating capacity of most CEFs. In this article, we highlight the five types of CEFs whose incomes have either been unaffected or have actually improved this year.

These 5 CEF Types Are Less Vulnerable To The Spike In Short-Term Rates

PIMCO Dynamic Income Opportunities Fund

The price action in the CEF market has been brutal over the month of September. We highlight some of the broader CEF market indicators to place the current drawdown in context.

CEF Market Update: Where Things Stand In This Drawdown

Saba Capital Income & Opportunities Fund

We review CEF market valuation and performance through the second week of July and highlight recent market action. The CEF market was fairly flat on the week as stocks and Treasuries moved in opposite directions.

CEF Weekly Review: CEF Yield Rise Has Outpaced Increase In Leverage Costs

Blackstone Secured Lending Fund

Trinity Capital

Western Asset Diversified Income Fund

The income space has enjoyed a well-deserved bounce after a terrible June. We take a look at a number of BDCs and CEFs that have lagged the recent rally and may hold an additional margin of safety in case of another swoon.

These Income Securities Have Lagged The Recent Income Rally

Apollo Tactical Income Fund, Inc.

Barings Global Short Duration High Yield Fund

Blackstone Long-Short Credit Income Fund

Blackrock Limited Duration Income Trust

Brandywine Global Income Opportunities Fund Inc

Credit Suisse Asset Management Income Fund

Doubleline Opportunistic Credit Fund

BNY Mellon High Yield Strategies Fund 

Credit Suisse High Yield Bond Fund

DoubleLine Income Solutions Fund

Eagle Point Credit

Stone Harbor Emerging Markets Total Income Fund

Western Asset Global High Income Fund

Western Asset High Income Opportunity Fund Inc

Western Asset High Income Fund

Pioneer Diversified High Income Trust

New American High Income Fund

Nuveen Real Asset Income & Growth Fund

KKR Income Opportunities Fund

Only funds with yields over 6.5%, coverage higher than 85% and trading at under a +5% premium are considered. Top lists of discount, yield, DxY and DxYxZ are given.

'High-High-Low' Closed-End Fund Report, February 2022: ARDC, HYB, JRI Buy Ratings Affirmed

ArrowMark Financial

Blackrock California Muni Income Trust

Blackstone Strategic Credit Fund

Eaton Vance California Municipal Income Trust

MFS High Yield Municipal Trust

Eaton Vance New York Municipal Bond Fund

First Trust Dynamic Europe Equity Income Fund

Invesco High Income 2023 Target Term Fund

Ivy High Income Opportunities Fund

Nuveen Ohio Quality Municipal Income Fund

Pimco Global Stockplus & Income Fund

Pioneer High Income Trust

Cushing MLP & Infrastructure Total Return Fund

Only funds with coverage >100% are considered. Top lists of discount, yield, DxY and DxYxZ are given. Top DxYxZ funds are EHI, JPI and WEA.

Quality Closed-End Fund Report, February 2022

Today, we are taking a refreshed look at the preferred closed-end fund space. We see that the entire space has become more expensive, yet at the same time, distribution yields have dropped - this is mirroring the broader CEF spaces actions.

Closed-End Funds: A Check-Up On The Preferred Space

PIMCO Corporate & Income Strategy Fund

I am sold on leveraged closed-end debt funds, junk bonds and floating-rate bank loan funds.

Where to Find Yield in 2022

A recovery in credit spreads and a drop in Treasury yields have buoyed the prices of preferred stocks and sector CEF NAVs. This has allowed preferred CEFs to increase borrowings this year which drives higher income levels and strengthens distribution coverage.

Preferreds CEF Sector Adds Borrowings To Boost Income

MFS High Income Municipal Trust

Allspring Income Opportunities Fund

First Trust Preferred Securities & Income ETF

iShares International Preferred Stock ETF

Virtus InfraCap U.S. Preferred Stock ETF

We review CEF market valuation and performance over the last week of July and highlight recent market events. July CEF returns were wrapped around zero in aggregate as higher NAVs were offset by wider discounts.

CEF Weekly Market Review: Market Takes July Off

Virtus AllianzGI Convertible & Income 2024 Target Term Fund

BNY Mellon Alcentra Global Credit Income 2024 Target Term Fund Inc

Nuveen Mortgage Opportunity Term Fund

Nuveen Intermediate Duration Municipal Term Fund

We have been discussing tight valuations and ways to reduce risk including shifting to open-end mutual funds as you wait out valuations. Another option is shifting to term funds as a mechanism for reducing downside risk and creating that positive skew amidst rich discounts.

Using Term Funds For A Source Of Cash During Market Sell-Offs

Apollo Senior Floating Rate Fund

Eagle Point Credit Company Inc 7.75 % Pfd Registered Shs 2016-30.10.26 Series B

Eagle Point Credit Company Inc - 6.6875% NT REDEEM 30/04/2028 USD 25

Eagle Point Cr 6.75 % Notes 2017-30.09.27

Nuveen Credit Opportunities 2022 Target Term Fund

Nuveen Global High Income Fund

Nuveen Multi-Market Income Fund

Only funds with coverage >100% are considered. Top lists of discount, yield, DxY and DxYxZ are given. The top DxY funds are NHF, ARDC and KIO.

The Quality Closed-End Fund Report, January 2021

We have covered two of the Nuveen Preferred Securities Funds in the past. Today we tackle a third one that also aims to provide high level of current income to its investors.

JPI: Another 6.6% Yielder Brought To You By Nuveen

John Hancock Premium Dividend Fund

We take a look at year-to-date returns of the sector CEFs as well as the key drivers behind those returns. There are no easy answers in allocating to the sector as funds with the most robust structural features and no hedge NAV drags are also trading at elevated premiums.

Preferreds CEF Sector Update

News for Nuveen Preferred & Income Term Fund ETF (JPI)